Guide: LUNA 2.0
By now, even the most casual crypto observer has heard the crash-and-burn drama of the Terra blockchain, its native coin Terra Luna (LUNA), and its stablecoin TerraUSD (UST). In case you’re out of the loop, here’s a quick recap and the potential ramifications of UST’s depeg. UST’s crash led LUNA to become nearly worthless, leading to the need for a relaunch and LUNA 2.0.
Out of the ashes of the original Terra Luna comes a new Terra Luna, an attempt to rebrand the Terra blockchain and rebuild what is left of the Terra community. But what exactly is it, and what steps are LUNA 2.0 developers taking to ensure the same mistakes don’t happen?
In this guide, we take a look at LUNA 2.0, how it came about, and what exactly Terraform Labs and Do Kwon are trying to do with the new Terra blockchain and LUNA cryptocurrency.
What is LUNA 2.0?
LUNA 2.0, officially referred to as LUNA, is the native token of the new Terra blockchain that was developed as a response to the depeg of UST, the crash of the original LUNA, and the halting of the original Terra blockchain. The original chain is now Terra Classic, while the native token is now Luna Classic (LUNC).According to Terra’s official documentation, the rebrand came about due to a community governance proposal. Like the original blockchain, the new Terra is built on Cosmos. However, noticeably absent from the Terra/Luna 2.0 ecosystem are stablecoins.
As of the writing of this article, numerous exchanges are offering LUNA trading, including Binance, Gate.io, KuCoin, Huobi Global, and Bybit.
LUNA Airdrop
The team behind the new Terra began to airdrop new LUNA tokens to users of the original blockchain on May 28 along with the blockchain’s relaunch.1 billion coins were minted at the genesis of the chain, 30% of which went into a community pool for staked governance and developers. The remaining 70% is currently in the process of being airdropped to Terra community members. The breakdown of exactly how this airdrop is being distributed can be found in Terra’s official documentation.
What about LUNA 1.0?
As previously mentioned, the original Terra blockchain has been rebranded to Terra Classic, while its native LUNA token has been renamed to LUNC. Terra Classic has been restarted and will continue to run, though it remains to be seen if development on the blockchain will have any official involvement or be a purely community-driven effort.What’s next for Terra and LUNA 2.0?
Terraform Labs and Do Kwon have a ways to go to regain the trust of investors in the Terra ecosystem. Compensating those affected by the UST depeg and LUNA crash is a step in the right direction.Terraform Labs will also be burning 11% of the UST supply after a successful governance vote. The company is also in contact with South Korean exchanges in an effort to have the new LUNA listed, though it remains to be seen how successful their attempts will be.
Terraform Labs and CEO Do Kwon are currently being investigated after allegations by investors that Kwon was running a Ponzi scheme. In addition, South Korea has revived a special investigation unit, ominously called ‘The Grim Reapers,’ to investigate Kwon, fellow co-founder Shin Hyun-Seong, and the broader Terraform Labs team.
Disclaimer: THIS IS NOT FINANCIAL OR INVESTMENT ADVICE. Only you are responsible for any capital-related decisions you make, and only you are accountable for the results.
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