The second version of the Luna, LUNA 2.0 launched and the prices crashed by over 67% within hours, making its recovery path doubtful.
The recovery plan started on a rocky path after the collapse of TerraForm Labs’ stablecoin TerraUSD (UST) and its native token Terra (LUNA). The whole cryptocurrency market is currently trying to recover from the crash that occurred earlier this month after the fall of the stablecoin Terra.
Anyhow, the founder of Terra, Do Kwon is not giving up. Terra developers announced Do Kwon’s Luna 2.0, as the recovery plan of the Terra Collapse.
Terra had planned to airdrop Luna 2.0 tokens to the holders of the old Luna ($LUNC) and UST along with the drop of the new and allegedly improved blockchain. Luna 2.0 was finally launched, touching a high of almost $20.
According to data the value of the coin dropped more than 67% at press time, trading at $5.78 from a launch price of $17.8.
TerraForm Labs successfully gave out LUNA 2.0 tokens to investors who held LUNA Classic (LUNC) and UST. The token with a maximum circulating supply limited to one billion, was distributed on May 28.
Also Read: What Is Terra 2.0? Know Everything About LUNA 2.0 Airdrop!
As per TerraForm Labs, LUNA 2.0 was launched under Phoenix-1, the Terra 2.0 mainnet. Moreover, the firm said that the LUNA 2.0 token does not share any history with its previous version.
