How is the snapshot taken?

Governance & Proposals
1

After LFG_org mentioned about reimbursing smaller wallets, I’ve seen countless people asking about this. The scenario is described as such:

  • I owe 20000 UST in Anchor Protocol, way before depeg happened.

  • The depeg happened, I then transferred this 20000 UST from Anchor to Terra Station, and subsequently to a CEX such as KuCoin/Binance/FTX. Note that the transfer was done using the Terra Chain. I would assume that my UST is on Terra chain even though it’s in a CEX now.

  • If the proposal goes through, how does the snapshot be taken in relation to my withdrawal to a CEX. More concretely, if I did not sell my 20000 UST on the CEX, will I still be eligible for this reimbursement? Do I need to transfer this 20000 UST back to my Terra chain?

Basically, the question: For users that transferred their UST off-chain after the de-peg - Do they need to transfer their UST back to their terra station wallets to get compensated?

I am also worried about people gaming the system and buying UST now on CEX in hopes of getting “reimbursed”. Hope the snapshot (algorithm) or whatever method can know.

2 Likes
2

Once you transfer funds to CEX it goes into the exchange wallet which the exchange owns its private keys. That wallet has funds from everyone mixed together as a total balance.

3

In that case, exchange will distribute it to smaller users.