Skip to main content

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

Image
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.

Now smile and the payment is done on Mastercard

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.

How to make the credit score better

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.

Find out the main reason behind Cryptocurrencies downfall

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.

Labels:
Location: Lucknow, Uttar Pradesh, India

Comments

Post a Comment

Popular posts from this blog

Which Indian state offers the most discount on an electric car purchase?

By Ankit Awasthi
When one considers purchasing an electric car, the term "price" is the first thing that comes to mind as the most significant barrier. Because electric cars (EVs) in India confront various problems relating to pricing as well as infrastructure and technology, individuals are obliged to purchase petrol or diesel-powered automobiles instead. Nevertheless, the efforts of new cars and governments that have emerged over the course of the last few years have helped to grow the EV business. In this section, we shall discuss the efforts that have been taken for EV incentives. When you buy an electric vehicle, you may be eligible for a number of financial incentives offered jointly by the federal government and the states, which will allow you to keep more money in your own pocket. The "Faster Adoption and Manufacturing of Hybrid and Electric Vehicles" (FAME) program was put into effect by the Central Government in 2015. Its purpose was to encourage the production of electri
2 comments
Read more

Investment: Which of the following is preferable, EPF, FD, or PPF?

By Ankit Awasthi
 The employees' provident fund (EPF), the fixed deposit (FD), and the public provident fund are three of the most common types of investments (PPF). It is anticipated that these schemes would result in minimal risk while maintaining consistent returns. The EPF, FD, and PPF are all government-sponsored investment vehicles, which makes them more trustworthy for financial transactions; nevertheless, the returns on these three types of investments vary. Please tell us which of these three opportunities is the best one for making an investment. A rate of interest on the EPF that is 8.1 percent The rate of interest that is charged on PF was lowered at the most recent meeting of epfo. Pf account holders who have money placed during the fiscal year 2021-22 will now get an interest rate of 8.10 percent on such money. When I first opened this account, the interest rate was 8.50 percent; however, it has now dropped to its lowest point in almost a decade. In the previous fiscal year, the EPF r
Post a Comment
Read more

Have You Heard About Twitter's Brand New "Notes" Platform?

By Ankit Awasthi
 Have You Heard About Twitter's Brand New "Notes" Platform? Twitter is mostly credited for popularizing microblogging; the platform's original character restriction of 140, which was eventually increased to 280, was responsible for fostering genuine innovation in users of online platforms. Having said that, it is not always appropriate to confine an idea or concept to a few phrases. In the past, users of Twitter have resorted to threads for building on ideas, which connects a large number of tweets into one continuous narrative. Because the business has revealed that it is working on incorporating full-fledged blogging into its platform, it seems that the days of depending just on threads may be coming to an end. Notes - A brand New Feature Twitter unveiled Notes, a brand new feature that is presently being tested with a small number of authors, hours after whispers of an extension beyond 280 words began to circulate online. Notes is a brand new feature that Twitter i
Post a Comment
Read more

Elon Musk - The man who changed the face of technology and innovation

By Ankit Awasthi
No one has ever heard of the name of Elon Musk, the richest man in the world.  Musk, who owns successful companies like Space-X and Tesla, is now pushing to buy social media site Twitter.  The journey of becoming the richest and most famous person for Musk, who was born in South Africa, has not been easy.  Let's know a few special and fun things about Musk, which make him the most different. Elon Musk was born in South Africa In 1971, Musk was born in the house of Erol and Maye Musk, who live in Pretoria, South Africa, where he spent his childhood.  At the age of 17, Musk moved to Canada and now has citizenship of three countries - South Africa, Canada and the United States.  Elon Musk currently lives in Los Angeles, California.  Let me tell you, musk's big companies also have headquarters in California and the US. I made a video game at the age of 12 Elon Musk created a video game called 'Blaster' at the age of only 12.  He himself wrote computer programming for scienc
Post a Comment
Read more

Enhance Your Productivity Using ChatGPT

By Ankit Awasthi
 Enhance Your Productivity Using ChatGPT: There is little doubt that Artificial Intelligence has altered numerous sectors during the last decade. OpenAI's ChatGPT is one such AI platform that has drastically increased the productivity of engineers. Many robust capabilities offered by ChatGPT simplify the automation of time-consuming processes and the improvement of customer experiences. With ChatGPT, developers can simply automate repetitive tasks and improve the customer experience across several channels. ChatGPT is the answer if you're looking for a straightforward method to automate your procedures or increase your productivity. These are the top 10 productivity-enhancing tools produced by ChatGPT. The ChatGPT Desktop is a flexible productivity application that is compatible with macOS, Linux, and Windows, enabling users to browse ChatGPT and export their discussion history in PNG, PDF, and Markdown formats. With handy shortcut keys and connection with excellent chatbot pr
Post a Comment
Read more