LUNA 2.0 is live and trading with no issues. The first block of the new chain with the ID Phoenix-1 was produced officially at 6 AM UTC on May 28th, 2022, which marks the birth of the new protocol.
It’s worth noting that LUNA is on a new chain and not on a fork, which means that any dApps on the old chain will need to be relaunched on the new protocol.
Eligible users have received their Airdrop and can trade 30% of their balance right away. The rest of the tokens are vested over two years, with the first batch unlocking in six months. In addition, users can stake their Airdropped LUNA tokens to earn rewards. The staking rewards can be claimed at any time and traded with no restrictions.
As predicted in our previous Terra Luna 2.0 article, Terra Luna will initially drop right away as users dump their Airdropped tokens to attempt to recoup some of their losses.
With the 70% price drop, LUNA 2.0 is still trading at relatively high levels, currently priced at $5.76. LUNA manages to hold above the $1 billion market cap, presently valued at $1.2 billion. LUNA might continue to decline in price as the current market activity is still relatively low, with a 24-hour trading volume of $93 million. As more users wake up and start dumping their Airdrop, the market will most likely continue to dip before attempting to rebound.
In addition, Luna Classic is also showing significant bearish momentum, dropping by over 26% in the past 24 hours, currently trading at $0.0001004 with a market capitalization of $656 million.
Moreover, Terra Classic USD is also losing value, currently trading at $0.01889, down over 47% in the past 24 hours, with a market capitalization of $212 million. USTC will likely continue to fall throughout the next couple of weeks as the new LUNA token is on a new chain without the stablecoin.
