The month of May, which started with the collapse of TerraUSD (UST), finally ends with Terra’s LUNA 2.0 and Terra’s airdrop. However, the newly branded Terra token prices saw a huge drop just hours after its launch.
LUNA 2.0 crashed after launch
To revive Terra, its founder, Do Kwon, made several proposals. As you can follow from the news on Kriptokoin.com, unlike many others, the plan to create a new Blockchain called Terra (LUNA) and rename the old one to Tera Classic (LUNC) was accepted by the majority. The plan also included airdrop of new tokens between different holder categories.
Terra reported that Block 1 of the new Terra Blockchain was produced earlier today. Meanwhile, hours after the launch of the new token, its prices dropped by 72.6%. According to the data, Terra (LUNA) 2.0 opened between the $17-18 price level. The price then bounced back to the $20 price level.
However, at the time of writing, the LUNA 2.0 price has dropped to $5.26. However, with the effect of its new entry into the market, the trade volume reached 211 million dollars with a huge increase of 5329%. According to Coinmarketcap, the fully diluted market cap is approximately $5.95 billion. Meanwhile, the price of the old token Terra Classic (LUNC) has dropped to almost zero.
LUNA airdrop goes live, 1 billion new tokens will be issued
Earlier, Terra announced that eligible users to receive LUNA airdrop will be able to check their wallets on the new Blockchain. Users need to select Phoenix-1 network in browser extensions. It was also stated that the airdrop supply is limited to only 1 billion.
30% of this will be allocated to the community pool, 35% will be given to LUNA holders before the attack. 10% will be assigned to pre-attack UST holders and post-attack LUNA holders. Post addition UST holders will receive 15% of the airdrop.
Terra added that users can use their liquid LUNA by putting it in multiple things. It was also stated that users can stake the Terra station to earn rewards and participate in management decisions.
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