The LUNA revival plan has finally been realized as the 1st block of the new LUNA blockchain is underway. LUNA now exists in 2 forms, LUNA Classic (LUNC) and LUNA 2.0 (LUNA).
The TerraUSD stablecoin has not been migrated over to LUNA 2.0, signifying that LUNA’s only intention now is on-chain governance.
More than seventy percent of LUNA supply is either locked in staking, community pool, or for future developer allocation. The issuance of new LUNA tokens is through a widespread airdrop to all investors who held LUNA or UST on 7th May 7 or 26th May, when the 2 snapshots were taken.
Tokens are being allocated as per the proposal, with the bulk going to both the community pool and pre-attack LUNA holders.
Subsequent to the final snapshot on 26th May, the price of UST declined from approximately 0.11 USD to as low as 0.02 USD. Given that UST stablecoin has lost its peg to the dollar with no perceptible way back, its use case and LUNC are unknown.
Henceforth, all eyes will be on how the new tokens trade over the weekend as approximately thirty percent of airdropped tokens will be free to trade from day one.
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