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LUNA 2.0 is finally live, airdrop underway LUNA 2.0 is finally live, airdrop underway Liam 'Akiba' Wright · 2 years ago · 1 min read
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LUNA 2.0 is finally live, airdrop underway

The new LUNA blockchain finally went live after changed proposals, delays, and plenty of controversy

Liam 'Akiba' Wright
May. 28, 2022 at 7:20 am UTC
1 min read
Updated: May. 30, 2022 at 12:53 pm UTC
LUNA 2.0 is finally live, airdrop underway

Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.

The LUNA revival plan has finally been realized as the first block of the new LUNA blockchain is underway. LUNA now exists in two forms, LUNA Classic (LUNC) and LUNA 2.0 (LUNA).

The TerraUSD stablecoin has not been migrated over to LUNA 2.0, meaning that LUNA’s only purpose now is on-chain governance.

Over 70% of LUNA supply is either locked in staking, community pool, or for future developer allocation. The distribution of new LUNA tokens is through a worldwide airdrop to all investors who held LUNA or UST on May 7 or May 26, when the two snapshots were taken.

Tokens are being allocated according to the proposal, with the majority going to both the community pool and pre-attack LUNA holders.

Following the final snapshot on May 26, the price of UST dropped from just $0.11 to as low as $0.02. Given that UST has lost its peg to the dollar with no apparent way back, its use case and LUNC are unknown. LUNA 2.0, however, has been adopted by most of the major protocols in the Terra ecosystem. Therefore, there is a real hope that LUNA could rebuild its market cap in the future.

Some investors may have to wait to receive their airdrop as centralized exchanges handle distributing all tokens to individual users.

All eyes will be on how the new tokens trade over the weekend as around 30% of airdropped tokens will be free to trade from day one.

Posted In: , Analysis, Tokens
Author

Liam 'Akiba' Wright

Editor-in-Chief at CryptoSlate

Also known as "Akiba," Liam Wright is a reporter, podcast producer, and Editor-in-Chief at CryptoSlate. He believes that decentralized technology has the potential to make widespread positive change.

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Terra Classic LUNC (24h)
$0.00011 +6.87%
Vol: $69.98M MCap: $608.35M

Terra is a blockchain protocol that uses fiat-pegged stablecoins to power price-stable global payments systems.

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