Luna 2.0 Is Launched Following UST Implosion

By Kevin • May 29, 2022 1:10 pm • Comments

The new Luna 2.0 token was just airdropped to existing LUNA and UST holders as the majority of LUNA stakers had voted to have a new Luna chain without the UST stable coin.

The new token aims to be a fully community owned chain that does not have the Luna Foundation Guard or Terraform Labs involved this time.

A few major exchanges have already started to start trading this new token, but there is still much skepticism regarding the new launch with many within the community saying that it will meet the same fate as Luna 1.0.

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There is now a total supply of 1 billion Luna tokens but how many of them are actively being traded on exchanges is still unknown at this point in time.

Bitcoin.com reports:

LUNA is currently seeing the most activity on the trading platform Okx and 24-hour metrics indicate LUNA has seen a price range between $18.87 and $4.20 per unit. Other exchanges seeing LUNA trading activity include Gate.io, and MEXC Global.

“Luna2” and “Luna 2.0” have been trending on social media during the past 24 hours as holders have been receiving their airdrops. A number of people have been asking where they can trade the new LUNA token.
A number of exchanges have been adding support for the new LUNA such as Kraken, Bitrue, Kucoin, Bybit, Nexo, Lbank, Bitfinex, and Bitget.

Cryptocompare data indicates that tether USDT commands a great majority of LUNA trades followed by ETH. The crypto asset is also paired with the fiat currencies USD, CAD, EUR, PHP, INR, and IDR.

Whether or not this revival plan to revive the Terra ecosystem will go planned is currently being debated heavily within the community with many believing that it will fail just like Luna 1.0.

One thing for sure is that that the UST implosion has already put the crypto industry on the radar of government regulation as many are saying that this will accelerate the passing of new changes for the industry.

Other crypto projects are looking to continue to provide support and investment funding to existing Terra projects with the hopes that they can migrate from the Terra ecosystem to other blockchains.

Binance’s BNB chain’s investment director has specifically mentioned that there are a lot of developers and talent within Terra that would help benefit the BNB chain.

CoinTelegraph reports:

Kwon’s revival plan for Terra involves hard forking the existing blockchain and reissuing LUNA tokens to existing investors based on a snapshot before the death spiral bled the LUNA and UST markets — effectively resulting in unrecoverable losses for investors.

According to the revival plan, users previously holding Terra Classic (LUNC), TerraUSD Classic (USTC) and Anchor Protocol UST (aUST) are eligible to receive new tokens.

Speaking to Cointelegraph, Gwendolyn Regina, BNB Chain’s investment director, confirmed the company’s intent to onboard prominent builders from the Terra ecosystem.

“The Terra ecosystem has a lot of talented creators and developers, and our support is aimed at helping those builders and teams build new projects on the BNB Chain. Hence, we are simply interested in supporting developers and projects so that they do not miss out on future potential,” Regina stated.

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