As a result, Holders of the LUNA classic and UST classic coins received an airdrop of new LUNA 2.0 tokens. It is based on two blockchain snapshots. On 28 May 2022 (9 a.m. GMT), the cryptocurrency’s first recorded value was $14.31 per unit, and it reached an all-time high (ATH) roughly 20 minutes later at $18.87 per LUNA. However, LUNA was trading for $4.20 per unit at 11:00 a.m. on Saturday, down more than 70%.
The History of LUNA 2.0
Do Kwon, Terraform Labs’ co-founder and CEO, confirmed the relaunch of Terra’s new chain. Terra 2.0 aims to revitalize the Terra (LUNA) and TerraUSD (UST) ecosystems.
Accordingly, Kwon’s Terra revival plan entails hard forking the existing blockchain and reissuing LUNA tokens to existing investors based on a snapshot taken before the death spiral bled the LUNA and UST markets, effectively resulting in unrecoverable losses for investors.
According to the revival plan, LUNC, UST), and aUST holders are eligible to receive new tokens.
“Phoenix-1 mainnet is now live and producing blocks – public node services, wallets and explorers should be going live shortly.”
“To view your $LUNA (or $LUNA2 as some exchanges call them) token balances. You only need to log into station and refresh the page.”Do Kwon, Terra’s co-founder, tweeted about the launch on Saturday
Furthermore, investors migrating via the inter-blockchain communication protocol (IBC) must create a station wallet with the same ledger and follow the instructions provided upon wallet creation.
Nowadays, The new LUNA token is trading after being airdropped to LUNA classic (LUNC) and UST classic (USTC) holders. The current maximum supply of 1,000,000,000 LUNA coins is unknown, as is the current number of tokens in circulation.
On the trading platform Okx, LUNA is currently seeing the most activity, with 48-hour metrics indicating a price range of $18.87 to $4.20 per unit. Gate.io and MEXC Global are two other exchanges with LUNA trading activity.
As holders have received their airdrops, the terms “Luna2” and “Luna 2.0” have been trending on social media over the last 24 hours. Many people have inquired about where they can trade the new LUNA token.
In fact, Kraken, Bitrue, Kucoin, Bybit, Nexo, Lbank, Bitfinex, and Bitget have all added support for the new LUNA. According to Cryptocompare data, tether USDT commands the majority of LUNA trades, followed by ETH. The crypto asset is also paired with the fiat currencies USD, CAD, EUR, PHP, INR, and IDR.
Terra’s New LUNA Coin has sparked Discussion on Cryptocurrency Forums and Social Media.
”If you like losing all your money with LUNA 1.0, you’re going to love losing all your money with LUNA 2.0″
“LUNA 2.0” is ancient Egyptian for “we still need that McNugget meal at table #5,”
“Do Kwon sticking around whilst he gets tarred and feathered daily is the most alpha thing I’ve ever seen.”
“Literally just buying luna 2.0 out of respect LMAO.”
“Buying Luna 2.0 is the equivalent of calling back your ex knowing she cheated on you. Have some self-respect.”Individuals on Twitter said on Saturday mocking the 2.0 launch
Furthermore, among the many crypto ecosystems that have stepped forward to help Terra projects resurrect, Binance’s BNB Chain has committed to investing in and supporting projects that are considering migrating from the Terra ecosystem.
Read more: Cryptocurrencies