From Saturday May 28th 2022 to Sunday May 28, 2022 the Terra blockchain Phoenix-1 was in use. Millions of new LUNA coins were then distributed to holders of luna classic (LUNC), and terrausd old (USTC). However, on Tuesday the Terra development team revealed that some Terra token owners “received less LUNA from the airdrop than expected,” and developers are “actively working on a solution.”
Terra LUNA Airdrop Suffers From Miscalculation Error — Devs Plan to Offer a Solution
Bitcoin.com News announced the launch of the Phoenix-1 Blockchain and the native token LUNA on Monday May 30, 2022. The old chain has been rebranded and is now known as Terra Classic, and the old chain’s native tokens have also been renamed with the term “classic.” Luna classic (LUNC) and terrausd classic (USTC) are still listed on a number of exchanges as tradeable crypto assets. On Monday, the new LUNA token saw a jump of more than 85%, hitting a peak value at $11.45 per unit. However, LUNA traded for less than $10 on Tuesday.
LUNA is still up over 40% during the past 24 hours and there’s $941 million in daily trade volume today. LUNA has a market valuation of around $2.037 billion at the time of writing and bitcoin (BTC) is the coin’s top trading pair with 55.22% of LUNA’s 24-hour trades. BTC follows USDT (32.98%), USD (5.82%) and EUR (4.12%) respectively. The Terrausd classical (USTC) has risen 32.1% while the luna classic is at 17.4%. Furthermore, on Tuesday morning (ET), Terra developers revealed that the airdrop didn’t go as planned. Some recipients received less LUNA in the distribution.
The Terra team’s official Twitter page says:
We are aware that some have received less LUNA from the airdrop than expected & are actively working on a solution. We will provide more information once we collect all the data. Keep checking back.
Terra Token Owners are Not Content with Phoenix-1 Distribution Plan. Many confirm receiving less than they expected, while others claim that they got nothing at all
The Terra developers’ social media post on Twitter is littered with user complaints and people confirmingThey were disappointed that they didn’t get what they wanted. Some Terra users complainedThey received nothingOthers Terra token owners showed their public addresses, proving that they had not received the correct amount of Phoenix-1 distribution plans. Some people criticized both the snapshot date and airdrop distribution plan.
“This airdrop should have been done in 3 stages,” one individual wroteTuesday. “Between the 7th and 12th of May, the money of the buyers was reset and the airdrop did not work because the number of lunas they received was low. Those who trusted Do kwon’s tweets bought it at a high price.”
Some users were unhappy about the hostage-taking by third parties or popular crypto exchanges of their new LUNA coins. askedDevelopers should contact specific exchanges. Additionally, there are some social media users made a fussInformation about non-custodial wallets which do not currently support the Phoenix-1 Chain It’s safe to say that a great number of Terra token owners are not happyIt was difficult to deploy the airdrop. The Terra developers discovered an issue in the airdrop and the team has yet to find a solution.
Do you have any thoughts about the LUNA airdrop going sour? Are people getting less than what they were expecting or even nothing? Please share your thoughts on this topic in the comment section.
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