The original Terra Chain has been rebranded as Terra Classic and Terra has been relaunched as Terra 2.0 as the developers behind the failed stablecoin TerraUSD last week launched a new blockchain and digital currency, weeks after the cryptocurrency’s collapse. Have voted to forsake the token in favor of creating the asset.
According to CoinGecko, Terra Luna Classic (LUNC) surged more than 60% to $0.00013 in the past 24 hours when the newly launched coin crashed within hours of its trading day 1 on 28 May. Earth New chain airdropping launching Luna 2.0.
CoinMarketCap had informed investors on its website after the launch that due to the de-pegging of USTs, LUNA was experiencing extreme volatility and therefore urged investors to proceed with caution.
crypto Exchange Binance said in a tweet that it will be listing Terra 2.0 $LUNA in the Innovation Zone and trading for the LUNA/USDT and LUNA/BUSD trading pairs on May 31 at 6 AM UTC.
In a measure approved earlier this week, the original blockchain was spun off and known as Terra Classic, while Luna, which fell to near zero this month, was renamed Luna Classic. went. The new Terra blockchain will not include a stablecoin.
As part of the Terra Ecosystem’s recovery plan, the developers said they will create a new Terra blockchain with a revived Luna token. Under Do Kwon’s newly approved structure, the original blockchain will be known as Terra Classic, while its native token Luna, which fell to near zero this month, will be renamed Luna Classic, with the ticker LUNC.
The new Tera blockchain begins running a coin under the existing Luna name and ticker, and does not include the TeraUSD stablecoin. Terra backers will distribute the new Luna tokens to Luna Classic and UST holders.
(with inputs from agencies)