The Terra LUNA token and the UST stablecoin collapsed earlier this month, leading to Terraform Labs proposing the creation of a new blockchain. This new blockchain dubbed Terra 2.0 was launched on May 28, and the launch was accompanied by token airdrops.
Terra 2.0 goes live
The proposal to create a new Luna blockchain was proposed by Do Kwon, and it was supported by the majority of the community. According to Do Kwon, Luna 2.0 would not be a fork of the old Terra network, but it will be a genesis chain.
The new blockchain’s native token is LUNA, and minting for the token has already happened. The new LUNA coin will be airdropped to several exchanges, including Binance, Bybit, Kucoin, LBank, Bitfinex, Bitrue and OKX. The airdrops will be done for the holders of the old LUNA, now known as Luna Classic and the UST stablecoin.
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The creation of this new chain happened after the value of UST depegged from the US dollar. After Do Kwon proposed having a new Terra chain, the move was supported by some of the leading exchanges. The airdrops will be done according to “pre-attack” and “post-attack” snapshots taken by the Terra team.
At the time of writing, the new LUNA token was trading at $6.60. On the day of launch, the token created an all-time high of $18.87, but it is currently 65% below this price, according to CoinGecko.
The community is still sceptic
The collapse of LUNA and UST caused major losses for investors in the crypto space that had invested in the two tokens. While the launch of a new chain was supported by most community votes, market sentiment about the new Luna 2.0 is still mixed.
The Bitrue exchange has demonstrated a bullish stance regarding the new LUNA, as it has announced it will support yield farming. However, the majority of exchanges have not shared the same optimism.
OKX has cautioned its users against investing in the new LUNA due to the high risks. Binance has also said it will launch trading for the new LUNA on its Innovation Zone due to the high level of risk and increased volatility.
There have also been inconsistencies with the naming of the new LUNA tokens. For instance, Kraken said it would trade the new LUNA under the ticker LUNA2, while most exchanges are trading it under the ticker LUNA.
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