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Ify Egede
May 26, 2022
by Ify Egede

Gate.io Supports Terra 2.0: Do Kwon

Terra 2.0
Earlier today, Do Kwon shared an announcement from Gate.io on Twitter. Gate.io are making plans to support Terra 2.0. The old Terra network will still be in use. But, the name UST and LUNA will be changing to USTC and LUNC. UST and LUNA holders are eligible for the airdrop with LUNA's new Terra 2.0 token.

Gate.io's Announcement For Support Terra 2.0

Proposal 1623 got approval from Terra's board. Developers will make another network. The old Terra networks are getting renamed Terra Classic. All UST and LUNA holders will get Luna on the new network as an airdrop. This ticker update and airdrop get Gate.io's support. They will be sending new LUNA airdrops to qualified users.

Proposal 1623 claims that UST and LUNA will be getting another name, USTC, and LUNC. The new network's token for mining is LUNA. But, it will not have any Terra stablecoins. Gate.io will shut down UST and LUNA markets on 26th May at 08:00 UTC. They aim to back the ticker update and airdrop.

Gate.io's Schedule For the New Network

Gate.io discontinued LUNA lending activities and margin borrowing. They will also discontinue reduced perpetual contracts. There will be no more margin or lending services available through Gate.io before 26th May. All UST and LUNA transactions get halted before the cutoff time on the 26th of May.

Gate.io will be shutting down UST and LUNA trades on 26th May. They will be canceling every open order. They'll delete any remaining cash from the liquidity mining pool. But, by auto-settling any open positions and existing debts.

Gate.io will be redeeming LUNA 3S depending on the worth of the net asset once the market gets closed. The tickers for UST and LUNA will get changed to LUNC and USTC, respectively, on Gate.io. After the changes, they'll open spots for trade for USTC and LUNC.

They'll be issuing all airdrop tokens to qualified users whenever Gate.io receives them. But because of the restrictions on airdrops, Gate.io may have to change the snapshot time. It may also change the token allocation amount and time. The Gate.io snapshot timing is currently unknown.

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Do Kwon Gate.io Terra 2.0 Luna 3S
Gate.io Supports Terra 2.0: Do Kwon
Ify Egede
Ify is an experienced and versatile writer and researcher. He has have keen interest in blockchain technology, Bitcoin, cryptocurrencies, fintech and emerging technologies. He has tons of published works both online and in the print media. He has close to a decade of writing experience. When he is not writing, he spends time with his lovely wife and kids.

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