Phemex offers support to Terra as the network’s token migration is already in full swing. The exchange will rename all the old tokens LUNC to avoid confusion during the airdrop. The airdropped LUNA tokens will be distributed among users once they send snapshot proof of their holdings.
Earlier in May, the crypto market witnessed one of the tiresome falls since the launch of bitcoin. As Terra’s UST stablecoin lost its peg to the USD, the entire ecosystem fell hard on the floor. Soon after the fall, the Terra-based LUNA fell virtually to $0. Surprisingly, the event has impacted the entire blockchain industry, losing more than $100 billion in TVL in a matter of days.
Now, as the crypto market is getting its stability back, Terra has developed a revival plan. After reviewing community suggestions, TerraForm Labs announced the creation of Terra 2.0. The new plan would compensate the loyal holders of LUNA and UST with new tokens to help them mitigate the impacts of the loss.
Terra’s token migration and raindrop plans have garnered support from various exchanges, including Binance. Now, Phemex has announced to support the revival plan and will distribute the airdrop to users of the exchange.
Phemex users are requested to send snapshots of their LUNA holdings before May 7. The exchange has drawn several rules regarding allocating the token obtained through airdrops. The final value of the airdrop amount is subject to the snapshots submitted by the users.
As for the snapshots, the primary scopes are for spot and investment accounts. Users need to have a position of $1 or above to participate in the LUNA airdrop on Phemex. Any snapshot with a value lower than $1 will be excluded. The tokens will be distributed to designated accounts when the exchange receives them.
The old LUNA tokens will be assigned the new LUNC ticker symbol and referred to as Luna Classic to avoid complications during the airdrop distribution. After the ticker change, Phemex will suspend trading LUNC, and the exchange will gather data to ensure there are no discrepancies. On the other hand, the new token is currently undergoing the standard listing process Phemex. Users will be able to trade using the new LUNA tokens once it gets the good-to-go.
Luna 2.0 went live on Binance on May 31 with a LUNA/BUSD spot pair. The token soared core to $18 before falling to the $8 range, to everyone’s surprise. As per the stats, this is a 742% increase in the token’s value after the crashing close to $0.
CoinMarkeCap data shows that the recovery has pushed the market cap of Terra Luna to $1.7 billion. Although the number seems insignificant compared to Luna Classic’s market cap of $40 billion by the beginning of May, it is seen as a revival of trust in the Terra ecosystem.