Terraform Labs launched a new version of the Terra blockchain, “Terra 2.0,” earlier Saturday, equipping it with the newly minted LUNA token. After about 12 hours, LUNA (labeled LUNA2 on some exchanges) has dropped nearly 73% of its initial value, trading at $5.18 as of this writing, its earlier peak, according to data compiled by CoinMarketCap. The price is $19.54.
LUNA tokens were available for trading on the bybit cryptocurrency exchange about 10 minutes after launch, and about an hour later, Kucoin also announced the launch of LUNA trading.
Regarding blockchain Terra’s Proposition 1747, the governance vote to burn 1.388 billion UST stablecoins has passed. This will reduce the supply of UST, which is roughly 11% of its total supply of 11.28 billion tokens.
Currently, LUNA is traded on seven different exchanges — Bybit, Kucoin, Kraken, MEXC, OKK, Bitrue, and BingX, according to CoinMarketCap. None of these exchanges have LUNA enabled futures trading.
Terra CEO Do Kwon remained largely silent on Twitter today other than retweeting the exchange’s announcement.
“Reputation is the ultimate currency,” Binance CEO Changpeng Zhao tweeted shortly after Terra 2.0’s debut. (Binance is also one of the institutions powering Terra’s new blockchain, though). The debacle of Terra’s UST stablecoin and governance token LUNA emerged as the most significant event in the craziest week ever for the cryptocurrency.
Many people are still skeptical about Terra 2.0. Crypto YouTuber Ben Armstrong got it straight. “Never buy LUNA again”.
Other Twitter users said they were holding on to the original LUNA, which was later renamed Terra Classic (LUNC), dubbed by some as LUNA Classic, which fell 29% to $0.00009031 in the past 24 hours, according to CoinMarketCap. LUNC peaked at $119.18 last month before a historic crash that wiped out tens of billions of dollars in value.
Of the 1 billion new LUNA tokens, only 21 million were “airdropped” on Saturday and added to the circulating supply, according to CoinMarketCap, with the rest of the tokens continuing in stages.
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