According to the Terra announcements， the governance proposal 1623 passed and a new chain will be created and assume the Terra name, the original chain will be rebranded as Terra Classic. Luna (LUNA) on the new chain will be airdrop to existing LUNA and UST holders. Gate.io will support this ticker change and airdrop, and will distribute new LUNA airdrop we will receive to eligible users.
According to the governance proposal 1623, the LUNA and UST on the original chain will be renamed as LUNC and USTC respectively. The new chain’s native mining token will be LUNA, and there will be no Terra stablecoins on the new chain.
To support the ticker change and airdrop, Gate.io will close the current LUNA and UST market before 26 May, 08:00 UTC. Below are more details:
1) Gate.io has now suspended the LUNA margin borrowing and lending services，and the perpetual contracts are in reduce-only mode. Before 26 May, 8:00 AM （UTC), Gate.io will close any other LUNA and UST loan, lending or margin services. LUNA and UST deposits and withdrawals will be suspended before 26 May, 08:00 AM (UTC).
2) Starting 26 May, 8:00 AM (UTC), Gate.io will take LUNA and UST trading (spot, margin, quantitative and perpetual contract trading) offline and cancel all and any open orders. And auto-settle any open position and outstanding loan, remove any remaining liquidity from the liquidity mining pool.
3) Starting 26 May , 8:00 AM （UTC）, Gate.io will take LUNA 3S offline and redeem the LUNA3S based on the net asset value when the market closes.
4)Gate.io will change the ticker for LUNA to LUNC and UST to USTC. When we complete the change, we will open LUNC and USTC spot trading markets.
5) When Gate.io has received the airdrop tokens, we will distribute all of them to eligible users. However, due to the airdrop restrictions, Gate.io snapshot time, token distribution amount and time may be adjusted accordingly. The Gate.io snapshot time is not determined at this moment, please follow us and get updated.
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May 26, 2022