The relaunch of Terra’s latest Luna token has noticed a sluggish start and failed to impress the investors who received the new tokens following last month’s collapse of the cryptocurrencies tied to the failed Terra blockchain.
The original Terra Chain has been revived as Terra Classic. Additionally, Terra has been re-established as Terra 2.0 as developers behind failed stable coin TerraUSD voted to restrict the token in favor of developing a new blockchain and digital asset weeks after the cryptocurrency collapsed.
The original blockchain was split off and became known as Terra Classic, while Luna, while plunged close to zero last month, remained Luna Classic with the ticker LUNC. The new Terra blockchain does not consist of a stable coin.
The average Luna 2.0 token price has stayed below $11 in the last week since they were dispersed by Terra, as per the data compiled by tracker Kaiko.
While there is no expanded recognized data point to calculate a market value for Lunna 2.0, a rough estimation by data tracker CoinMarketCap puts the total value at about $1.37 billion. It’s based on 210 million new Luna tokens in circulation, using amounts claimed by those who run the Terra project. The airdrop was inadequately structured. It rewarded equity holders LUNA holders, savers or bondholders, Anchor depositors or UST holders.”
Luna had a market cap of about $27.8 billion on May 6, before it crashed. UST was created to maintain its dollar peg through algorithms and trading incentives involving Luna.