In alignment with the Terra ecosystem's recovery plan, OKX has officially announced its support for the LUNA airdrop and token migration process. This initiative includes the renaming of existing LUNA and UST tokens to LUNC and USTC, respectively. All tokens received by OKX as part of this process will be distributed to eligible users according to the specified rules.
This article provides a detailed overview of the airdrop rules, snapshot mechanisms, and important timelines to help users understand what to expect.
Understanding the New LUNA Airdrop Rules
The airdrop consists of two main snapshot events designed to fairly distribute new tokens to holders based on their balances at specific times.
First Snapshot: May 7, 2022
OKX took a snapshot of LUNA holdings on its platform at 14:59:37 (UTC) on May 7, 2022. The allocation for each user was calculated as follows:
Number of tokens received = (User’s LUNA balance at snapshot / Total LUNA held by OKX users at snapshot) × Total airdrop tokens received by OKX
Second Snapshot: May 26, 2022
A second snapshot was taken near the LUNA block height of 7,790,000, estimated at 16:38:51 (UTC) on May 26, 2022. This snapshot included both LUNA and UST holders.
For LUNA holders:
Number of tokens received = (User’s LUNA balance / Total LUNA on OKX) × Airdrop tokens allocated to LUNA holders
For UST holders:
Number of tokens received = (User’s UST balance / Total UST on OKX) × Airdrop tokens allocated to UST holders
Important Note: Due to the unpredictable nature of block generation times, OKX took minute-by-minute snapshots around the target block height. The snapshot closest to the final confirmed height was selected as the official result. Users were advised to avoid trading or transferring assets during these windows to ensure snapshot accuracy.
Snapshot Eligibility and Account Rules
The snapshots encompassed assets held in three types of OKX accounts: Trading, Funding, and Financial accounts.
Certain conditions affected eligibility:
- Any LUNA or UST tokens that were mid-withdrawal or not yet successfully deposited at the exact snapshot time were excluded.
- Accounts holding LUNA or UST tokens with a total value of less than $1 USD at the time of the snapshot were not eligible for the airdrop.
Temporary Suspension of Deposits and Withdrawals
To ensure the integrity of the snapshots and the subsequent migration process, OKX temporarily suspended deposits, withdrawals, and transfers of LUNA and UST tokens starting from 15:00 (UTC) on May 26, 2022.
Trading the New LUNA Token
The new LUNA token was subject to OKX's standard listing review process. The platform made a separate announcement once the token was approved and available for trading. For the latest on available trading pairs and market options, 👉 explore the trading platform here.
Timeline for New Token Distribution
OKX began distributing the new LUNA tokens to users' accounts promptly upon receiving them from the Terra network. A follow-up announcement was made once the distribution was fully completed.
LUNA and UST Renaming Process to LUNC and USTC
A key part of the migration was the renaming of the original tokens. This process involved a temporary suspension of trading and a systematic conversion.
The schedule was as follows:
- 06:00 (UTC), May 27, 2022: All pending orders for LUNA and UST were canceled. Trading for the pairs LUNA/USDT, LUNA/BTC, LUNA/USDC, and UST/USDT was suspended.
- 07:00 (UTC), May 27, 2022: Deposit, withdrawal, and transfer services for LUNA and UST were taken offline.
- 08:30 (UTC), May 27, 2022: OKX took a final snapshot of all LUNA and UST holdings across user accounts.
Note: The token conversion was automatically handled for all users holding more than 1,000 LUNC or 1 USTC at the time of the snapshot. The assets held in Funding, Trading, and Finance accounts were converted and deposited into users' Funding accounts as LUNC and USTC. A final announcement confirmed when depositing, withdrawing, and trading of LUNC and USTC resumed.
Frequently Asked Questions
How was the airdrop amount calculated for each user?
The airdrop was calculated proportionally based on a user's balance relative to the total balance of all eligible users on OKX at the time of the snapshots. Two separate snapshots were used to determine eligibility for different portions of the airdrop.
Why were my coins not included in the snapshot?
Assets may have been excluded if they were in transit during the snapshot (e.g., an unfinished withdrawal), if the deposit did not clear in time, or if the total value of your LUNA/UST holdings was less than $1 at the exact moment the snapshot was taken.
When could users trade the new LUNA token?
Trading for the new token began only after OKX completed its standard listing review process. The platform made a separate public announcement once the token was officially listed and markets were open for trading.
What happened to my old LUNA and UST tokens?
The old LUNA and UST tokens were systematically renamed to LUNC (Luna Classic) and USTC (TerraUSD Classic) respectively. After the final snapshot, these converted tokens were credited to users' Funding accounts.
Did OKX support the airdrop for users globally?
Support was subject to local laws and regulations. While OKX aimed to support all eligible users, those in restricted jurisdictions may not have been able to receive the airdropped tokens due to compliance reasons.
Where can I find more information about similar future events?
For the most reliable and timely updates on future airdrops, token migrations, and project listings, 👉 stay informed through official exchange channels. Always refer to the official announcements for accurate details.