Terraform LABS launched a new version of The Terra blockchain, "Terra 2.0, "earlier On Saturday, with newly minted LUNA tokens. About 12 hours later, LUNA (flagged as LUNA2 on some exchanges) has dropped nearly 73 percent of its initial value and is trading at $5.18 as of this writing, after its earlier high of $19.54, according to data compiled by CoinMarketCap.
LUNA tokens can be traded on the Bybit cryptocurrency exchange about 10 minutes after launch, and Kucoin also announced the launch of LUNA trading about an hour later.
Regarding Blockchain Terra's Proposition 1747, the governance vote to destroy 1.388 billion UST stable coins has been passed. This will reduce the supply of UST by approximately 11% of its total supply of 11.28 billion tokens.
Currently, LUNA trades on seven different exchanges --Bybit, Kucoin, Kraken, MEXC, OKK, Bitrue and BingX, according to CoinMarketCap. None of these exchanges has LUNA trading in futures.
Terra'S chief executive, Do Kwon, was largely silent on Twitter today, other than to retweet the exchange's announcement.
"Reputation is the ultimate currency, "Binance CEO Changpeng Zhao tweeted shortly after Terra 2.0 made its debut. (However, Binance is also one of the organizations supporting Terra's new blockchain.) In one of the craziest weeks in cryptocurrency history, the collapse of Terra's UST stablecoin and governance token LUNA emerged as the most significant events.
Many people remain skeptical about Terra 2.0. Crypto YouTuber Ben Armstrong put it bluntly." Never buy LUNA again."
Other Twitter users said they were sticking with the original LUNA, later renamed Terra Classic (LUNC) and called LUNA Classic by some, which is down 29% in the last 24 hours, according to CoinMarketCap, To $0.00009031. LUNC peaked at $119.18 last month before a historic collapse wiped out tens of billions of dollars in value.
Of the 1 billion new LUNA tokens, only 21 million were "airdropped" and added to the circulating supply on Saturday, according to CoinMarketCap, with the rest continuing in phases.