NOTICE: Updates and Changes on Terra (LUNA) and TerraUSD (UST) on the Hodlnaut Platform

News
First published
May 13, 2022
Last updated
July 5, 2022

With the unforeseen market conditions regarding Terra (LUNA) and TerraUSD (UST), Hodlnaut will be implementing some changes due to volatility and market instability. Please take note of all the changes listed in this article.

Delisting of UST Classic (USTC) and LUNA Classic (LUNC)

Announcement Date: 5 July 2022

Hodlnaut will delist UST Classic (USTC) and LUNA Classic (LUNC) from 5 August 2022, 2 PM (GMT+8).

Please kindly withdraw all your USTC and LUNC from Hodlnaut asdeposits, withdrawals and swaps for these assets will not be processed after 5 August 2022, 2 PM (GMT+8).

Due to the delisting, we will also be removing USTC and LUNC interest statements. Please download a copy via the “Statements” tab before 5 August 2022, 2 PM (GMT+8) if you require a copy. However, we will keep previous USTC and LUNC transactions on the “Transaction” table.

NOTE: LUNA 2.0 will still be listed on our platform to facilitate the airdrop per Terra’s Governance Proposal to affected users. However, no interest will be paid out for LUNA 2.0 beginning from 5 August 2022, 2 PM (GMT+8), and it will not be an option for preferred interest payout feature.

We thank you for your support as we continue to build the crypto ecosystem in a way that promotes security, transparency, and long-term sustainable growth. For any further questions or enquiries, please contact support@hodlnaut.com.

Support of the New Terra Network (LUNA) Airdrop

Hodlnaut would like to announce that the airdrop of the new Terra 2.0 token (LUNA) has been distributed as of 1 June 2022, 5PM (GMT +8) to eligible users who held LUNC and USTC  tokens at the specified snapshot timings as per the Terra Governance Proposal.

As Hodlnaut’s allocation has been capped according to the $500K Whale Cap in accordance with the proposal, the airdrop that the platform has received for UST pre-attack has also been capped accordingly. Despite this, Hodlnaut has strived to distribute the airdrop in the most equitable way to make sure that we pay out as many users as we can despite the limit set by the Whale Cap.

Eligibility

Subject to the successful airdrop of LUNA tokens by the Terra project team, the new LUNA tokens will be distributed to all eligible users (as determined by Hodlnaut) based on the ratio of:

Pre-Attack: 1 LUNC = 1.034735071 LUNA2

Post-Attack: 1 LUNC = 0.000015307927 LUNA2

The eligibility criteria and distribution details are as follows:

Notes:

  1. Withdrawals for LUNA (new LUNA) are not enabled.
  2. Users are able to withdraw LUNC (old LUNA) and USTC (old UST) natively on the terra chain to exchanges/platforms that support them from Hodlnaut.
  3. Hodlnaut has distributed the maximum of the airdrop received at this point in time as per the distribution schedule.

Hodlnaut reserves the right to cancel or amend the airdrop rules at our sole discretion in line with our Terms of Service and shall not be liable should there be any changes made on the distribution plan governed by the Terra Network in relation to the airdrop.

Products and Features

Notice 1: Token Swap available for LUNA, LUNC and USTC

Hodlnaut have enabled token swap on our web and mobile apps for the following assets:

  • LUNA (new LUNA)
  • LUNC (old LUNA)
  • USTC (old UST)

Notice 2: Suspension of Preferred Interest Payout for LUNA and UST

The last interest accrual for LUNA and UST interest payout preferences will be on 13 May 2022, 5 pm (GMT+8). Subsequently, Hodlnaut will no longer support LUNA and UST interest payout preferences on the Preferred Interest Payout feature.

Notice 3: Suspension of NEW Fixed Term Deposits for LUNA and UST

From 13 May 2022, 6 pm (GMT+8), Hodlnaut users will no longer be able to create new fixed term deposits for LUNA and UST. Existing fixed term deposits for LUNA and UST will be fulfilled as per normal until further notice.

