# Exchange migration guide Use this guide to rebrand the original Terra chain as Terra Classic and integrate the new Terra chain. Please read this page entirely, as it contains important information. Check out the [Exchange FAQ](./exchange-faq.md) for answers to your frequently asked questions. ## General info Per [governance proposal 1623](https://station.terra.money/proposal/1623), a new chain will be created and will assume the Terra name. 1\. The original chain will still function and be re-branded as **Terra Classic**. - The original Cosmos chain will still run, with market swaps (mint/burn function) disabled. - All balances will remain as they are. - Luna will become Luna Classic (LUNC). - Terra stablecoins (UST, KRT, EUT, etc.) will be renamed Terra Classic stablecoins (USTC, KRTC, EUTC, etc.). 2\. The new chain will be called **Terra**, and will assume all Terra branding assets. - The new chain is also a Cosmos chain, but will not have the treasury, oracle, or market modules of the original chain. - The new chain's native mining token will be Luna. - There will be no Terra stablecoins (UST, KRT, EUT, etc.) on the new chain. ## Branding The original chain will be branded **Terra Classic**. The new chain will assume the name **Terra**. ### Naming convention: **Terra Classic** The original Terra chain will be rebranded as Terra Classic. - Official chain name: Terra Classic - All Luna currently on exchanges needs to be renamed Luna Classic (LUNC). - All Terra stablecoins will be rebranded as Terra Classic stablecoins. For example, TerraUSD(UST) will be renamed TerraClassicUSD(USTC) and TerraKRW(KRT) will become TerraClassicKRW(KRTC), etc. **Terra**: The new chain will assume the name Terra. - Official chain name: Terra - Luna (LUNA) will be the main staking asset of the chain. - The new chain does not contain any Terra stablecoins (UST, KRT, etc.). :::{admonition} Luna listing convention :class: danger It can be confusing to list the Luna coin as "Terra (LUNA)". To avoid unnecessary confusion, please stick to the following naming conventions for Luna: For the Terra Classic chain, list as **Luna Classic (LUNC)** For the new Terra chain, list as **Luna (LUNA)** ::: ### Logos and assets Please update all logos and branding according to the following conventions: [Adobe Illustrator Terra Classic and new Terra chain files](../../_static/brand-assets/TerraLogos%20(2).ai). **Terra Classic**: The old chain will be rebranded using Terra Classic brand assets, including new logos for both LUNC and USTC. You will need to remove all current Logos from the original chain and implement the Terra Classic brand assets on your exchange. You can download these assets using the links below: - [Terra Classic logos](../../_static/brand-assets/03_TerraClassic-20220522T084541Z-001.zip) - [Luna Classic logos](../../_static/brand-assets/04_LunaClassic-20220522T084636Z-001.zip) - [Classic stablecoin logos](../../_static/brand-assets/05_Stablecoins-20220522T084321Z-001.zip) **Terra**: The new chain will be branded with the following assets: - [Terra logos](../../_static/brand-assets/01_Terra-20220522T084318Z-001.zip) - [Luna logos](../../_static/brand-assets/02_Luna-20220523T184554Z-001.zip) ## Mainnet launch schedule - 05/21 - The new Terra Core release is cut, network launch instructions made available for validators - 05/25 - Essential app developer registration completed - 05/27 - Genesis file created from final launch snapshot - 05/27 - Network launch ## Snapshots and Airdrop **_Pre-attack_** snapshot to be taken at Terra Classic block [7544910](https://finder.terra.money/mainnet/blocks/7544910) (2022.05.07 23:00:04 UTC+08:00). **_Post-attack_** snapshot to be taken at Terra Classic block [7790000](https://finder.terra.money/mainnet/blocks/7790000). **Note:** The post-attack block is estimated to occur on May 27th (2022.05.27 ~03:59:51 UTC+08:00). This block time is an estimate and may be subject to change. Please use the block height rather than the estimated time. Calculations described below should be carried out and resulting values should be utilized to properly calculate airdrop quantities. ### Airdrop allocations All airdrop allocations to UST and LUNA holders will be based on the snapshots listed above. You may review the exchange-relevant allocations below. Note that these allocations _exclude_ the Community pool allocation of 30% as it is irrelevant to exchanges. You may review the original token distribution text proposal [on the Agora forum](https://agora.terra.money/t/terra-ecosystem-revival-plan-2-updated-and-final/18498). **Note:** Wallets owned by Terraform Labs are excluded from any airdrop allocations. Wallets owned by Terraform Labs will not recieve any token allocation at genesis. ### Exchange Allocation Example :::{admonition} Airdrop example :class: warning The following is an example token allocation using made-up numbers. **None of the following balances are real**. This example considers both pre- and post-attack snapshots and excludes wallets owned by TFL and the community pool. ::: :::{dropdown} Click here to see an airdrop allocation example. **None of the following balances are real.