LUNA has risen from the dead. In a way. Claims for Terra’s second airdrop for its new LUNA coin are now open, four months after the DeFi ecosystem crashed, wiping out more than $60 billion in market capitalization.
The action is meant to provide a partial refund to wallets holding its native LUNA token or UST stablecoin, both of which lost nearly all of their value in May.
Claims Are Now Available
The secondary drop is open to Terra Luna Classic holders who did not get the necessary number of LUNA tokens during the project’s first “Phoenix” airdrop on May 28. Claims were made available on September 4 and will expire on October 4. The airdrop will cost around 19.5 million LUNA.
Wallets holding fewer than 10,000 LUNC or aUST prior to UST depegging, or any value of LUNC or USTC after its failure, will face a two-year vesting timetable with a six-month cliff. The vesting timetable, according to Terra, is intended to “prevent liquidity instability.”
On May 28, Terra distributed the first tranche of its new LUNA token to users who held Luna Classic and the network’s UST stablecoin after the tokens crashed earlier that month.
‘Thank you, Terra’
Despite the airdrop, some UST holders expressed dissatisfaction with their LUNA distribution on social media. aUST holders will receive 0.018 LUNA per token retained, while USTC holders will receive 0.0235 LUNA, which are currently valued $0.33 and $0.42, respectively.
“Still hilarious that I had $3,500 UST and will never see any of it again!” posted Twitter user Joshcantcode1. “Thank you Terra, for looking out for the community,” they sarcastically added.
Since its introduction, the new LUNA cryptocurrency has experienced significant drawdowns. The token briefly rose from $5.15 on May 28 to more than $10 on May 31, before plummeting to $2.16 during the next six weeks.
LUNA last traded at $1.81, up 17% from its all-time low over the previous week.