At the launch of the LUNA 2.0 Terra hard fork, Binance, Kraken, FTX, Huobi, KuCoin and Bitfinex became the leading cryptocurrency exchanges working with Terra. Terra’s LUNA hard-fork proposal passed with 65.5% of the vote, with Revival Plan-2 algorithmic stablecoin in action without UST. Could the LUNA price erase holders’ losses in the massive collapse of LUNC and UST? We have prepared our detailed news for LUNA 2.0 for our readers.
What is the starting price of the LUNA 2.0?
According to social media reports, the LUNA 2.0 is said to cost $50 at launch. Some reports believe it could be worth anything between $30 and $60. The launch price of the LUNA 2.0 has not yet been confirmed on Terraform Labs’ online channels. No one can guarantee the price of the LUNA 2.0 until the team sends an official confirmation.
The price of LUNA 2.0 will be determined by the decision to issue 1 billion new LUNA tokens. Luna Classic (LUNC) currently has a circulating supply of 6.5 trillion, which has accelerated since dropping to $0.5. It is noteworthy that the supply of the new token is significantly lower than that.
Is the LUNA 2.0 a good investment?
Some investors have suffered from Terra’s collapse and there is a possibility that most of them will not be able to get the money back. Although South Korean prosecutors are suing him, it’s still too early to determine whether Terra co-founder Do Kwon was responsible for this company’s collapse.
Therefore, according to experts, Terra 2.0 will likely close the gaps existing in Terra 1.0. Experts assess that a price jump cannot be ruled out in the near future, given Terra’s strong brand awareness.
When is the LUNA 2.0 airdrop?
Terra Blockchain’s first block will host the LUNA airdrop. In addition, Terra validators will be associated with LUNA to ensure network security. However, LUNA will not be available to users for at least 6 months after unlocking on Genesis. Tokens will be visible when stakes are earned on Terra Station. Users can earn rewards by staking liquid or illiquid LUNA on Terra Station. Users can also be a part of Terra Station administration.
Will LUNA 2.0 be available on Coinbase?
With all crypto exchanges offering support for the Luna 2.0 airdrop, with Binance being the most notable, Coinbase’s silence is becoming more and more evident.
Coinbase suspended trading on Terra (LUNA) and WLUNA, an Ethereum token representing LUNA, on Friday, May 27, 2022, approximately 12 ET ET announced that it will Coinbase, Coinbase Pro, and Coinbase Exchange will be affected by this decision, which will be implemented today. Coinbase’s infrastructure arm, Coinbase Cloud, has suspended support for Terra and all future Terra Blockchains. Despite other exchanges announcing that they will welcome the Luna 2.0 token, the US company has remained quiet and no plans to list Luna 2.0 appear in the works.
Where to buy Luna 2.0? According to
Terra, most of the crypto exchanges that previously supported Luna 2.0 will start offering this facility from May 27. Existing Terra projects can migrate to the new Terra Luna Blockchain using the new Terra Luna recovery plan. Luna tokens will be airdropped to existing holders on Luna wallets and exchanges as part of this plan.
Binance, Huobi, Crypto.com, and ByBit are among the crypto exchanges that support Terra Luna 2.0. More exchanges continue to announce that Luna 2.0 will be supported as Genesis block approaches.
Kraken announces support for Luna 2.0 airdrop
Crypto exchange Kraken has become the latest exchange to announce support for the new airdrop. The exchange will name the new asset LUNA2, while Terra Classic will remain LUNA. Existing LUNA deposit addresses will continue to work for both assets. Kraken is joining other exchanges such as Binance, HitBTC, Huobi, and Bitfinex that have made similar announcements before.
Terraform Labs co-founder Do Kwon tweeted the news to announce this announcement. welcomed.
More details on the specific steps Kraken has taken regarding the airdrop It has not been finalized yet and will be shared soon.
Terra 2.0 launch is accompanied by a big move in Binance Coin
Meanwhile, crypto analysts have identified a possible big move in Binance Smart Chain’s token BNB. While Binance Coin is still inside the corrective trend channel, analysts have set a bullish target for BNB price recovery.
Crypto exchanges welcome Terra’s LUNA Blockchain
Terraform Labs’ sister tokens LUNA and UST witnessed the first ever ‘cryptobank breakout’ following the algorithmic stablecoin’s detection. Co-founder Do Kwon wasted no time proposing a new Blockchain by devising an UST-free revival plan for LUNA.
While the community criticizes the hard fork, Terraform Labs considers it a ‘genesis’, the birth of a new Terra LUNA Blockchain that does not share history with the previous Blockchain.
Crypto exchanges that will support the LUNA hard fork of Terra
Binance recently announced that they are working ‘closely’ with Terra on the LUNA 2.0 recovery plan. Binance CEO Changpeng Zhao (CZ) previously criticized the collapse of stablecoin UST and its negative impact on the crypto ecosystem. However, keeping in mind the interests of the LUNA and UST holders community, the exchange stepped forward and welcomed the LUNA 2.0 Blockchain and its token.
