Will LUNA 2.0 Moon After Massive Exchange Support?

Will LUNA 2.0 Moon After Massive Exchange Support?
  • Terra will be creating LUNA 2.0 blockchain.
  • Prominent crypto exchanges will be supporting the new LUNA.
  • It remains to be seen whether LUNA 2.0 will moon.

The embattled Terra ecosystem announced that it will be creating LUNA 2.0. This new cryptocurrency will have its genesis block on May 27.

In the wake of this announcement, a large number of cryptocurrency exchanges announced that they will support LUNA 2.0. Topping the list are juggernauts Binance and FTX. 

Other major exchanges also joined the list, including HitBTC, Huobi Global, Bitrue, Bitfinex, WhiteBIT, Bybit, and more. This overwhelming support from global crypto exchanges continues to revive hope and hype for the LUNAtics.

The new ecosystem will work this way: Terra will have a separate blockchain — hence the genesis block — on Friday. LUNA 2.0 will not have the algorithmic stablecoin TerraUSD (UST). Meanwhile, the old LUNA will become LUNC, while the new one will assume the former’s ticker.

Terra will airdrop the new coins to all LUNC and UST holders. 35% will go to LUNA holders before the death spiral, while 10% will go to those after the death spiral. 10% will be given to UST holders before the attack, while those who held UST after the attack will receive 15%. The remaining 30% will go to the community pool.

However, the community has yet to witness whether LUNA 2.0 will encounter a different fate than its predecessor. At the moment, LUNC is down by 2.47% despite having a 50.79% surge in trading volume in the last 24 hours, according to CoinMarketCap.

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