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LUNA2.0 is finally live - airdrop underway

 


The plan to revitalize LUNA has finally been implemented as the first block of the new LUNA blockchain is in the works. LUNA now exists in two forms, LUNA Classic (LUNC) and LUNA 2.0 (LUNA).


The TerraUSD stablecoin has not been migrated to LUNA 2.0, meaning that LUNA's sole purpose is now on-chain governance. Over 70% of LUNA supply is either locked in staking, community pool or for future allocation by developers. The distribution of the new LUNA tokens will be done through a worldwide airdrop to all investors holding LUNA or UST on May 7th or May 26th when the two snap shots were taken.


Tokens will be allocated as per the proposal, with the bulk going to both the community pool and pre-crash LUNA holders. After the last snapshot on May 26th, the UST price dropped from $0.11 to just $0.02. Since UST has lost its peg to the dollar and there is no turning back, its intended use and LUNC are unknown. However, LUNA 2.0 has been adopted by most of the major protocols in the Terra ecosystem. Therefore, there is real hope that LUNA can rebuild its market cap in the future.


Some investors may have to wait to receive their airdrop as centralized exchanges handle distribution of all tokens to individual users. All eyes will be on how the new tokens trade over the course of the weekend as around 30% of the airdrop tokens will be freely tradable from day one.

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