Noob here. I withdrew my assets from Bybit exchange to Terra Station wallet in a straight withdrawal process. Should I have used what others are talking about - the wormhole method?
History;
Basically I had 4003 coins in LUNA on Bybit exchange. Couldn’t withdraw them to Terra Station wallet because the minimum required withdrawal was 5000. So I bought 47USD worth of coins, which gave me around 390000 coins. I have since transfered this new total to my Terra Station wallet.
Did I make a mistake, should I have used ‘wormhole’ in order to allow a snapshot of somesort?
Are my original 4003 coins now worth the equivalent as the new coins I bought because I didn’t use wormhole to transfer?
When LUNC is launched, will my LUNA coins in Terra Stn wallet be automatically converted into LUNC? If not, please provide instructions to convert.
Wormhole is only needed if your tokens were not sent from the Terra chain. I’m not familiar with Bybit but if it accepted your terra___ address for withdrawal and went through, you are fine.
The new Luna token will be airdropped, they are not converted 1:1 against the Luna classic. Further details still need to be announced, all you need to do now is wait.
Thanks for the respose. I was guessing that I needed to use wormhole function so that my original coins (4003 of higher value) could be seen against my cheaper purchase of the extra 390000 (as though a snapshot could be taken of my original coins). How will you guys be able to tell my coin values, or is it all based on current cheaper amount?
Wormhole is just a bridge between networks like Ethereum and Terra; it doesn’t recognise when you purchased the coins. The snapshot will not differentiate between price when purchased. This is why there will be a pre- and post-attack snapshot and give the pre-attack snapshot a heavier weighting for airdrops (provided the proposal passes).