Terra users have a busy weekend ahead of them. An incoming main network launch is turning Terra as we know it on its head, splitting the ecosystem into two distinct chains. This change also comes with a big reorganization of Terra’s network assets, as well as the introduction of a new coin.
With all of this shuffling, investors might have a hard time keeping all the facts straight. They may also be having trouble knowing just where to pick up the new LUNA crypto.
This network went from a crypto frontrunner to a catastrophic failure in a matter of days. After TerraUSD (UST-USD) lost its $1 peg, LUNA prices spiraled. Then users fleeing from the platform made things worse; LUNA went from $85 to just pennies, becoming a reminder that even seemingly rock-solid cryptos aren’t untouchable.
Now, developers are looking to pick up the pieces. After passing its revival plan through a community vote, the Terra team is preparing to launch a Terra 2.0 chain whilst rebranding the original chain to “Terra Classic.” This plan will see LUNA as we know it become LUNC, or “Luna Classic.” A new LUNA will be created for the 2.0 chain. Meanwhile, TerraUSD will stay on the Classic chain with its ticker rebranded to USTC.
LUNA Crypto: Where Will LUNA 2.0 Be Available?
All of this reshuffling is exciting for users waiting to see how the network will fare in the coming days. It’s also a bit confusing for those looking to participate in the launch by buying the 2.0 coin. Luckily, though, there are plenty of options when it comes to exchanges supporting the changes.
As Terra 2.0 launches tomorrow, Terra will conduct an airdrop of the new LUNA 2.0 coin. A fully decentralized asset, 70% of the total supply will be distributed via this airdrop to Luna Classic holders. Anybody who owns the original LUNA or UST will be eligible to receive LUNA 2.0 tomorrow. Depending on whether one held their LUNA or UST before or after the price spiral, they are eligible for more or less of the new asset.
Exchanges like FTX are helping Terra rebuild by supporting the token airdrop. However, many other platforms are going a step further by supporting the airdrop and also preparing to launch spot trading for the new LUNA crypto. Exchanges planning to list the new coin so far include Bitrue, Bybit, OKX, Huobi Global, Gate.io, Bitfinex, HitBTC, KuCoin and Binance (BNB-USD).
According to all of these exchanges, spot trading of the LUNA 2.0 coin will begin by the launch tomorrow, May 27.
On the date of publication, Brenden Rearick did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
