Kucoin has announced that it will support the Terra recovery plan. In a recent post seen by Cryptoinfowatch, the exchange announced that users of its platform will benefit from the anticipated airdrop.  The Terra team said that this will take place after the conclusion of voting on its recovery plan, Proposal 1623.

The Kucoin update says that:

“KuCoin will take Pre-Attack and Post-Attack snapshots of users’ LUNA and UST assets when the block height reaches 7544910 and 7790000, which are expected at 14:59:37 on May 7, 2022 (UTC) and 19:59:51 on May 26, 2022 (UTC). “

Kucoin re-echoes the Terra proposition which says that LUNA (LUNA) will be renamed. The v2 name will be Terra Classic (LUNC).

#KuCoin Will Support the Migration and Airdrop for Terra $LUNA and TerraUSD $UST Tokens

— KUCOIN (@kucoincom) May 26, 2022

Its stablecoin, TerraUSD (UST) will also be renamed to USTC. Deposit and withdrawal of the tokens will close at 09:00:00 on May 26, 2022 (UTC). The trading of UST and LUNA pairs will be closed at 09:30:00 on May 26, 2022 (UTC).

Terra 2.0 LUNA Airdrop Kucoin Support

In a related update, Kucoin said that users of the platform can also participate in the LUNA airdrop scheduled for May 27. It added that holders of LUNC, USTC and aUST will be the beneficiaries of the airdrop on the Terra 2.0 blockchain.

The release states that:

“The amount of LUNA you will be eligible to receive will be determined by the types of tokens you held on the Terra Classic chain, the time-period that you held these tokens (based on Pre-Attack and Post-Attack snapshots), and the quantity of tokens held”

The eligibility for the airdrop is determined by the time period that the holder held the token, how much token they held. It highlighted that qualified investors must hold less than 500k aUST (UST deposited in Anchor).

It adds that at genesis, 30% of LUNA will be made available to holders with less than 10k LUNA “(including staking derivatives) or deposited UST in Anchor, and Post-Attack users with any quantity of LUNA (including staking derivatives), UST, or both”