Terra’s Ambitious LUNA 2.0 Plunges 70% in 24 Hours

With an ambition to recover the losses that occurred after the LUNA fiasco, the team behind Terra launched LUNA 2.0. However, the crypto asset took a major hit immediately after the launch.

Over the weekend, the value of LUNA 2.0 dropped by almost 75%. Despite a marginal recovery, the digital currency is trading near $6, compared to an opening price of more than $18. LUNA’s relaunch was an important part of the company’s revival plan.

Do Kwon, the Co-Founder and CEO of Terraform Labs, revealed details about LUNA 2.0 in a series of tweets on Saturday. “Pheonix-1 mainnet is now live and producing blocks - public node services, wallets and explorers should be going live shortly. To view your LUNA, (or LUNA 2.0) as some exchanges call them, token balances, you only need to log into the station and refresh the page. For new users, create a station wallet with the same ledger, and the station should walk you through the remaining steps,” Kwon said.

LUNA 2.0 Listing

After the launch, several digital exchanges around the world announced the listing of LUNA 2.0. On Saturday, Binance announced that the platform will list LUNA 2.0 in its Innovation Zone. The Innovation Zone of Binance is the company’s dedicated trading zone where users are able to trade new tokens that may have increased volatility and pose a higher risk than other tokens.

"Binance will list Terra 2.0 (LUNA) in the Innovation Zone and will open trading for LUNA/USDT and LUNA/BUSD trading pairs at 2022-05-31 06:00 (UTC),” the exchange mentioned in an official announcement.

Recently, Gate.io announced the completion of the LUNA 2.0 airdrop to LUNC and USTC holders. “Gate.io has now distributed LUNA2.0 (LUNA) airdrop tokens to all eligible users based on their balances at the pre-attack snapshot (taken on May 7, 15:00 UTC) and the post-attack snapshot ( taken on May 26, 16:30 UTC) respectively,” Gate.io noted.