Notice 4: Suspension of Ongoing Fixed Term Deposits for LUNA and UST

All current Fixed Term Deposits on LUNA and UST will be terminated with immediate effect. The principal sum and the full interest of the Fixed Term Deposits will be credited into the affected users’ Hodlnaut accounts before May 26, 5 pm (GMT+8).

Notice 5: Suspension of Open Term Deposits for LUNA and UST

From 1 June 2022, 5 pm (GMT+8), Hodlnaut users will no longer be able to earn interest on LUNA and UST.

Deposits and Withdrawals


Notice 6: Suspension of Deposits and Withdrawals of Native LUNA and UST

In preparation for the snapshot today at estimated time of 3:59AM (GMT +8) at Block No. 7790000 as mentioned in the plan here, Hodlnaut will be temporarily suspending withdrawals of Native LUNA and UST on May 26, 11:59 pm (GMT +8). Withdrawals will be resumed again on May 27, 9:00 am (GMT+8).

To withdraw LUNA, please click here for the full guide. To withdraw UST, please click here for the full guide. Do note withdrawals of UST via the Terra Network can only be done via the Webapp.

Notice 7: Suspension of Deposits and Withdrawals of Wormhole UST and LUNA

In light of recent volatility involving Terra ecosystem assets UST & LUNA, we regret to inform you that Hodlnaut will be terminating deposits and withdrawals of Wormhole UST and Wormhole LUNA on 25 May 2022 at 5pm (GMT+8).

The termination will not affect customers’ access to deposits and withdrawals of native UST and native LUNA via the Terra Network which will still remain available until further notice.

Notice 8: On the Luna Foundation Guard’s (LFG) V2 Proposal Airdrop

Hodlnaut will be sharing the airdrop with affected users. However, we are uncertain of the exact amount that we are slated to receive, thus we are unable to provide further information of the amount to be distributed. Do be rest assured that once the airdrop has been confirmed into our platform, we will update our users.

Risk warning: Cryptocurrency is subject to high market risk. We advise all users to exercise sufficient risk management, do your own research and fully understand the risks and volatility of digital assets. Hodlnaut is not responsible for any of users' losses.

Campaigns and Promotions

Notice 9: Change of Bonuses for Birthday and Referral Campaigns, Removal of Giveaway

Hodlnaut has received some queries and feedback from our users regarding our ongoing campaigns, namely the: 

1) Birthday Campaign

2) Referral Campaign

3) $2,000 Giveaway

Hodlnaut has previously mentioned that there is a possibility we will not be guaranteeing these bonuses due to the de-peg of UST, which was out of our control due to the volatile market conditions. Do also note that all current and future promotions are subject to Hodlnaut's Terms of Use.

With regards to the $2000 LUNA & UST Giveaway, we are disappointed to announce that we will not be proceeding with the promotion due to the market conditions beyond our control.

However, we have good news regarding the Birthday and Referral Bonus Campaign.

After discussions with our management and getting their final approval, Hodlnaut will be paying out all the UST bonuses in USDC when the participants have successfully completed the requirements outlined in the campaigns. Please refer to the new bonuses here:

Birthday Campaign

Referral Campaign

We would like to apologise for any inconvenience caused. Feel free to reach out to us if you have further questions at support@hodlnaut.com.

Disclaimer: By using Hodlnaut, users expressly acknowledge and agree to the Terms of Use listed on our website at www.hodlnaut.com. This includes the relevant risk warnings applicable to you as a user of Hodlnaut's services, prior to/when carrying out Digital Payment Token (DPT) transactions. This article is for informational purposes only, and is not an offer nor a solicitation to invest in DPT, securities, funds, partnership interests or other investments or funding or purchasing loans. It is the user's sole responsibility to conduct due diligence and research extensively into each DPT and platform, and understand that the volatility and unpredictability of the price of DPT may result in significant loss over a short period of time. No information on Hodlnaut should be considered to be business, legal, financial or tax advice regarding the use of Hodlnaut. Users should consult their own legal, financial, tax or other professional advisors before using Hodlnaut. Please refer to our website at https://www.hodlnaut.com/tos for the full Terms of Use.

Articles we thought you might enjoy:

Put Your Crypto to Work!
Earn Passively with Hodlnaut

Join Now
Hodlnaut Crypto Interest Account