The price of LUNA Classic suddenly rose nearly 7%, following news of Binance‘s completion of its second Airdrop round of distribution to holders of Terra Classic (LUNC) and TerraClassicUSD (USTC).
LUNC bounced from the previous day’s lows of $0.00012 and reached intraday highs of $0.0001413 on 22 December. In addition, LUNC was trading up 5.73% at $0.000137.
It is important to remember that Terra Classic and Luna Classic are the new names given to Terra and Luna after the implosion of their ecosystem in May 2022. Terra, in fact, was the name of the blockchain and ecosystem, while Luna was the name of its cryptocurrency. UST, on the other hand, was the name of the stablecoin on which the ecosystem was built.
Binance completes second airdrop: impact on LUNA’s price
The news was also reported on the official Twitter account of BSC News, which read:
✨JUST IN: @Binance has completed the Second Round of #Terra (LUNA) token airdrop dispersal to holders of Terra Classic (LUNC) and TerraClassicUSD (USTC).#Binance #LUNA #Crypto #Token
— BSC News (@BSCNews) December 22, 2022
In an announcement on its website, cryptocurrency exchange Binance said it has completed the second round of Terra (LUNA) distribution to eligible users who held Terra Classic (LUNC) and Terra Classic USD (USTC) during the snapshot.
Binance also stated that it will distribute the remaining Terra (LUNA) in December 2022 or June 2023, as appropriate, according to the distribution schedule. The remaining distribution will take place over the next 24-48 months, the cryptocurrency exchange stated.
As anticipated, in May, the old Terra network was renamed as the Terra Classic network with the birth of the new Terra Chain. Apparently, users qualified for airdrop by holding Terra Classic tokens during the two snapshot periods: “Pre-Attack” on 7 May and “Post-Attack” on 26 May, according to a Binance announcement.
Finally, Binance made available the distribution plan for details of LUNA’s remaining airdrop distributions, which could take place until late 2027. Stating further:
“Binance Will Not Publish Further Announcements on Completion of Subsequent Terra (LUNA) Airdrops.”
More news for Terra (LUNA): the bridge Terra Classic Shuttle launching in late January 2023
According to an official announcement from Terra Classic’s Twitter handle, the Terra Classic Shuttle bridge will be launching on 31 January 2023. Therefore, users have been urged to bring resources back to Terra before this date to ensure that funds are not lost.
1/ The Terra Classic Shuttle bridge will sunset on Jan. 31st, 2023, 0000 hrs (UTC).
Users are strongly advised to bridge assets back to Terra using https://t.co/z7KnH1iaQs before Jan. 31st to ensure funds are not lost.
— Terra Classic (@terrac_money) December 21, 2022
However, this does not appear to affect resources transferred with Wormhole or IBC, according to the announcement. It also notes that bridging via Portal Bridge (Wormhole) and IBC will remain available on Terra Bridge Classic until 30 May 2023, when the Terra Bridge Classic interface will be abandoned.
The shuttle was instrumental in enabling the bridging of resources to Ethereum, BSC, and Harmony before other bridging options became available.
Binance was among the first exchanges to make Terra (LUNA) available again
Among the first exchanges to make trading available again for Terra Classic after the implosion of the entire ecosystem in May was Binance, the platform headed by Changpeng Zhao.
At the time, this was a piece of news that many of those who had amassed $LUNA in the wake of the big crash that hit the Terra Luna ecosystem were waiting for. A crash that had led so many exchanges to stop trading it, not least because it had become impossible to then send it to and from their wallets.
Slowly however, $LUNA is back on the major exchanges, such as Binance and Crypto.com. Unmistakable signs, already at the time, that the situation would be normalized again and would arouse the interest of several people, given also Do Kwon‘s proposal for a sort of total reboot of the system.
In any case, the page allowing to buy and sell $LUNA on Binance’s CEX was accompanied by several warnings pointing out how in fact this was a particularly risky procedure.
In fact, the page states:
“Risk Warning: The price of this token is subject to high volatility. The risks involved must be understood and traded very carefully. Binance will not be responsible for your trading losses.”