The collapse of Terra in 2022 sent shockwaves across the cryptocurrency market, leaving many LUNA and UST holders facing significant losses. In response, the Terra community launched a recovery plan — and major exchanges like OKX stepped in to support the airdrop and token migration process. This article outlines the comprehensive rules OKX implemented for the LUNA airdrop, providing clarity on eligibility, snapshot timelines, distribution schedules, and recovery mechanisms.
Whether you're a former LUNA holder, an aUST staker, or a UST saver, understanding these rules is crucial to claiming your rightful allocation under the revival plan.
Understanding the LUNA Airdrop and Recovery Framework
Following the May 2022 market crash, Terraform Labs introduced a two-part recovery strategy: token migration and airdrop distribution. The new LUNA (often referred to as LUNA 2.0) was launched as part of this revival initiative, aiming to restore ecosystem functionality and reward loyal community members.
OKX, one of the world’s leading digital asset exchanges, actively supported this transition by aligning with Terra’s official airdrop proposal. The exchange established clear guidelines to ensure fair and transparent asset recovery for users who held relevant tokens at specific blockchain snapshots.
👉 Discover how OKX supports crypto recovery and airdrop participation for major ecosystems.
Snapshot Dates and Eligibility Criteria
To qualify for the LUNA airdrop on OKX, users needed to hold certain assets at precise moments in time. Two key snapshots were taken:
- Pre-attack Snapshot: May 7, 2022, at 14:59 UTC (Terra Classic block height: 7,544,910)
- Post-attack Snapshot: May 26, 2022, at 19:59 UTC (Terra Classic block height: 7,790,000)
These dates determined eligibility based on holdings of LUNA (old), UST (old), and aUST (the yield-bearing token from staking UST via Anchor Protocol).
Who Was Covered?
- Users holding LUNA (old) before or after the crash
- Those who had staked UST (old) on OKX Earn, receiving aUST in return
- Holders of UST (old) exceeding 500,000 tokens (capped at 500K for calculation purposes)
Notably, even users who staked their UST off-exchange but had balances during the snapshot periods were considered — as long as the assets were held on OKX at the designated times.
Distribution Rules by Holding Category
OKX segmented users into different categories based on their LUNA (old) holdings during the pre-attack snapshot. Each group received distinct distribution terms designed to balance fairness and market stability.
1. Holders with Less Than 10,000 LUNA (old)
Users with under 10,000 LUNA (old) were eligible for immediate relief:
- Received 30% of total LUNA (new) allocation by May 31, 2022
- Remaining 70% distributed monthly over 24 months, starting December 2022
This structure ensured early liquidity while preventing sudden sell-offs that could destabilize the new token.
2. Holders with 10,000 to 1 Million LUNA (old)
For mid-tier holders:
- Full allocation distributed monthly over 24 months, beginning June 2023
This staggered release helped mitigate market pressure from larger wallets while still offering predictable recovery.
3. Holders with 1 Million or More LUNA (old)
Large stakeholders faced an extended vesting schedule:
- Distribution spread over 48 months, starting June 2023
This longer timeline reflected concerns about market concentration and aimed to promote long-term commitment to the revived ecosystem.
4. UST (old) Earn Users
Users who staked UST via OKX Earn received equivalent protection:
- aUST holdings were treated as UST (old) balances
- Eligible for 30% initial payout by May 31, 2022
- Remaining 70% released monthly over 24 months from December 2022 onward
Additionally, any user with more than 500,000 UST (old) had their balance capped at 500,000 for airdrop calculations — ensuring broader participation across the user base.
Post-Attack Snapshot: Inclusion of Late Holders
Even those who acquired LUNA (old) or UST (old) after the initial collapse were not entirely excluded. The post-attack snapshot on May 26, 2022, allowed latecomers to participate if they held either asset at that time.
These users received:
- 30% of LUNA (new) before May 31, 2022
- Remaining 70% distributed monthly over 24 months, starting December 2022
This provision acknowledged that some investors entered during volatility and deserved partial recognition under the recovery framework.
Frequently Asked Questions (FAQ)
Q: What is the difference between LUNA (old) and LUNA (new)?
A: LUNA (old) refers to the original Terra token that collapsed in May 2022. LUNA (new), also known as LUNA 2.0, is the reborn version launched without the algorithmic stablecoin UST. It operates under a revised economic model focused on decentralization and sustainability.
Q: Why was there a cap on UST holdings?
A: The cap of 500,000 UST was introduced to promote equitable distribution. Without it, a small number of large holders would have dominated the airdrop pool. By limiting individual claims, more users could benefit from the recovery plan.
Q: Can I still claim my airdrop if I missed the snapshot?
A: No. Only users who held qualifying assets on OKX at the exact snapshot times were eligible. If you transferred funds off-platform before those dates, you are not covered by OKX’s distribution program.
Q: How were staked assets like aUST handled?
A: aUST tokens represented staked UST (old) through Anchor Protocol. Since these were yield-bearing derivatives tied directly to UST balances, OKX included them in the recovery plan as equivalent to native UST holdings.
Q: Was OKX’s policy aligned with Terra’s official plan?
A: Yes. OKX followed the official Terra governance proposal (Agora thread #18498) outlining the ecosystem revival. Their rules mirrored core principles including phased distributions and eligibility tiers.
Why Trust Matters in Crypto Recovery
The aftermath of Terra’s collapse tested user confidence in centralized platforms. Exchanges like OKX played a critical role not just in facilitating trades, but in upholding accountability during crisis recovery.
By implementing transparent snapshot procedures and predictable vesting schedules, OKX demonstrated its commitment to user protection — reinforcing trust in digital asset custody during turbulent times.
👉 Learn how trusted platforms manage post-crash recoveries and safeguard user assets.
Final Thoughts
While no recovery can fully compensate for losses incurred during the Terra crash, OKX’s structured approach to the LUNA airdrop offered a path forward for affected users. Through careful segmentation, time-based releases, and inclusive policies for stakers and savers, the exchange helped stabilize expectations and support ecosystem rebuilding.
As the crypto industry evolves, such frameworks set important precedents for how exchanges handle protocol failures — balancing fairness, market health, and long-term sustainability.
👉 Stay updated on future airdrops and ecosystem revivals with real-time tools and insights.
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