LUNA phoenix sauce? – In the middle of last week, the proposal from the co-founder of Terra, Do Kwonhas been accepted by governance vote on chain. The former blockchain network, now Terra Classic (LUNC), is left behind, new LUNAs are launched. These latter have been distributed by airdrop to the owners of the project token, or to their exchange platforms for those who did not have their tokens directly (with a private key).
Terra experiences her second birth
It is done ! This May 28, 2022 at 8:00 a.m. French time, a new Terra blockchain was launched. After the descent into flame stablecoin TerraUSD (UST) and the former LUNA (now the MON henceforth), the first block of this new network was called “Phoenix-1”.
This LUNA 2.0 is not not a fork but indeed a blockchain starting again from zero. This new ecosystem is thus rid of the cumbersome UST algorithmic stablecoin. It only has a billion units in total.
“Block #1 of the brand new Terra blockchain (with the identifier “Phoenix-1”) was officially produced at 06:00 AM UTC on May 28, 2022!
Kudos to the community behind LUNA for this quick feat of collaboration. »
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Distribution of LUNA 2.0 for owners of LUNC and UST
After one of the first announcements of addition coming from the platform HitBTCmore and more other crypto exchanges have also announced that they will list this new LUNA version (while keeping the LUNC, at least for now).
The majority of these platforms have also announced that they distribute theairdrop of these phoenix tokens. Without making a non-exhaustive list, we can cite kraken, Bitrue, KuCoin, Bybit, Bitfinexor the service of lending (crypto loans) of Nexo.
Attention, this first distribution is partial. It also depends on when the owners acquired their UST or their old LUNA: before or after the start of the loss of indexing of the UST on the US dollar. This date was fixed at May 8, 2022 around 5:00 a.m. (French time).
It is still much too early today to know if this rebirth of Terra will be viable medium/long term. One thing seems certain, however, and that is that the South Korean authorities aren’t done with Do Kwon and his project yet. The South Korean police recently revealed that they want freeze remaining assets of the Luna Foundation Guard (LFG)who was in charge of the stability of the UST.
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