In the last 24 hours, Huobi, Bitfinex, Bitrue, HitBTC, and FTX Terra have announced their intention to welcome LUNA 2.0 and support the new version of the Blockchain. Terra’s LUNA recovery plan continues despite pressure from South Korean authorities on Do Kwon
Terraform Labs is moving forward with Ecosystem Revitalization Plan-2, expected to be completed on Friday, May 27. Terra’s LUNA 2.0 testnet is already live, and once the launch of the new LUNA mainnet is complete, the rebirth of the native token as a startup Blockchain will be complete. Do Kwon and Terraform Labs refuse to be labeled a hard fork as the new Blockchain will start with block 0 and leave LUNA Classic. 30% of the new LUNA tokens will be given to LUNA and UST holders on a fixed basis, both before and after the crash. The vote for the LUNA bailout was 65% positive among the Terra community, despite the anger of many investors affected by the Terra debacle two weeks ago.
Terra’s LUNA 2.0 test-net is now live, snapshot can happen on May 26, and the main-net launch is expected on Friday, May 27, thus completing the LUNA fork. Terra’s main-net launch will be accompanied by an airdrop for eligible LUNA and UST holders. Meanwhile, whistleblowers from the Terra community have raised legal support and litigation funds to file a lawsuit against Terraform Labs and its founders.
Terra’s LUNA 2.0 is here and the Testnet is now live
Voting for Do Kwon’s Terra Ecosystem Revival Plan-2 has been completed and the majority of the community has welcomed Terra’s rebirth and LUNA 2.0 gave birth to 65.5% of the votes were in favor of the plan to revive LUNA and distribute the new token to ‘pre-attack’ and ‘post-attack’ LUNA and UST owners and the developer community.
Proposal 1623 Rebirth Terra Network voting has ended Orbital Command, a validator dedicated to educating the Terra community, announced on Twitter that the LUNA 2.0 testnet is now live. The validator has announced that a main-net launch will take place on May 27, when Terra should complete the LUNA hard fork.
LUNA 2.0 native entity LUNA and LUNA before and after ‘attack’ and community members holding UST will be able to receive the first airdrop, including 30% of all tokens. The ‘pre-attack’ snapshot is from May 7, and the ‘post-attack’ snapshot is scheduled for May 27.
For better understanding, on May 27, a user with 1,000 UST (‘post-attack’ snapshot) will receive 0.013 times 1,000, 13 new LUNA tokens. Each category is permanently eligible to receive new LUNA:
- Pre-attack LUNA – 1 : ~1.1
- Pre-attack aUST – 1: 0.033
- Post-attack LUNA – 1 : 0.000015
- Post-attack UST – 1 : 0.013
Regardless of which category a user falls into, 30% of the LUNA 2.0 airdrop will be unlocked on May 27 and the remainder will be earned linearly over two years on a six-month schedule. This period allows token holders with small holdings to have similar initial liquidity profiles. Airdropped tokens will remain tied and users will have to wait 21 days to be unlinked before they can transfer them.
No hard fork, Genesis Blockchain
Do Kwon’s final recovery plan for LUNA drops algorithmic stablecoin UST and new LUNA asset name remains the same proposes the development of a Blockchain. This process is known as a hard fork in the Terra community.
Terraform Labs shed light on the terminology and explained that the rebirth of LUNA as a startup blockchain is not a hard fork. Unlike what happens in a typical hard fork, LUNA 2.0 does not share its entire history with the previous Blockchain. As such, LUNA 2.0’s Blockchain starts with block 0, making LUNA Classic a thing of the past. This means that the applications included in LUNA Classic (LUNC) do not pre-exist on the new Blockchain and will need to be migrated to LUNA 2.0.
Various protocols related to LUNC came to the fore with LUNA 2.0 support. Phoenix Finance, Spectrum Protocol, Astroport, Terra Name Service, Falcon Wallet are among the key applications ready to migrate to LUNA 2.0 and extend their support to Terraform Labs.
Do Kwon denies that it is approaching Korean stock markets for the LUNA 2.0 listing
As we have also mentioned in the news of Kriptokoin.com, Heraldcorp, a South Korean media organization, is a part of Do Kwon, the co-founder of Terraform Labs. It reported that it is approaching Korea’s top five cryptocurrency exchanges for its LUNA 2.0 listing.
The financial investigative arm of the South Korean police force is currently investigating Terraform Labs and its two sister tokens, LUNA and algorithmic stablecoin UST, following their massive collapse. Authorities reached out to exchanges and asked them to freeze accounts related to Terraform Labs’ crashed tokens. As a result, exchanges have ended support for LUNA (LUNC).
Do Kwon covered the news on his Twitter account and denied the allegations. Heraldcorp reported the incident after an insider shared details of how the contact was made and the content of a Telegram message sent by Do Kwon’s manager from Terraform Labs.
Binance CEO CZ, LUNA and UST crash at AMA
In an AMA session on Reddit, users reached out to Binance CEO Changpeng Zhao to discuss the massive UST crash and de-peg and the upcoming LUNA hard fork or Terraform Labs’ As stated, he asked a few questions about the Genesis Blockchain.
CZ announced that the world’s largest exchange has staked Terraform Labs’ algorithmic stablecoin UST on Anchor Protocol. However, it was part of the exchange’s earning program and was accompanied by user training and extensive disclaimers.
Binance was transparent about how staking UST on Anchor Protocol works and the associated risks. CZ eased the concerns of UST and LUNA holders about Binance and gave insight into why the exchange paused assets trading while the network was unstable and halted the token blockchain at the time of the crash.
Informer brings together three law firms to fight Terra
Terra community member and whistleblower ‘FatMan’ has received support from three leading law firms to raise money for cases. His goal is to file a class action lawsuit against Terraform Labs and Do Kwon and his friends. FatManTerra shares regular updates and opinions from whistleblowers on the collapse of UST and LUNA and related agencies on his Twitter account.
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