You have probably heard of the terrible fall of Terra and the birth of the Luna new cryptocurrency or Luna 2 coins after that; But do you know the story of these new coins?
The new Terra coin, called Luna 2 or Terra 2, has been launched with 65.5 percent of the Terra community votes. Luna 2 or Terra 2 is a new coin, being proposed in a Terra Luna hard fork. It aims to save the Terra Luna ecosystem after the collapse of the UST stablecoin.
A bit from the recent past
LUNA 2.0 started May 28, 2022, with a trading price of $ 18.98 and reached a monthly high of $ 19.54. But one day later, on May 29, it strangely hit a monthly low of $ 4.85.
However, the price of Terra (LUNA2) has recovered sharply while on June 27, LUNA2’s rate reached $2.77 per token, thus chalking up a 70% recovery when measured from the said low. Still, the token traded 77.35% lower than its record high of $12.24, set on May 30.
LUNA2’s recovery mirrored similar retracement moves elsewhere in the crypto industry with top crypto assets Bitcoin (BTC) and Ether (ETH) rising by approximately 25% and 45% in the same period.
Terra is still regarded as a fast-growing ecosystem, and LUNA is a central notion in its ecosystem.
Crypto analysts have checked the price fluctuations of Terra in 2022 and previous years, so the average LUNA rate they predict might be around $2.49 in August 2022. It can drop to $2.38 as a minimum. The maximum value might be $2.63.
Meanwhile, according to the Terra cryptocurrency price predictions, in 2025, LUNA’s average price might be at the level of $423.35. Market analysts think the coin’s exchange rate could reach the maximum value of $485.72 by the end of 2025.
The LUNA current CoinMarketCap ranking is #221, with a live market cap of $288,984,397.
What is TERRA LUNA 2?
At the suggestion of TerraForm Labs CEO, Do Kwon, Luna 2 will replace the existing Terra network and the original LUNA by severing ties with the UST stablecoin.
In addition, many dApps and Terra features will be added to the new chain in the next few weeks.
However, Luna’s original chains and tokens will still be in use. The LUNA 2 token is used under the name LUNA, while the main LUNA token is called LUNC. Terra would also fork into a new chain without UST or any algorithmic stablecoin elements. This would be called Terra, while the original chain would be Terra Classic.
It is good to know that as compensation for the loss of its community, the new chain sends LUNA tokens to LUNC, USTC, and aUST holders.
Details about Tera 2.0
The Terra Network is made up of a community of fans and a pool of Luna Token developers who have built the classic Terra (same as Terra 1.0), the blockchain of Terra smart contracts. As the community moves to a new network, most of the famous Terra Classic projects, including Astroport, Spectrum, RandomEarth, Prism, and Nebula have joined it.
The Terra network is designed with collaboration features in mind and will be a gateway to a wider ecosystem and beyond. Note, however, that the popular Lido protocol does not support the new Tera (2.0) network.
Luna 2 AirDrop Process
Those involved in the ecosystem would be airdropped their allocation of the 1 billion Luna 2.0. After some adjustments, this would be split as follows:
35% to pre-attack Luna holders.
10% to post-attack Luna holders.
10% to pre-attack aUST holders.
15% to post-attack UST holders.
30% to a community pool controlled by a staked governance. 10% of this towards developers.
How to get LUNA AirDrop
The amount of Luna AirDrop will be determined based on the following:
– The type of tokens you have on the Terra Classic chain
– How long do you have these tokens (according to the periods before and after the network attack)
– Number of these tokens
This is the period before and after the attack on the network:
– The pre-attack snapshot would come from Terra block 7544910, from May 7, 2022.
– A post-attack snapshot would happen at block 7790000 on May 27.
Which users are eligible to receive Luna AirDrop?
Individuals who retained the following tokens before the attack will receive Luna AirDrop:
– Luna Token (including stock derivatives)
– Less than 500,000 aUST tokens (UST tokens deposited in Anchor)
And people who have the following tokens in the aftermath of the attack will receive Luna AirDrop:
– UST token
– Token Luna
When was Luna AirDrop done?
The distribution and deposit of Luna AirDrop depend on the number and type of wallet tokens as well as the length of time the tokens are kept in the wallet.
But the first AirDrop (Genesis AirDrop) was done on May 27, 2022.
In AirDrop Genesis, 30% of Luna AirDrop was distributed between users who had less than 10,000 Luna tokens or aUST before the attack. And users who had any number of Luna tokens, UST, or both after the attack.
After Luna Airdrop in the genital stage, users will not be able to receive the additional amount of Luna tokens to which they belong until six months later. These tokens are deposited in each block (approximately once every 6 seconds) after the 6-month break, to the same address of the previous wallet. If a user wants to sell and cash in his Luna token after the end of this six-month break, he must remove the mentioned tokens from the reach of the agents at least 21 days before the first day of the next break.
Users can also hold Luna tokens at the end of the break so that they can continue to receive dividends.
Luna and Terra have been one of the most talked about topics in these turbulent digital currency days. In the meantime, the capital of many people has been lost due to a lack of knowledge and awareness in the field of buying and selling digital currencies. Despite Luna’s development team announcing AirDrop to its owners, we have to wait for the full and definite outcome.