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Do Kwon's Terra 2.0 has launched, but its value has already plummeted

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By Ankit Awasthi

 After the LUNA 2.0 cryptocurrency had a major price adjustment hours after its introduction on May 28, the recovery plan that was put into place in the wake of the devaluation of Terraform Labs' stablecoin TerraUSD (UST) and its native token Terra (LUNA) got off to a shaky start. The new governance token quickly shot up to an all-time high of $18.87 (roughly Rs. 1,462) shortly after launch, only to crash to a low of $4.08 (roughly Rs. 316) by early Sunday. Prior to launch, members of the Terra community had rumored that the value of the new governance token would be somewhere between $30 and $50 (roughly Rs. 2,325 and 3,875)

Shortly after Terraform Labs successfully delivered LUNA 2.0 tokens to investors that owned LUNA Classic (LUNC) and TerraUSD, the price began to plummet (UST).

The key development company behind Terra, Terraform Labs, has suggested the creation of a new blockchain. Kwon was able to roll out another chain, which is the one that is available for usage as of today, in only a few short days after that proposal was accepted. Astroport, Prism, RandomEarth, Spectrum, Nebula, Terraswap, and Edge Protocol are just some of the programs that have successfully made the transition to the new chain.

In preparation for the launch that took place today, the government of the organization chose to rebrand the previous network as "Terra Classic," and its associated tokens are now known as LUNA Classic (LUNC). This was done so that the newly created Terra 2.0 would serve as the primary network. The new Terra chain, in contrast to its forerunner, does not include an algorithmic stablecoin. Instead, it is solely accompanied by LUNA, which has a total supply cap of 1 billion tokens and cannot be resupplied.

These LUNA 2.0 tokens will be traded independently from the original LUNA Classic tokens, which have a supply of more than 6.5 trillion and will continue to be used.

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The primary objective of the airdrop of new LUNA coins that took place on May 28 was to provide compensation for Terra stakeholders operating on the Classic chain. They have been designated to get seventy percent, or seven hundred million, of the total number of LUNA 2.0 tokens that are available. According to an official notification, the quantity of LUNA 2.0 airdrop that each user receives differs based on when those tokens were held, namely before or after the UST's depeg.


It is anticipated that the airdrop will be claimed not long after the debut, either via centralized exchanges or through Terra's own website. Binance, Huobi, Kraken, Bitfinex, Bitrue, Kucoin, and Bybit are just some of the major cryptocurrency exchanges that have said they would enable Terra backers to get their token allocations directly via their respective platforms.

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However, only 30 percent of the original supply of tokens may be claimed at launch; the rest of the tokens that were airdropped cannot be claimed until later. The remaining seventieth of the value of the airdrop was staked directly with validators in order to guarantee the safety of the network, and these stakes won't become active for as long as two years.

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In addition to the 700 million LUNA tokens that will be distributed between the two categories of investors described above, the Terra community pool, which is an on-chain treasury fund, is scheduled to receive 30 percent of the LUNA that will be issued on the Terra 2.0 chain. This equates to 300 million LUNA tokens. The community pool serves as a source of funding for various development initiatives and is managed by the Terra government. An earlier release said that 30 million of the overall pool value would be allocated for developers who had elected to stay on the new Terra chain and rebuild.

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Location: Lucknow, Uttar Pradesh, India

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