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Terra Classic (LUNC) Price Reacts as Binance Completes 2nd Airdrop Round

Thu, 12/22/2022 - 12:35
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Tomiwabold Olajide
LUNC was trading up 5.73% at $0.000137
Terra Classic (LUNC) Price Reacts as Binance Completes 2nd Airdrop Round
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The price of Terra Classic (LUNC) suddenly rose nearly 7% following the news of Binance's completion of its second round of airdrop distribution to Terra Classic (LUNC) and Terra ClassicUSD (USTC) holders.

LUNC rebounded from prior-day lows of $0.00012 and reached intraday highs of $0.0001413 on Dec. 22. At the time of publication, LUNC was trading up 5.73% at $0.000137.

In a website announcement, crypto exchange Binance said it had completed the second round of distribution of Terra (LUNA) to eligible users who held Terra Classic (LUNC) and Terra Classic USD (USTC) during the snapshot.

Binance said it will distribute the remaining Terra (LUNA) in December 2022 or June 2023, as the case may be, according to the distribution plan.

The remaining distribution will take place over the next 24-48 months, the crypto exchange stated. In May, the old Terra network was renamed the Terra Classic network as the new Terra Chain was born.

Terra Classic shuttle bridge to Sunset

According to an official announcement by the Terra Classic Twitter handle, the Terra Classic Shuttle bridge will ride off into the sunset on Jan. 31, 2023. It urges users to bridge assets back to Terra before this date to ensure funds are not lost.

This does not impact assets transferred with Wormhole or IBC, according to the announcement. It notes that bridging via Portal Bridge (Wormhole) and IBC will remain available on Terra Bridge Classic until May 30, 2023, upon which the Terra Bridge Classic interface will sunset.

The shuttle was pivotal in allowing for the bridging of assets to Ethereum, BSC and Harmony before other bridging options became available.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.