Multiple cryptocurrency exchanges have moved to back the reboot of Do Kwon’s Terra project and the revival of its Luna token after its community voted to approve the launch of “Terra 2.0”.
The rehashed project is being backed by most of the cryptocurrency exchanges that supported the original Luna token, including big ones such as Binance, FTX, and Bitfinix.
Terra 2.0 was touted as the rebirth of the Luna cryptocurrency that spectacularly collapsed in value earlier this month, having once been ranked as a top ten coin in terms of its market cap. Luna’s token price became effectively worthless following what many suspect was an attack on its sister token, the UST stablecoin, which was supposed to be pegged 1:1 with the U.S. dollar but also lost most of its value.
In the wake of the crash, Terra founder Do Kwon moved quickly to revive the project and the Terra 2.0 blockchain is now live with the new Phoenix-1 mainnet launch. The relaunch saw new Luna tokens airdropped to everyone who held the original Luna token prior to its crash.
Terra 2.0 is designed to maintain the extensive ecosystem of blockchain projects built on Terra and provide community members who collectively lost billions of dollars in value with an opportunity to recoup some of that.
A long list of exchanges have gotten onboard with the plan. Along with those mentioned above, others that support Luna 2.0 include AAX, BKEX, ByBit, Bitget, BitMart, Bitrue, CoinSwitch Kuber, Coinmetro, Crypto.com, HitBTC, Gate.io, Kraken, Kucoin, Lbank, Lemoncash, MEXC Global, OKeX, and many others.
The above exchanges all supported the new airdrop for Luna 2.0 tokens, meaning that users who held LUNA in their accounts prior to the crash received an equivalent number of the new cryptocurrency.
In the meantime, a number of exchanges also delisted the original Luna, at least temporarily, as the token was renamed as “Luna Classic”.
It’s thought that the support of major cryptocurrency exchanges is critical to the chances of Luna 2.0 succeeding in reviving the Terra blockchain project. Luckily for Do Kwon, the world’s biggest exchange Binance was also the first to get onboard with the idea, tweeting that it’s working closely with Terra to get things back up and running. Notably though, it only began supporting Luna 2.0 from May 30, two days after the relaunch.
The Terra community just passed a vote to ‘Rebirth Terra Network’.
We are working closely with the Terra team on the recovery plan, aiming to provide impacted users on Binance with the best possible treatment. Stay tuned for further updates.
— Binance (@binance) May 25, 2022
AAX was also quick to voice its support for Terra 2.0, saying on Twitter it has integrated the new blockchain and consequently renamed LUNA and UST as LUNAC and USTC (Luna Classic and UST Classic). Upon the relaunch, deposits, withdrawals and transfers were made available immediately, with spot trading reopening one day later on May 30.
Due to the new #Terra 2.0 chain integration, the #LUNA & #UST tokens have now been renamed to #LUNC and #USTC at #AAX.
🥳Deposit, withdrawal & transfer are live now
🎃Spot trading will be open at 11AM, May 30 (UTC )
Details: https://t.co/hbRqnnUO8Q pic.twitter.com/JIuFHudNzm
— AAX (@AAXExchange) May 30, 2022
Another major exchange that originally remained silent on the entire Terra debacle surprised its users with the unexpected tweet that it too, will support the Luna airdrop and a Luna 2.0 listing.
⚠️ In support of the new LUNA token airdrop, the https://t.co/vCNztATSCO App and Exchange will temporarily suspend $LUNA trading, and deposits/withdrawals via Terra on 26 May at 12:00 UTC until further notice
⏳ Stay tuned for more updates
Details: https://t.co/OKNc3B3bBF pic.twitter.com/kmovRK7mBC
— Crypto.com (@cryptocom) May 26, 2022
Luna 2.0 has since began trading on multiple supported exchanges, but within minutes of going live it saw a massive price correction. Luna 2.0 opened on the revived Terra blockchain with a price of approximately $19.50 and saw its value drop almost immediately to around $6.60, according to CoinGecko’s data. The token has since regained some value and was trading at around $9.60 at the time of writing.
Not every exchange that previously supported Luna and UST has moved to support Do Kwon’s relaunch. Most notable is the rejection of Terra 2.0 by every major cryptocurrency exchange in Kwon’s home nation of South Korea. According to Pulse News, the Coinone exchange announced it would delist Luna on June 1, making the coin inaccessible in South Korea after similar moves by Korbit, Upbit, Gopax and Bithumb. Coinone also revealed its discontinuing support for UST, as well as the Anchor Protocol DeFi platform associated with the Terra project.
None of the Korean exchanges have announced support for Terra 2.0 so far.
A Luna 2.0 listing on Coinbase, the top U.S. cryptocurrency exchange, is also unlikely given the internal debate among Coinbase staff over the morality of listing projects that many perceive to be “useless” or even “scams”. Coinbase had never listed the original Luna token either, though it did support UST and “wrapped LUNA” that was bridged to Ethereum.
Major Crypto Exchanges Support Terra Luna 2.0 As Price Corrects On Launch
cryptodailyPublished on 2022-05-31Last updated on 2022-05-31
Abstract
Multiple cryptocurrency exchanges have moved to back the reboot of Do Kwon’s Terra project and the revival of its Luna token after its community voted to approve the launch of “Terra 2.0”.
