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Update on LUNC

 Update on LUNC

  • Date: June 1st, 2022
  • Time: 5:00 PM EST 

The LUNA/LUNC update has been completed and NDAX has scheduled to resume withdrawals and trading.

Status:

  • LUNC withdrawals will be enabled today, June 1st 2022, as of 2PM EST
  • Trading will be resumed for the LUNC/CAD pair, tomorrow, June 2nd at 2 PM EST.
  • Post only (outstanding) open orders will remain open. Users are able to modify or cancel their open orders up until trading resumes. For steps to cancel open orders, click here

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Update on LUNC Global Snapshot

LUNC global snapshot is now complete. LUNC withdrawals will be suspended until network integrity resumes after the upgrade for LUNA 2.0 is completed.

  • Date: May 26th, 2022
  • Time: 5:00 PM EST
  • Status: LUNC global snapshot completed // withdrawals suspended until further notice.  

                        

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The Terra network recently passed proposal 1623 to create a new Terra chain without the algorithmic stablecoin. The old chain will be called Terra Classic (token Luna Classic - LUNC), and the new chain will be called Terra (token Luna - LUNA). You will notice a change in the trading pair listed on NDAX from LUNA/CAD to LUNC/CAD post snapshot.

After close evaluation of proposal 1623, NDAX will NOT SUPPORT the upcoming airdrop. NDAX will also halt trading of the LUNA token on May 26th, 5 AM EST. We encourage users who wish to participate in the airdrop to withdraw their LUNA tokens from the NDAX platform as soon as possible. Major blockchain network congestions are expected prior to the snapshot date, which may lead to significant delays in processing time for deposits and withdrawals.

NDAX acknowledges that the Terra infrastructure collapse has affected the cryptocurrency community. NDAX encourages all users to do their own research on the cryptocurrencies that they are trading. NDAX will continue to list cryptocurrencies that meet NDAX’s regulatory obligations, including investor safety and public disclosure.

              

The following steps will be taken in regards to LUNA:

  • Trading for the LUNA/CAD pair will be halted effective as of 5 AM EST on May 26th.
  • Trading will be halted until the upgrade is complete.
  • The original Terra Chain will be renamed Terra Classic. To avoid any confusion, the LUNA token listed on NDAX that represented the original Terra Chain will be renamed from LUNA to LUNC (Luna Classic).
  • Once the upgrade is complete and the network stabilizes, NDAX will reevaluate the situation to determine if the resumption of trading is justified. Users will be notified as soon as a decision has been made.
  • All outstanding limit orders will be cancelled prior to resuming any trading.
  • Users who wish to hold their LUNC(Luna Classic) (and not participate in the snapshot) will be able to keep their assets on NDAX after the upgrade is completed. No action is required if the LUNC is held on the platform. 

Users who wish to participate in the LUNA snapshot are required to withdraw LUNA off NDAX’s platform prior to the snapshot time. Major network congestion is expected, and we encourage users to initiate their withdrawals as soon as possible to avoid any delays.

NDAX will continue to closely monitor this fluid situation and update users with any new pertinent information.

                                

Please note:

  • NDAX is a trade execution platform only and does not provide any investment, recommendation, trading or any other advice and assumes no responsibility for any action taken in the course of using the Website, mobile apps, API, or any actions taken outside of NDAX.
  • Cryptocurrency trading is extremely risky, and you are encouraged to do your own research and only invest what you are willing to lose. NDAX is not liable for any trading losses.
  • In light of the situation, misleading information has been circulating online, and many scammers are looking to take advantage of those looking for a source of information and potential solution. Please use only the official Terra website and Twitter page as a source of information.