After Terra’s LUNA and TerraUSD (UST) crashed millions of dollars of investors have washed away. In this crash not only did individual investors lose their money, but the crypto exchanges like Binance also lost millions of dollars in Terra LUNA and UST coins.
Do Kwon founder of Terraform Labs also faced prosecution in South Korea over the collapse of both these coins. But Do Kwon has decided to revive these coins. Terra 2.0 is a new chain by the Do Kwon which is a revival plan for Terra Ecosystem.
Terra investors and other crypto experts were in fear after this huge crypto crash. But this weekend the makers of Terra Luna launched Terra 2.0 as a revival plan for Terra on May 28, 2022. Now Terra’s LUNA is “LUNC (Terra Classic)” and TerraUSD (UST) is “USTC (Terra Classic USD)”. Now many questions about Terra 2.0 is revolving around the Internet including Terra 2.0, its differences from Terra, airdrop, support by exchanges, and so on.
Now crypto investors are expecting a huge rise in LUNA price after a sudden crash. Now let us discuss how Terra 2.0 free tokens as a giveaway will help Terra 2.0 to revive lost damage of stablecoin status in the crypto market.
What is Terra 2.0?
Terra 2.0 is an upgraded version of Terra (LUNA). It is a revival plan by founder Do Kwon. The main idea is to propose a fork of Terra and an airdrop to Terra investors affected by the major crash. Now Do Kwon wants to get back the trust of investors in stablecoin through the new venture of Terra ecosystem.
LUNA investors who were invested in more than 10,000 LUNA tokens before the crash will receive new LUNA tokens periodically. Initially, more than 30% of LUNA tokens will be unlocked, and the rest of 70% will be unlocked in the next two years to maintain the price and huge selling of LUNA tokens.
Who Can Expect The Terra 2.0 Airdrop?
According to the revival plan by Do Kwon, the first block of the Terra chain and its airdrop transpired on May 28, 2022, at around 06:00 GMT. All eligible beneficiaries have received the amount of LUNA according to their tokens held on the previous Terra chain.
What Exchanges are Providing support for Terra 2.0?
Currently, global crypto exchanges such as Binance, Bybit, Gate.io, Kucoin, FTX, Crypto.com, Bitfinix, and Huobi have announced support for the Terra 2.0.
Binance which is the largest cryptocurrency exchange in the terms of daily trading volume has stated that it was “working closely with the Terra team on the recovery plan”.
New LUNA 2.0 was rumored to cost around $50 upon launch. But according to CoinMarketCap currently, the LUNA 2.0 is trading at around $10.
I am Pawan Kashyap currently living in Amritsar. I always try to grab new things from the cryptocurrency market. From my observations and trends in the market, I always try to provide the best and accurate information in the form of articles from this blog. Follow us on Facebook, Instagram, and Twitter to join us.
