The native token of the original Terra blockchain, Luna Classic (LUNC), is surging after a proposal to reward holders with free tokens of its successor blockchain, Terra (LUNA), passed.
Starting on September 2nd, Luna Classic surged by slightly over 111% from $0.000215 to a two-month high of $0.000455.
Luna Classic is trading at $0.000390 at time of writing.
The proposal to reward Luna Classic holders with free tokens will see slightly over 19.5 million LUNA airdropped to users who failed to get the proper allocation earlier this year when Terra 2.0 was launched. The initial airdrop occurred in late May.
Eligible users will have one month to participate in the airdrop.
“Eligible users will have one month, from Sept. 4th, 2022 to Oct. 4th, 2022, to claim their airdrop. LUNA not claimed by Oct. 4th, 2022 will be returned to the Community Pool. This includes any unused gas fees.”
Terra came into being after the Luna Classic ecosystem collapsed in early May after the blockchain’s flagship stablecoin, TerraUSD (UST), depegged. UST was designed to exchange on a one-to-one basis against the US dollar.
A new blockchain to succeed the fallen one was consequently announced in late May and named Terra (LUNA). Holders of the native token of the old blockchain were promised free tokens of the new blockchain but some failed to get the airdrop due to technical challenges.
Amid the news of an airdrop, Terra has gone up by about 21% from the Sunday (September 4th) low of $1.77 when the airdrop commenced to the Tuesday (September 6th) high of $2.15.
Terra (LUNA) is trading at $1.97 at time of writing.
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