LUNA 2.0 Launches Successfully as Previous Chain Renamed to ‘Terra Classic’
Categories: Crypto News US
Following the implosion of LUNA and UST, this past weekend saw the launch of Terra 2.0, albeit without an algorithmic stablecoin which arguably led to Terra Classic’s downfall. Terra 2.0 Goes Live, Tokens Airdropped Terra’s new blockchain launched on mainnet with the express intention of reviving the Terra ecosystem. This follows the dramatic collapse of its algorithmic stablecoin UST, which depegged from the US dollar a few weeks ago.LUNA apparently has a fixed supply of 1 billion, relative to LUNC’s supply which is over 6.5 trillion. As per an official announcement, holders of LUNC will receive 70 percent of the total supply, with the amount depending on whether the tokens were held before or after UST’s depeg. Holders can expect to claim their LUNA from a participating centralised exchange or Terra’s own website. Critically, not all of the airdropped tokens will be claimable at launch, as only 30 percent of the initial supply may initially be claimed. The remaining 70 percent will be stakeddirectly with validators to “ensure network security” for a period of up to two years. Still, Terra’s outspoken founder Do Kwon remains a controversial figure and, on announcing the new blockchain going live, has received a swarm of responses questioning his character.Notwithstanding a successful launch of Terra 2.0, a hefty fine for tax evasion and a class-action lawsuit loom large for Terraform Labs. While the immediate future is uncertain, this saga is certainly far from over.