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    Gate.io Blog Gate.io has Launched LUNA 2.0 Transaction and Terra Revival Plan V2 has been Initiated
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    Gate.io has Launched LUNA 2.0 Transaction and Terra Revival Plan V2 has been Initiated

    31 May 11:42


    1. On May 27, Terra and LUNA 2.0 were officially launched. The previous version of Terra blockchain was renamed Terra Classic, and the previous version of LUNA was renamed LUNA Classic (LUNC).

    2. Gate.io took the lead in announcing its support for Terra 2.0 and launched the new LUNA transaction on May 28.

    3. May 29, Gate.io has airdropped LUNA 2.0 tokens for LUNC and USTC holders according to the snapshot before and after the attack.

    4. On Terra 2.0, due to the loss of the stablecoin UST in the ecosystem, LUNA is currently only used as a governance token.

    5. Presently, the price trend of LUNA 2.0 is not clear, and there may still be violent fluctuations, Gate.io reminds users to pay attention to transaction risks.

    Since the serious decoupling of UST stablecoin led to the price of LUNA being close to zero, the Terra project team and LUNA community have taken a variety of ways to try to save LUNA. On May 17, Do Kwon, the founder of Terra, announced the "Terra Revival Plan V2", which plans to build a Terra 2.0 ecosystem that does not include the UST stablecoin project. On May 27, Terra and LUNA 2.0 were officially launched. The previous version of Terra blockchain was renamed Terra Classic, and the previous version of LUNA was renamed LUNA Classic (LUNC).

    In addition, it is worth noting that this update is not a hard fork for the original Terra blockchain, but a new blockchain. The new chain (i.e. Terra 2.0) will not retain the historical data on the original chain (i.e. Terra 1.0). Therefore, the Terra 2.0 chain will not contain the UST stablecoin project, the original UST stablecoin has been renamed TerraClassicUSD (USTC), and the LUNA 2.0 token on the Terra 2.0 chain will also be reallocated according to the previous snapshot on the chain. In addition, many DApp on the Terra 1.0 chain also need to be gradually migrated to the Terra 2.0 chain.

    Gate.io took the lead in announcing its support for Terra 2.0 and the new LUNA transaction, and allocated LUNA tokens according to the official airdrop rules. At 17:30 on May 28 (UTC+8), Gate.io has launched a new LUNA transaction at: https://www.gate.io/trade/LUNA_USDT


    The old LUNC and USTC transaction addresses are:

    LUNC:https://www.gate.io/cn/trade/LUNC_USDT

    USTC:https://www.gate.io/cn/trade/USTC_USDT

    In addition, after the initial airdrop of LUNA 2.0 was completed on May 27, Gate.io has airdropped LUNA 2.0 tokens for LUNC and USTC holders according to the snapshot before and after the attack. See the announcement: Gate. io Has Completed LUNA2.0 (LUNA) Airdrop to LUNC and USTC Holders. The token amount of the first LUNA airdrop is 30% of the total airdrop amount, and the remaining 70% has not been unlocked, Gate.io will follow up the LUNA token airdrop in line with the official airdrop progress.

    Image: LUNA 2.0 airdrop snapshot time

    With the abandonment of the Terra 1.0 blockchain, the original on-chain token LUNC now behaves more like a meme coin. Although the price fluctuates, it is difficult to return to more than $0.1. On May 27, Terra community approved a proposal with 99.3% approval rate, announcing that 1.3 billion UST would be burnt, accounting for approximately 11% of the current total circulation of UST. However, this did not significantly boost the prices of LUNC and USTC. Currently, the LUNC price is roughly in the range of $0.0001~0.0002, while the USTC price remains in the decoupling state, running in the range of $0.02~0.03.

    On Terra 1.0, UST pegging with the US dollar is completed by using the arbitrage behavior of LUNA, and the burning of tokens driven by the rising demand of UST continues to push up the price of LUNA; On Terra 2.0, however, due to the loss of the stablecoin UST in the ecosystem, LUNA is currently only used as a governance token. This is why the previous LUNC did not set the total number of tokens, while the new LUNA set the upper limit of 1 billion. The price of the new LUNA will depend entirely on people's confidence in the ecosystem development of Terra 2.0. After LUNA 2.0 went online for trading, the price immediately fluctuated violently. After rising rapidly, it fell rapidly to nearly $20, and retreated nearly 80% within one day. Now it is reported at $8.52. This indicates that after the initial speculative storm has passed, the holders actually do not trust the new LUNA 2.0 and the Terra 2.0 ecosystem behind it.

    Doubts about Terra founder Do Kwon are also growing. Previously, Do Kwon's selfishness was considered by the community as the cause of this disaster. He was also sued in South Korea, including the LUNA 2.0 airdrop vote, which was also accused of "dictatorship". After the new Terra 2.0 chain was accessible, it also led to a vulnerability in the LUNC price oracle. The price of the oracle reached $5 for a short time, and was attacked again in the Anchor protocol.

    After the LUNA 2.0 airdrop, some projects are fishing in troubled waters. We remind users to pay attention to distinguish. Meanwhile, since the current Luna 2.0 price trend is not clear, there may still be violent fluctuations. Gate.io gives advice on preventing the transaction risks to users.





    Author: Gate.io Researcher: Ashley H. Translator: Joy Z.
    * This article represents only the views of the researcher and does not constitute any investment advice.
    *Gate.io reserves all rights to this article. Reposting the article will be permitted provided Gate.io is referenced. In all other cases, legal action will be taken due to copyright infringement.
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