Migration and Upgrade of LUNA and UST

According to Terra’s official plan, the Terra chain will be migrated and upgraded when the block height reaches 7,790,000 (expected to be at 04:00 (GMT+8) on May 27, 2022).

Huobi Global will support this migration and upgrade. This migration and upgrade will generate new chains and new tokens. In order to reduce the transaction risk caused by the possible sharp fluctuations in market prices during the migration and upgrade, and to ensure the safety of users’ assets, Huobi Global’s solution to this migration and upgrade is as follows:

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1. About the solution for Huobi GLobal to cooperate with migration:

According to the official plan, this migration will officially change LUNA to LUNC (Luna Classic) and UST to USTC. The value of LUNC and USTC will be equal to the pre-migration LUNA and UST respectively.

Note: The following LUNA and UST are collectively referred to as LUNC and USTC.

The specific arrangements are as follows:

(1) The deposit and withdrawal of LUNC, USTC, ANC (Anchor ANC Token) and CTXC2X will be suspended at 23:30 on May 26, 2022 (GMT+8). Please handle your recharge and withdrawal business in advance. After the suspension, you will not be able to operate the recharge or withdrawal, and the recovery time will be notified separately in the form of an announcement.

(2) At 09:30 (GMT+8) on May 27, 2022, all spot pending orders and transactions of LUNC/USDT and USTC/USDT will be suspended in order to coordinate with the modification of the token name. The recovery time will be notified separately in the form of an announcement.

(3) The margin trading service of LUNC currency has been closed at 15:00 on May 26, 2022 (GMT +8). The recovery time will be notified separately in the form of an announcement.

(4) At 00:00 (GMT +8) on May 27, 2022, the delivery of the USDT standard perpetual contract of LUNC currency will be delisted, and the open positions of the contract will be the arithmetic average of the corresponding index price 60 minutes before the delineation. Close the position as the delivery price and cancel all user pending orders. At the same time, the transfer service between the LUNC coin-based perpetual contract and the spot will be closed, and the recovery time will be notified separately in the form of an announcement.

(5) Regarding Huobi Earn’s wealth management products: the existing wealth management products will not be affected. According to LUNC’s new policy, if there is an impact on the wealth management products, further notice will be given to the handling methods.

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2. About snapshot time and position rewards:

After the migration and upgrade, Huobi Global will take a snapshot of the original terra chain asset LUNC and USTC positions of the user account according to the block height of 7,790,000 (expected to be at 04:00 on May 27, 2022 (GMT+8)), and according to the snapshot data, press A certain percentage of holding rewards will be issued to users.

1. Snapshot assets: LUNC and USTC

2. Huobi Global snapshot time: at 23:00:00 on May 7, 2022 (GMT+8), take a snapshot of users holding LUNC positions, and when the block height reaches 7,790,000, that is, at 04:00 on May 27, 2022: 00 (GMT+8) to take a snapshot of the holdings of LUNC and USTC, and the corresponding airdrops will be distributed according to a certain proportion in the future. The holding rewards will be distributed to the user’s currency account. After the distribution is completed, it will be notified in the form of an announcement.

3. Snapshot scope: currency account, strategy account, Huobi Earn account, mining pool account, contract account, leveraged account (the amount of LUNC borrowed and the LUNC interest to be returned will be deducted from the leveraged account). Among them, the sub-accounts are not merged.

Note: When the snapshot is generated, if LUNC or USTC is in the status of unaccounted or withdrawn or sold tokens successfully, it will not be included in the statistics; holding assets equivalent to less than 1USDT will not be included in the scope of airdrop distribution. The holding reward will be distributed to the user’s currency account, and will be notified in the form of an announcement after the distribution is completed. It is recommended that you handle relevant transactions, recharge and withdrawal services in advance.

3. Follow-up arrangements for the new LUNA

Huobi Global has standardized listing review rules. If the new LUNA trading business is launched in the future, it will be notified in the form of an announcement.

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