Crypto News

Binance completes the distribution of Terra LUNA second airdrop to holders of Terra Classic (LUNC) and Terra Classic USD


Cryptocurrency exchange Binance has completed the distribution of Terra’s ($LUNA) second airdrop to holders of Terra Classic ($LUNC) and Terra Classic USD ($USTC) at the time of snapshots taken on May 7 (before the collapse of Terra) and May 26 (after the collapse).

The distribution of $LUNA differs significantly for holders before and after the collapse due to the drop in value of Terra’s ecosystem tokens at the time.

Terra’s ecosystem collapsed earlier this year, leading to a rebranding to Terra Classic and the creation of a new, forked blockchain under the Terra name.

To combat inflation caused by the collapse, which saw the circulating supply of Terra jump from 340 million to 6.9 trillion tokens, the $LUNC community implemented a 1.2% tax burn on all transactions conducted on the network.

Binance has supported these token burns, with its third batch destroying 2.5 billion tokens worth nearly $660,000 in a single transaction.


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