A new Terra Luna coin dubbed Luna 2.0 has now launched following the success of the Terra Luna vote, but what exactly is it?
As Luna seeks to pick itself up following the massive Luna crypto crash, Do Kwon and the Terra team put in place a Luna recovery plan. This plan sees the existing Terra blockchain separate into Terra 2.0.
So, as the Luna 2.0 crypto exchanges list grows, let's see what Luna 2.0 is about.
What Is Luna 2.0?
Luna 2.0 is the brand new token of the new Terra blockchain intended to rescue the Terra Luna ecosystem following the stablecoin collapse.
Dubbed the Luna rebirth, TerraForm Labs founder Do Kwon's proposal sees a new chain replace the existing Terra network. Alongside this, Luna 2.0 will replace the existing version of Luna. It has severed ties to the UST stablecoin that saw the crash happen in the first place.
Alongside the new chain, most of the dApps will also migrate to the new chain in the first few days. Most other features will transfer over, according to Terra.
"Terra 2.0 is bringing the same ideals you fell in love with the first time," it tweeted. "World-class UI/UX, our amazing LUNAtic community, and a deep, talented developer pool poised to build the future of DeFi."
Luna 2.0 Release Date
Luna 2.0 went live on May 28 during the genesis block for the new Terra chain. It had a launch time of 6 AM UTC (2 AM ET, 11 PM PT), when the first block on the new mainnet, known as Phoenix-1, was produced..
This date was pushed back one day by Terra, who in the original plan said this would launch on May 27.
Snapshots for the airdropping of coins took place at Terra Classic block 7790000. Depending on the timezone, this was May 27 or May 26. The official time given was 3:59:51 AM GMT+8 on May 27.
Speaking after the launch of Terra 2.0 mainnet, Terra said: "Today marks the beginning of the next chapter for the Terra community. One in which our potential knows no bounds & our collective creativity can flourish."