Huobi Global Supports the Migration and Upgrade of LUNA and UST

Dear valued users,

According to Terra's official plan, Terra will conduct a migration and upgrade when the block height reaches 7,790,000 (expected at 20:00 (UTC) on May 26, 2022).

Huobi Global will support this migration and upgrade, which will release the new chain and the newly minted coins. In order to reduce trading risks during the migration and upgrade period (due to possible drastic fluctuations in market prices) and to ensure the safety of users' assets, Huobi Global will take the following approach to this migration and upgrade:

 

Huobi Global's approach to the migration

According to the official plan, during this migration LUNA will be formally renamed to LUNC (Luna Classic) and UST to USTC. The balances of LUNC and USTC will be equal to those of LUNA and UST respectively before the migration.

Note: LUNA and UST are respectively referred to as LUNC and USTC in this annoucement 


Detailed arrangements:

  • At 15:30 (UTC) on May 26, 2022, Huobi Global will be suspending the deposits and withdrawals of LUNC, USTC, ANC (Anchor ANC Token), CTXC2X. Please complete your deposit and withdrawal in advance. You will not be able to deposit or withdraw these assets after the suspension. The resumption time will be posted separately in the form of an official announcement.
  • At 01:30 (UTC) on May 27, 2022, Huobi Global will suspend all spot pending orders and transactions of LUNC/USDT and USTC/USDT to match the coin name modifications. The resumption time will be posted separately in the form of an official announcement.
  • At 07:00 (UTC) on May 26, 2022, Huobi Global has closed the margin trading service for LUNC. Click here for more details. The resumption time will be posted separately in the form of an official announcement.
  • At 16:00 (UTC) on May 26, 2022, Huobi Global will conduct the delivery and unlisting of the LUNC USDT-Margined Contract, and close any open positions of contracts. The delivery price for closing positions is the arithmetic average of the the corresponding index prices 60 minutes before the removal, and all user pending orders will be cancelled. Additionally, the transfer service between the Coin-Margined LUNC Perpetual Contracts and spot will be closed. The resumption time will be posted separately in the form of an announcement.
  • Regarding Huobi Earn's financial products: financial products in existence will not be affected. Subsequently, if there are any changes according to the new LUNC policy which affects financial products, Huobi Global will announce further measures in the treatment and approach.

Snapshot time and position rewards:

After the migration and upgrade, Huobi Global will take a snapshot of LUNA and USTC positions on the original Terra in user accounts when the block height reaches 7,790,000 (expected at 20:00 (UTC) on May 26, 2022), and give users the proportional position rewards based on the snapshot.

 

Snapshot asset: LUNC and USTC
Exchange snapshot time: Huobi Global will take a snapshot of the users holding LUNC at 15:00 (UTC) on May 7, 2022, and another a snapshot of LUNC and USTC positions when the block height reaches 7,790,000 (20:00 (UTC) on May 26, 2022). Corresponding airdrops will be made subsequently based on a certain proposition. The rewards will be distributed based on the holdings snapshotted in users' Exchange account. Users will be notified of the distribution after it is complete via announcement. 


Snapshot scope: exchange account, grid trading account, Huobi Earn, mining pool account, future account, margin account (margin account will deduct the amount of the borrowed LUNC and the LUNC interest to be returned). Among them, the child account and the parent account will not be merged.

Note: when taking the snapshot, if LUNC or USTC is in an unaccounted or withdrawn status, it will not be included in the statistics. Assets with a position less than 1 USDT will not be considered for an airdrop. Position rewards will be issued to the user's exchange account and users will be notified via announcement after the issuance is complete. It is recommended that users complete the related transactions, deposits and withdrawals in advance.

 

Subsequent arrangements regarding the new LUNA

Huobi Global has standardized rules and processes for coin listing and review. Huobi Global will inform users in the form of an official announcement if the trading business of the new LUNA coin is launched in the future. 

 

Huobi Global will make a separate announcement if there are further developments or circumstances.

For more information, please refer to the official announcement of the project: https://medium.com/terra-money/terra-2-0-luna-airdrop-cd08a6d9cfcd

 

Thanks for your support!

 

Huobi Global

May 26, 2022

 

Risk Reminder: Trading digital assets and digital asset derivatives comes with high risks due to price volatility. Please fully understand all the risks involved and make prudent decisions before trading. Please read our detailed  risk remindertexthere.

 

Huobi Global reserves the right in its sole discretion to amend or change or cancel this announcement at any time and for any reasons without prior notice. The above is for information purposes only and Huobi Global makes no recommendations or guarantees in respect of any digital asset, digital asset derivative, product, or promotion on Huobi Global. 

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