Binance is the latest exchange to lend its support for the rebirth of Terra and the renaming of the project’s ecosystem tokens, which comes after many investors experienced losses in the recent Terra collapse.
Today, the leading crypto platform announced that the old terra tokens, LUNA and UST, will be called LUNA Classic ($LUNC) and UST Classic ($USTC), respectively.
Binance also stated that it would support Terra’s token airdrop and distribute all the new tokens to eligible users according to the project’s plan.
Popular crypto media platform, Wu Blockchain, also backed up this announcement on Twitter, saying:
“Binance will support the rebranding of the Terra network to the Terra Classic network and its airdrop. Binance will issue Terra 2.0 LUNA (new tokens) to all eligible users according to the Terra project team’s token distribution plan.”
Binance released a statement, saying:
“Binance will support the rebranding of the Terra network to the Terra Classic network and its airdrop program. In the announcement, LUNA and UST tokens on the Terra Classic network will be referred to as LUNA (Old Token) and UST (Old Token). The specific arrangements are as follows:
LUNA (Old Token), UST (Old Token) Trading Suspension Time:
On May 26, 2022, there will be a suspension of the deposit and withdrawal of LUNA (old token) and UST (old token);
On May 26, 2022, trading will be stopped, the LUNA/BUSD and UST/BUSD spot trading pairs will be delisted, and the corresponding spot pending orders will be cancelled.
LUNA (old token), UST (old token) code will change to LUNC, USTC:
- The LUNA code (old token) will change to LUNC;
- The UST code (old token) will change to USTC.
LUNC, USTC transaction recovery time:
- On May 30, 2022, spot trading will open for LUNC/BUSD and USTC/BUSD;
- On May 30, 2022, the deposit and withdrawal of LUNC and USTC tokens will resume.
LUNA New Token Airdrop:
Binance will distribute Terra 2.0 LUNA (new tokens) to all eligible users according to the token distribution plan of the Terra project team. The information about the specific distribution ratio will be announced separately.
Binance Airdrop Rules:
When a user locks UST (old token) on the chain, the user will get AnchorUST (aUST) as a certificate. Therefore, participants in UST (Old Token) lock-up through the Binance Staking platform are eligible for this airdrop and will be included in this plan.
The attack-pre-snapshot includes: spot account, leveraged account, Binance treasure account, staking account, and LUNA (old token) in the currency-margined contract account but does not include the U-margined contract account.
Attack-post snapshot includes LUNA (old token) and UST (old token) in the spot account.
Leveraged accounts, loan accounts, and LUNA (Old Tokens), UST (Old Tokens) transferred from these accounts to spot accounts will not be covered by the airdrop.
The specific airdrop distribution details will be announced separately for participants in the staking lock-up of LUNA (old token) and UST (old token).
U.S. citizens, corporate entities, and regions on trade or economic sanctions lists will not be able to receive this airdrop.”