The new terra blockchain Phoenix-1 went live on Saturday morning, May 28, 2022, and on that day millions of new LUNA tokens were distributed to Luna Classic (LUNC) and Terra Cloud Classic (USTC) holders were distributed. However, on Tuesday, the Terra development team revealed that some Terra token holders “received less LUNA from the airdrop than expected” and that the developers are “actively looking into solutions.”
Terra LUNA Airdrop Suffers From Miscalculation Error – Devs Plan to Offer a Solution
On Monday, May 30, 2022, Bitcoin.com News reported on the new Phoenix-1 blockchain and its native token called LUNA. The old chain has been rebranded and is now called Terra Classic, and the old chain’s native token has also been renamed with the word “classic.” Luna Classic (LUNC) and Terraus Classic (USTC) are still listed on many exchanges as tradable crypto assets. The new LUNA tokens jumped in value by more than 85% on Monday, reaching a high of $11.45 per unit, but on Tuesday LUNA was trading for less than $10 per unit.
LUNA is still up more than 40% over the past 24 hours, with today’s daily volume at $941 million; LUNA has a market valuation of about $2.037 billion at the time of writing, with bitcoin (BTC) accounting for 55.22% of LUNA’s 24-hour trading It is the top trading pair of coins, accounting for 55.22% of LUNA’s 24-hour trading. BTCis followed by, USDT
(32.98%), USD (5.82%), EUR (4.12%), and USDC (1.42%). The Terrausd classic (USTC) is up 32.1% on Tuesday, while the luna classic (LUNC) is down 17.4%. Additionally, on Tuesday morning (USTC), Terra developers revealed that the airdrop did not go as planned. It appears that some users received less LUNA at the time of distribution.
71} We are currently aware that LUNA is lower than expected and are looking into ways to address this. Stay tuned as more information will be provided once we have collected all the data.
Terra Token owners are not satisfied with the Phoenix-1 distribution plan, with many confirming they received less than expected and some claiming they received nothing at all
. of the Terra developers social media posts on Twitter are littered with user complaints and people confirming the fact that they did not receive what they expected. Some Terra userscomplainedthat they had not received anything, while other Terra token holders revealed,Meanwhile, Terra token holders revealed public addresses to confirm that they received less than what was supposed to be airdropped under the Phoenix-1 distribution plan. Some also criticized the distribution plan and the date of the snapshot.
“This airdrop should have been done in three stages,” one individualwroteon Tuesday.” Between May 7 and 12, the airdrop did not work because buyers’ money was reset and the number of lunas received was low; people who trusted Do kwon’s tweets bought at a higher price.”
Other users complained that third parties and popular crypto exchanges were holding the new LUNA tokens hostage, and someasked developers to contact specific exchanges. Additionally, some users on social mediamade noise about non-protected wallets that do not support the Phoenix-1 chain at this time. It is safe to say that a great many Terra token holders areunsatisfiedwith the way airdrops have been deployed; since Terra’s developers announced that there were problems with airdrops, the team has yet to produce a solution to the problem.
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