The Terra ecosystem has undergone significant changes, including the launch of a new LUNA token and a comprehensive token migration plan. As a leading digital asset platform, OKX fully supports the LUNA airdrop and token transition process to ensure users receive their entitled assets seamlessly. This article outlines the complete details of OKX’s support for the LUNA airdrop, snapshot rules, token renaming, and what users need to know to secure their holdings.
Whether you're holding LUNA or UST, understanding the timeline, eligibility criteria, and procedural steps is essential. Let’s dive into the key phases of this transition and how OKX ensures a secure and user-friendly experience.
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Understanding the LUNA Airdrop and Token Migration
In response to the Terra blockchain’s restructuring, a new LUNA token was introduced, alongside a migration path for existing holders. As part of this shift:
- The original LUNA token has been renamed to LUNC
- The original UST has been renamed to USTC
- A new LUNA token is being distributed via airdrop to eligible holders
OKX has implemented a structured approach to support this transition, ensuring all qualified users receive their airdropped tokens based on verified snapshots.
This process involves multiple snapshot events, strict eligibility rules, and a clear timeline for renaming, suspending services, and distributing new tokens.
Key Snapshot Events and Airdrop Distribution
To determine eligibility for the new LUNA airdrop, OKX conducted two critical snapshot events. These snapshots captured user balances at specific moments to fairly allocate the distributed tokens.
First Snapshot: May 7, 2022
The initial snapshot was taken at 22:59:37 HKT on May 7, 2022. This event targeted users who held LUNA in their OKX accounts at that exact time.
- Eligibility: Users with LUNA in their trading, funding, or financial accounts
Distribution Formula:
User's Airdrop = (User's LUNA Balance / Total Platform LUNA Balance) × OKX's Total Airdrop Allocation- Only users with a USD value of $1 or more in LUNA were included
- Assets in pending deposit or withdrawal states were excluded
This snapshot ensured early supporters of the Terra ecosystem were recognized in the new token distribution.
Second Snapshot: Around Block Height 7,790,000 (May 27, 2022)
A second snapshot occurred near LUNA block height 7,790,000, estimated at 00:38:08 HKT on May 27, 2022. Due to variable block times, OKX performed minute-by-minute snapshots around this height and selected the one closest to the target for final calculation.
This snapshot included both:
- LUNA holders – eligible for LUNA airdrop allocation
- UST holders – eligible for UST-related airdrop distribution
Each group was calculated separately:
- LUNA holders received tokens based on their proportional share of total LUNA holdings
- UST holders received tokens based on their proportional share of total UST holdings
Again, only accounts with $1+ USD value in either token were considered. Users were strongly advised to avoid trading or transferring funds during this window to prevent discrepancies.
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Snapshot Rules and Eligibility Criteria
To maintain fairness and accuracy, OKX applied strict rules during the snapshot process:
- Supported Accounts: Trading account, funding account, and financial products (e.g., savings, staking)
- Excluded States: Tokens in pending deposit, withdrawal, or transfer status were not counted
- Minimum Value Requirement: Holdings must have had a market value of at least $1 USD at snapshot time
- No Pending Orders: Only settled balances (not open orders) were included in the calculation
These measures ensured that only active, verifiable holdings were considered, reducing disputes and enhancing transparency.
Service Suspension for LUNA and UST
To facilitate a smooth migration, OKX temporarily suspended key services:
May 26, 2022, 23:00 HKT:
- LUNA and UST deposits, withdrawals, and internal transfers were paused
- This allowed the system to stabilize before the final snapshot and renaming process
Users were encouraged to complete all transactions before this deadline to avoid missing out on airdrop eligibility.
Token Renaming: From LUNA to LUNC and UST to USTC
To distinguish between the legacy and new ecosystems, OKX executed a formal renaming process on May 27, 2022:
- 14:00 HKT: All open LUNA/USDT, LUNA/BTC, LUNA/USDC, and UST/USDT trading pairs were canceled
- 15:00 HKT: LUNA and UST deposit, withdrawal, and transfer functions were disabled
16:30 HKT: Final account snapshot conducted across all user wallets (funding, trading, financial)
- Duration: Approximately 10 minutes
- Criteria: Users with >1,000 LUNC or >1 USTC qualified for token conversion
After the snapshot, original LUNA and UST balances were converted into LUNC and USTC, respectively, and credited to users’ funding accounts.
The relisting of LUNC and USTC for trading and deposits was announced separately once network stability was confirmed.
New LUNA Token Listing and Distribution
The new LUNA token required a standard listing review by OKX before trading could resume.
- OKX evaluated the new token based on security, liquidity, community support, and network performance
- Trading availability was announced via official OKX channels post-approval
- Once OKX received the allocated airdrop tokens from the Terra team, they were promptly distributed to eligible users
Users did not need to take any action—the distribution was automatic based on snapshot records.
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Frequently Asked Questions (FAQ)
Q1: What happens to my old LUNA if I didn’t meet the $1 minimum value requirement?
If your LUNA or UST balance was worth less than $1 USD at snapshot time, it was not included in the airdrop calculation. However, your tokens were still renamed to LUNC or USTC and remain in your account for trading or holding.
Q2: Can I still trade LUNC and USTC after the migration?
Yes. After the migration and system updates, OKX relisted LUNC and USTC trading pairs. You can check the official announcements for exact relisting times.
Q3: How do I know if I received the new LUNA airdrop?
Eligible users automatically received the new LUNA tokens in their funding accounts once distribution was completed. You can verify this under your asset history or notification center in your OKX account.
Q4: Why were there two separate snapshots?
The dual-snapshot approach allowed fair distribution to both early supporters (May 7) and users who held assets closer to the network reboot (May 27), including UST holders who played a role in the ecosystem’s stability.
Q5: Is the new LUNA the same as the original?
No. The new LUNA is a separate token launched as part of Terra’s revival plan. The original token continues as LUNC on the legacy chain. They operate on different economic models and use cases.
Q6: What should I do if my assets are missing after the migration?
First, confirm whether your account met the minimum balance and timing requirements. If you believe there’s an error, contact OKX support with your account details and transaction history for verification.
Final Thoughts
The LUNA airdrop and token migration marked a pivotal moment for the Terra ecosystem and its users. By implementing clear timelines, transparent rules, and automated distribution, OKX ensured a secure and equitable transition for all eligible participants.
Staying informed during major blockchain events is crucial—whether it's an airdrop, fork, or token swap. Platforms like OKX play a vital role in simplifying these complex processes for everyday users.
As the crypto landscape evolves, being proactive about snapshots, service changes, and eligibility criteria can make all the difference in protecting and growing your digital assets.