Terra Luna is gearing up for its new chain launch, forking the old blockchain into a new chain without the UST stablecoin. Multiple exchanges already announced their support for the new chain, and CoinMarketCap updated Terra Luna to LUNC and added a new tracker for Terra 2.0.
Final Post-attack Snapshot for Terra 2.0 Has Passed
The snapshot for the new chain launch is complete, and validators of the chain will now work to assemble a genesis file for the new chain launch.
The final Post-Attack snapshot to calculate the genesis $LUNA distribution for Terra 2.0 has now passed.
Validators will now be hard at work assembling a genesis file for the launch. Stay tuned.
— Terra 🌍 Powered by LUNA 🌕 (@terra_money) May 26, 2022
Looking on Twitter, the community still has numerous questions regarding the technicalities of the Airdrop and what happens to their tokens on exchanges like Coinbase and Binance. It’s clear that users are pretty confused about the Airdrop and their eligibility, and understandably so.
According to the official Terra Luna Twitter account, the new chain is scheduled to go live on May 28th, 2022, around 6 AM UTC, roughly 16 hours from the time of this article.
@terra_money published a series of Tweets explaining further technical details regarding the new launch, highlighting what users should expect and answering several popular questions.
If you’re looking for additional information about Airdrop eligibility, check out this Medium post published by MC, which details the Pre-Attack and Post-Attack snapshots.
About Terra 2.0
While the new network will launch without the UST stablecoin, it will inherit the diverse developer pool and robust Terra Luna LUNAtic community from the original project.
Some popular Terra Classic projects joining the new chain include:
- Astroport – A decentralized, permissionless, and open source marketplace.
- Nebula Protocol – DeFi’s most efficient and flexible asset management protocol.
- Spectrum Protocol – Terra’s first yield optimizer, auto-compound, and auto-stake platform.
- Prism Protocol – A decentralized DeFi protocol that enables users to split digital assets into yield and principal components, unleashing the next level of DeFi composability.
- RandomEarth – An NFT marketplace and launchpad platform native to Terra Luna.
- And much more.
Terra Luna Price
While LUNA 2.0 is yet to launch, Terra Classic (LUNC) is currently trading at $0.0001347, down 8.87% in the past 24 hours. Its market cap continues to decline, currently at $880 million, with a 24-hour trading volume of $150 million.
It only makes sense that Terra Classic is declining in price and trading volume as traders are waiting on the sidelines and preparing for the new chain launch. Chances are Terra Classic will continue its bearish momentum while the new Terra chain takes over.
TerraClassicUSDT (USTC) is also down over 56% in the past 24 hours, currently trading at $0.03394. Since USTC won’t be included in the new chain, we should expect USTC to decline to zero eventually. USTC’s current market cap is $382 million.
If you’re looking to capitalize on the new Terra Luna chain, the best option is to wait several days for prices to stabilize as the new chain launches. Next week the markets will be much more stable as users will most likely continue to dump their Airdropped tokens for LUNA 2.0 over the weekend. As such, if you’re looking to catch the dip, a reasonable timeframe would be sometime next week.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency.
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