LUNA 2.0 Is Live, It Crashes by More Than 60% On the First Day

Terra has released LUNA 2.0, a few weeks after the entire and almost unparalleled collapse of LUNA.

Indications of a new LUNA version initially surfaced on May 16th, when the company’s Chief Executive, Do Kwon, presented a revitalization plan.

This strategy has now been revised to serve as the foundation for LUNA 2.0.

The new version will be forked off the old chain into a new one, according to the restoration plan. The UST stablecoin component would have been the difference between the two chains.

LUNA 2.0 Will Begin With Genesis Block 0

However, Terraform Labs announced ahead of the introduction that the LUNA 2.0 would have no history with the prior version.

According to the announcement, the new version would be based on a genesis blockchain beginning with block 0 and will launch with no dApps.

The decision to proceed with the new version of LUNA was made official on May 25 following the end of a community voting exercise.

During the exercise, the majority of voters overwhelmingly supported the introduction of LUNA to pass Proposition 1623, ushering in the new version.

The launch was originally scheduled for Friday, May 27 but was moved to Saturday, May 28. After an initial airdrop, LUNA 2.0 started actively around 06:00 GMT on Saturday.

At launch, the value of LUNA 2.0 falls by more than 60%

All eyes will be on how the new tokens perform, as around 30% of airdropped tokens will be available for trading on day one. According to Coingecko data, as of press time, the coin’s value had reached as high as $18 before plummeting by more than 60% to the current $5.

Meanwhile, several crypto industry stakeholders have expressed dissatisfaction with the arrival of the new blockchain.

For example, Dogecoin co-founder, Billy Markus, called investors who believe in the concept “really dump.”

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