Terra 2.0 officially launched, announced the new LUNA token airdrop rate

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2022-05-28 21:08:38

Blockchain Terra 2.0 has officially come into operation, resurrecting the cryptocurrency project that collapsed 2 weeks ago.

Terra 2.0 officially launched, announced the new LUNA token airdrop rate

At 01:06 PM on May 28, 2022, Terra 2.0’s Phoenix-1 mainnet was officially deployed and blocked, marking a revival like the name “phoenix” for Terra.

As announced by Terraform Labs, new LUNA tokens will be allocated to users’ Terra wallets at the time of Phoenix-1 launch. To view, users need to select the “Mainnet” network on the Terra Station browser. Meanwhile, users who hold old LUNA (called LUNC) and old UST (called USDTC) on exchanges will have to wait until these platforms conduct airdrop tokens.

With the new token, users can staking LUNA for validators to support transaction verification and receive rewards, participate in the same governance mechanism as the old Terra, use it on dApps or trade on exchanges.

However, because Terra 2.0 is a completely new blockchain and has not been forked from the old Terra, it will take some time for applications, exchanges and related services to be able to support.

Users can view the amount of unlocked LUNA by going to Terra Station, selecting “Mainnet” as the main network, and clicking the “Stake” tab.

Announcement of the summary project:

“Today marks a new chapter for the Terra community, where our potential and creativity are unlimited.

The LUNAtics – it’s time to rebuild.”

Besides, the project also announced the new LUNA token airdrop rate for LUNC and USTC.

As reported by CHK, Terra 2.0 will reissue a new LUNA with a total supply of 1 billion tokens, replacing the hyperinflationary LUNC and the deprecated USTC. New LUNA will be allocated to holders, staking and validators who own old LUNA, old UST before and after UST de-peg, as per the table below, including locking and unlocking time to avoid tokens are discharged at the time of launch.

Then, Terraform Labs also provides conversion rates from LUNC and UST before/after de-peg to the new LUNA.

For details on the attribution rate, readers can see more articles below:

Currently, most exchanges have suspended trading and hidden LUNC and USTC assets to prevent drastic price fluctuations during the airdrop. The time to resume trading of new LUNC, USTC and LUNA will depend on the exchange.

For example, Binance will resume trading pairs LUNC/BUSD and USTC/BUSD at 04:30 PM on May 30 (Vietnam time) and the ability to deposit and withdraw at 04:45 PM (Vietnam time). However, Binance Announcement does not commit to listing the new LUNA.

Update:

On the afternoon of May 28, Bybit exchange became the first platform to list new LUNA, with the price increasing from 0.5 USD to 30 USD, or x60 in value.

1-minute chart of the LUNA/USDT pair on Bybit exchange at 03:35 PM on May 28, 2022

Many other exchanges such as Gate.io, OKX, Kraken, KuCoin, etc. also announced the listing of LUNA on the evening of May 29. As for the Binance exchange, it will list LUNA at 01:00 PM on May 31 (Vietnam time).

Synthetic CHK

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