** The following is an example token allocation using made-up numbers. This example considers both pre- and post-attack snapshots and excludes wallets owned by TFL and the community pool. **Total LUNA Airdrop Supply: 1 Billion** _Overall Assets in Terra Ecosystem_ | Assets in Terra | Snapshot | Amount | | --------------- | :---------: | -----: | | LUNA | pre-attack | 1B | | aUST | pre-attack | 1B | | LUNA | post-attack | 1B | | UST | post-attack | 1B | --- _Exchange Assets_ | Asset Owned by Exchange | Snapshot | Amount | | ----------------------- | :---------: | -----: | | LUNA | pre-attack | 10M | | aUST | pre-attack | 100M | | LUNA | post-attack | 10M | | UST | post-attack | 100M | --- _Exchange User Assets_ | Asset Owned by Exchange User | Snapshot | Amount | | ---------------------------- | :---------: | -----: | | LUNA | pre-attack | 100 | | aUST | pre-attack | 10k | | LUNA | post-attack | 100 | | UST | post-attack | 10k | --- **Airdrop Calculation for Exchange** **_Pre-attack LUNA holders 35% allocation (350 M)_** ```math 35% * Total LUNA Supply * Total LUNA owned by Exchange pre-attack / Total LUNA supply pre-attack = 0.35 x 1B x 10M / 1B = 3.5M LUNA ``` **_Pre-attack aUST holders: 10% allocation (100 M)_** ```math 10% x Total LUNA Supply x Total aUST owned by Exchange pre-attack / Total aUST supply pre-attack = 0.1 x 1B x 100M / 1B = 10M LUNA ``` **_Post-attack LUNA holders: 10% allocation (100 M)_** ```math 10% x Total LUNA Supply x Total LUNA owned by Exchange post-attack / Total LUNA supply post-attack = 0.1 x 1B x 10M / 1B = 1M LUNA ``` **_Post-attack UST holders: 15% allocation (150 M)_** ```math 15% x Total LUNA Supply x Total UST owned by Exchange post-attack / Total UST supply post-attack = 0.15 x 1B x 100M / 1B = 15M LUNA ``` **Total Exchange Allocation** ```math = 3.5M + 10M + 1M + 15M = 29.5M LUNA ``` --- **Airdrop Calculation for User A** **Pre-attack LUNA holders allocation: 3.5M** ```math (Total LUNA owned by User A pre-attack / Total LUNA owned by Exchange pre-attack) x Pre-attack LUNA holders' allocation = (100 / 10M) x 3.5M = 35 LUNA ``` **Pre-attack aUST holders allocation: 10M** ```math (Total aUST owned by User A pre-attack / Total aUST owned by Exchange pre-attack) x Pre-attack aUST holders allocation = (10k / 100M) x 10M = 1000 LUNA ``` **Post-attack LUNA holders allocation: 1M** ```math (Total LUNA owned by User A post-attack / Total LUNA owned by Exchange post-attack) x Post-attack LUNA holders' allocation = (100 / 10M) x 1M = 10 LUNA ``` **Post-attack UST holders allocation: 15M** ```math (Total UST owned by User A post-attack / Total UST owned by Exchange post-attack) x Post-attack UST holders' allocation = (10k / 100M) x 15M = 1500 LUNA ``` **Total Allocation to User A** ```math = 35 + 1000 + 10 + 1500 = 2545 LUNA ``` ::: ## Use different seeds To avoid user confusion and prevent the sending of funds to the wrong accounts, ensure that the Terra Classic and new Terra chain addresses have different seeds on your exchange. You may want to include a warning to users to make sure they are transacting on the correct chain to the correct address. ## Multisig guide For questions regarding multisig wallets, refer to the [multisig guide](../develop/guides/sign-with-multisig.md). ## Base pairs Exchanges: - LUNC/USDT - USTC/USDT Dexes: - LUNC/ETH - LUNC/USDC ## Initial supply and inflation - The initial supply of Luna at the genesis of the new Terra chain will be 1 billion coins. - The mint module will release new coins every block as staking rewards at a default rate of around 7% p.a. ## Terra 2.0 Code and audit **Code** - https://github.com/terra-money/core **Audit** - https://github.com/SCV-Security/PublicReports/blob/main/Others/TerraMoney/TerraMoney%20-%20Core%20v2%20-%20Audit%20Test%20Report%20v1.0.pdf ## Networks **Terra Classic** - Mainnet: `columbus-5` - Testnet: `bombay-12` **Terra** - Mainnet: `phoenix-1` - Testnet: `pisco-1` ## Integration **Terra Classic**: The current primary LCD ([https://lcd.terra.dev](https://lcd.terra.dev)) and FCD ([https://fcd.terra.dev](https://fcd.terra.dev)) will continue to support the Terra Classic chain. However to ensure long-term support, please use [`https://columbus-lcd.terra.dev`](https://columbus-lcd.terra.dev/) for LCD and [`https://columbus-fcd.terra.dev`](https://columbus-fcd.terra.dev/) for FCD. **Terra**: The previous LCD ([https://lcd.terra.dev](https://lcd.terra.dev)) and FCD ([https://fcd.terra.dev](https://fcd.terra.dev)) endpoints will not support the new chain. To support the new Terra chain (phoenix-1), LCD should be altered to [`https://phoenix-lcd.terra.dev`](https://phoenix-lcd.terra.dev/) and FCD should be altered to [`https://phoenix-fcd.terra.dev`](https://phoenix-fcd.terra.dev/).