Announcement of OKX on Supporting LUNA Airdrop and Token Migration

OKX

OKX will support LUNA's airdrop and token migration plan offered by Terra. LUNA and UST will be renamed as LUNC and USTC. All the tokens received by us will be distributed to eligible users. The specifics are as follows.

New LUNA airdrop rules

OKX will take a snapshot of all LUNA holders on the OKX platform at 14:59:37 (UTC) May 7th, 2022.

The number of tokens LUNA holders (May 7th) will receive in the airdrop = the number of LUNA they hold at the moment of the snapshot on May 7th/ the total number of LUNA OKX users hold at the moment of the snapshot on May 7th * the total number of tokens in the airdrop as received by OKX

OKX will take a snapshot of LUNA and UST holders on the OKX platform near the LUNA block height of 7,790,000 (estimated time: 19:59:51 (UTC) on May 26, 2022).

The number of tokens LUNA holders (May 26th) will receive in the airdrop = the number of LUNA they hold at the moment of the snapshot on May 26th / the total number of LUNA OKX users hold at the moment of the snapshot on May 26th * the total number of tokens for LUNA holders in the airdrop as received by OKX

The number of tokens UST holders (May 26th) will receive in the airdrop = the number of UST they hold at the moment of the snapshot on May 26th / the total number of UST OKX users hold at the moment of the snapshot on May 26th * the total number of tokens for UST holders in the airdrop as received by OKX

Please note: Since it's difficult to predict the exact block generation time of LUNA, OKX will be taking snapshots every minute around the block height of 7,790,000 and will take the closest snapshot to the final block height as the final snapshot result.

To ensure the accuracy of equity snapshots, please try to avoid trading or transferring funds during snapshots time.

Snapshot rules

Accounts that are included in the snapshots: trading accounts, funding accounts, financial accounts

Snapshot rules

At the time of the snapshot, all the LUNA and UST tokens that are being withdrawn or not deposited successfully will not be included. Please deposit or withdraw funds ahead of time.
At the time of the snapshot, accounts that hold LUNA and UST tokens valued under 1 USD will not be included in the airdrop.

Temporary freeze on depositing and withdrawing tokens

Starting from 15:00 (UTC) on May 26, 2022, OKX will temporarily suspend depositing, withdrawing, and transferring LUNA and UST.

About trading the new token

The new LUNA token will have to go through OKX's regular review process before it can be traded on our platform. There will be another announcement when it's available for trading.

New LUNA token distribution time

The new LUNA token will be promptly distributed as they are received by OKX. There will be another announcement when the distribution is complete.

Change of names for LUNA and UST

LUNA and UST will be renamed as LUNC and USTC. During the renaming, all trading of LUNA and UST will be suspended and OKX will take snapshots of the trading stats. The specifics are as follows.

At 06:30 (UTC) May 30, 2022, cancel all pending LUNA and UST orders and suspend LUNA/USDT, LUNA/BTC, LUNA/USDC, UST/USDT transactions.
At 07:00 (UTC) May 31, 2022, LUNA and UST deposit, withdrawal, and transfer will be taken offline.
At 16:00 (UTC) May 31, 2022, OKX will take a snapshot of all LUNA and UST accounts.

The snapshot will include Funding account, Trading account, and Finance account. The duration of the snapshot is approximately 10 minutes. The LUNA and UST assets you hold will be deposited to your funding account as LUNC and USTC. There will be another announcement as to when you can deposit, withdraw, and trade LUNC and USTC.

The LUNA airdrop proposal from Terra: https://agora.terra.money/t/terra-ecosystem-revival-plan-2-passed-gov/18498

OKX

May. 26, 2022

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