Airdrop -- moving coins to wallet question

I’m a latecomer to terra, so am not sure how the wallet situation entirely works. Nor how this airdrop is even going to work.

Anyway, I have approx. 1M luna over at Gemini, and I believe they don’t support airdrops. So…

Can I simply withdraw to a Terra wallet? I read something about Gemini being ERC-20, so I’d need to first withdraw to metamask, do some bridge thingy, them move to a terra wallet?

Is there some FAQ or instructions somewhere on how this all works?
You’d think with the airdrop occurring so soon (no idea why it’s so rushed to be honest), the team would offer an entire web-page on what holders should do with exact instructions, as well as what (if any) exchanges are supporting the airdrop.

But we kind of know the team here hasn’t exactly been on the ball. Knowing them, they probably figure it’s best if less people claim the airdrop and just leave their coins on exchanges and get nothing.

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We need this airdrop.

I think it’s fair to have 3 snapshots at 3 times.
1 - Moment before LUNA when attacked.
2 - The time before stopping the LUNA blockchain (May 13). DEX exchanges now pause trading at the price of 0.00005. Because during this time, although the total supply increased, there was no announcement coming buyer.
3 - The time after reopening the blockchain (May 13 - May 27). After reopening there was a lot of buyer and sell back at x50,x100.

If there are only 2 shots as Proposal, it’s not fair to people who don’t know about LUNA’s supply problem and they tried to buy LUNA to avoid further drop in price…

You would need to withdraw to an Ethereum wallet (in Metamask, for example) and then bridge with this: https://bridge.terra.money/ or this: Portal Token Bridge. However, Ethereum gas fees are high, so bridging might be expensive (I haven’t done it, but I hear it can be $100 or more) and you would need Eth to pay the gas. Gemini supports Solana, so you might be better off selling the Luna, buying SOL, sending that to a Solana wallet and swapping back for LUNA and then bridging that over to Terra (but don’t forget to keep a little SOL for gas).

To get UST from Coinbase to Terra I sold my UST and bought AVAX on Coinbase, and simultaneously swapped AVAX I already had for UST on the AVAX chain. I bridged the UST to Terra from AVAX then sent the AVAX from Coinbase to my AVAX wallet to replace the AVAX I swapped.

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I am holding my Luna on Kraken Exchange currently, is Kraken one of the major exchanges accepting Luna 2.0 airdrops?

as i’m not savvy to handle the storage and thus i put management of the coin first and resort to use reliable exchange, i’m not going to use hot wallet like Terra Station; speaking of cold wallet, does it support Luna 2.0 given its new design?

Thanks,

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Hmm… okay, I am not a newbie to crypto (just a newbie to Terra), but this all sounds utterly insane to me.

This airdrop seems set up to minimize the number of folks who will actually be able to claim it.

I have a little over 1M Luna… paid like $310 for it. I idiotically bought in at a couple of cents over at whitebit, think it was like $150 or more for a mighty 2K coins, and see that’s now worth .58. So I averaged it out by buying 1Mish at Gemini when prices came down a bit (although still nowhere near the bottom).

So… I have a choice of paying like $100 in ETH to move the coins to a wallet which might get the airdrop. Or I guess doing the Solana swap? Is that basically sell Luna, buy Solana, move to Solana wallet, and I am guessing there is a decentralized exchange equivalent in that wallet that can sell/buy back into Luna? Any KYC or annoying issues there? Then move to the Terra wallet?

And the date for the snapshot is the 27th, correct?

I’m tempted to just wait a while longer if so, and hope the price goes up a bit – if it’s this big a hassle to get the airdrop, I’d prefer to simple sell if the price gets close to what I paid and forget about this whole thing.

And I agree with others who mentioned how they should have done multiple snapshots, probably avg. price per day would make sense, as it’s crazy to lump all the post-attack cheapo folks into one big pile. Those who bought at $1-$10 or more are getting the same percentage as those who spent a fraction of a penny. Luckily I didn’t do that, but I can sympathize.

Yeah, if you went the Solana route you could swap on Orca (https://www.orca.so/), or you could wormhole over the SOL and then swap on Astroport (https://app.astroport.fi/). No KYC for these decentralized exchanges. Another option might be to swap for something you could sent to Crypto.com (maybe USDC) and then buy LUNA there, since Crypto.com has native LUNA you can send direct to a Terra wallet. Not sure you could do it fast enough though, since they require like 24 hours after you enter a send address before you can use it (for security). Might have to do KYC there as well.
It’s ridiculous, but I would blame the exchanges like Gemini and Coinbase for not carrying native tokens and allowing native transfers. As for why they can’t do the airdrop to exchanges I don’t know. Maybe it’s technically difficult to accomplish (it’s certainly harder than just sending to a list of wallet addresses) or would require individual agreements with all the exchanges, or maybe they wanted to prioritize defi uses who have their Luna on chain and will use the relaunched defi apps, since those will be what drive the adoption of the new coin in the first place.

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I only see wrapped luna over at orca… would that be an issue converting back to regular luna and transferring to a terra wallet?

Part of me sort of blames exchanges for not carrying native tokens, but I feel much more blame goes to the Terra team here.

I mean, why the super rush to do this airdrop? What will it be, 2 days after they even approve the thing everyone will need to rush and move their coins? Usually major coins would leave weeks or months before an announced airdrop, just so folks have time to move coins where they need to go.

Really, unless major exchanges agree to the airdrop (I won’t call it a fork, because it isn’t one really), it should be called off. Too many people simply won’t get their coins. I’m debating if it’s even worth the hassle myself.

I still can’t workout where my coins should be held to receive the drop at all - there have been no straight answers - so I have put it all in a Terra Station Wallet. If this works and TS holders receive 2.0 coins, how will they even claim them? All so vague…!

After the UST attack,
TERRA STATION has a total of UST 3100,

In this case, can I receive airdrop rewards? what do I do?
Do I need to transfer UST to another platform?

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@Pyramoose @Apotamus

I had Terra UST before the attack in Coinbase, now I’m feeling lost, I’m worried that if I exchanged the coin to either SOL or AVAX I will lose important data in this exchange and my Terra will be treated as newly purchased and I won’t get the benefits of pre and post attack.

Coinbase is silent on its support, there’s no guidance on what we need to do, does anyone know how we should proceed?

Thanks

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Well, the snapshot was done already, so it’s out of your hands at this point. Either Coinbase supports the airdrop, or not… nothing you can do about it now.

What if Coinbase supports it in the future? Terra’s strategy was based on how much a person owned and if the holding was before or after the attack. They should have made provisions to apply this regardless of what wallet a person holds, or the time frame of when this happens, right?

They may support the coin (Luna 2) in the future, but no idea if they supported the airdrop or not. Right now I think there are no plans for them to list Luna 2.

And I know Gemini has stated they won’t carry Luna 2. Although I believe they will continue listing the classic version.

As for Terra, yes, they should have made provisions for those who have their coins on non-supported exchanges. And extended the timeframe to move coins… with specific instructions how to do so and so on. But, well, Terra is Terra…

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