The LUNA restoration plan has finally come to fruition, with the launch of the first block of the new LUNA blockchain. LUNA is now available in two different versions: LUNA Classic (LUNC) and LUNA 2.0. (LUNA).
Because the TerraUSD stablecoin was not moved to LUNA 2.0, LUNA’s sole purpose is now on-chain governance.
Over 70% of the LUNA supply is reserved for staking, community pooling, or developer allocation in the future. All investors who held LUNA or UST on May 7 or May 26 when the two snapshots were taken would get new LUNA tokens via a worldwide airdrop.
According to the proposal, the bulk of tokens will be distributed to the community pool and pre-attack LUNA holders.
Following the last snapshot on May 26, the price of UST plummeted from $0.11 to $0.02. Because UST has lost its peg to the dollar and appears to have no possibility of regaining it, its use case and LUNC are unknown. However, most of the Terra ecosystem’s important protocols have adopted LUNA 2.0. As a result, there is a strong possibility that LUNA’s market cap may be rebuilt in the future.
Because centralized exchanges handle the distribution of all tokens to individual users, some investors may have to wait for their airdrop.
Because about 30% of airdropped tokens will be free to trade from day one, all eyes will be on how they trade over the weekend.
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