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3.8k Total ViewsPublished 2024.03.29Updated 2025.03.21
What is $LUNA
Luna28 ($$LUNA): A Moon-Inspired Crypto Venture Introduction In the ever-evolving world of cryptocurrencies, innovation is key. Luna28 stands out as a project that not only embraces technology but also intertwines it with the mystique of cosmic cycles. Inspired by the moon's 28-day cycle, Luna28 ($$LUNA) aims to create a unique and engaging experience for its community, merging the concepts of tokenomics and lunar-themed non-fungible tokens (NFTs). At its core, this project employs a distinctive token burn mechanism aligned with lunar and solar eclipses, setting a new precedent in the crypto space. What is Luna28? Luna28 is a token-based cryptocurrency project built on the Ethereum blockchain. It seeks to offer its users a blend of cosmic engagement through a series of innovative features. Key to its identity is the launch of lunar-themed NFTs which enhance community interaction while celebrating the moon's cultural significance. The project aims to create a deeper connection between its community members and the cosmos. This connection is facilitated through a carefully crafted ecosystem that leverages lunar themes, token burns, and dynamic activities associated with celestial events. The goal is not just about enhancing token value but fostering a sense of belonging and enjoyment within the community. Creator of Luna28 The details surrounding the creator of Luna28 remain largely unknown. This lack of information has led to an air of mystery around the project, further adding to its uniqueness. The anonymous nature of its creation reflects a broader trend within the crypto industry, where the focus is often on the project and its community rather than individual profiles. Investors of Luna28 Currently, there is no publicly available information regarding the specific investment foundations or organizations that support Luna28. This aspect may indicate a grassroots initiative where the community plays a vital role in the project's development and growth. The absence of prominent investors can sometimes create a more decentralized and independent project, allowing for organic community engagement and involvement. How Does Luna28 Work? One of the most compelling aspects of Luna28 is how it operates, particularly its unique features that set it apart from other cryptocurrency projects. 1. Lunar and Solar Eclipse Token Burns Luna28 incorporates a special token burn mechanism, which involves periodically burning a portion of its token supply during lunar and solar eclipses. This approach not only creates excitement around celestial events but also works on the fundamental principle of increasing scarcity. By reducing the overall token supply through burns, the remaining tokens have the potential for increased value, benefiting all holders. 2. Tokenomics The economic structure of Luna28 is crafted to ensure sustainability and growth. Each transaction incurs a 4.4% tax: 2% contributes to the Moon Cycle Fund, which is burned every 28 days during the full moon. The remaining 2.4% is earmarked for development and marketing, facilitating the project’s expansion and continuous improvement. This tax structure establishes a steady flow of funding while maintaining a deflationary approach that can enhance the token's value proposition. 3. 100% Burned Liquidity Security and trust are paramount in any cryptocurrency project. Luna28 addresses these concerns by locking its liquidity pool tokens in a burn wallet. This ensures that liquidity is permanently secured, fostering confidence within the community as they engage with the platform. 4. NFT Drops Further enhancing community engagement, Luna28 plans to release lunar-themed NFTs. These digital collectibles not only serve as a source of fun and creativity but also offer users unique assets tied to the larger lunar theme. The introduction of NFTs reflects a growing trend in the crypto space, blending traditional forms of artistic expression with innovative technology. 5. Hyper Deflationary Token Luna28 is classified as a hyper deflationary token, emphasizing its commitment to a declining token supply through systematic burns. This design encourages long-term holding, as community members anticipate potential value growth driven by scarcity. 6. First Buyer Incentive In a bid to promote active participation, Luna28 offers a unique first buyer incentive. After each celestial burn event, the first participant in the market is rewarded with 10% of the tokens burned during that event. This encourages immediate engagement and interest surrounding each significant celestial phenomenon. 7. Sustainable Tax Structure The project's tax model is specifically designed to encourage sustainable growth, balancing the need for ongoing project development with the goal of enhancing token value. This innovative tax structure serves the dual purpose of supporting the community's interests while maintaining a healthy ecosystem for the project. Timeline of Luna28 A well-charted timeline helps in understanding the progression and milestones of Luna28. Here’s a synopsis of important events in the project’s history: Stealth Launch: The project entered the crypto arena under a stealth launch, garnering significant community interest and posting a remarkable 1792% increase from its initial listing. This initial surge indicated strong community reception and a solid foundation for future growth. Token Burns: Committing to its unique approach, Luna28 plans to burn 28% of its token supply over a three-year period, timed specifically during lunar and solar eclipses. Community members eagerly await their opportunities to participate in these events. Community Involvement: Emphasizing transparency and the importance of community feedback, Luna28 plans to notify its users in advance about upcoming token burn events. This engagement approach encourages active participation, fostering a strong sense of community. Key Features Luna28's distinctive features bolster its appeal within the cryptocurrency sector: Hyper Deflationary Nature: The project's focus on hyper deflationary mechanics enables a strategic reduction in supply, aiming for enhanced value retention. Incentives for Early Engagement: The project rewards early participants with direct benefits, which cultivates a proactive community eager to contribute. Commitment to Community Development: The sustainable tax model not only ensures the project's growth but also actively involves the community in shaping its future direction. Conclusion Luna28 represents a unique fusion of technology, community engagement, and celestial inspiration in the cryptocurrency landscape. By integrating innovative mechanisms such as token burns during astrological events and creating engaging lunar-themed NFTs, the project distinguishes itself as a trailblazer within its niche. As a community-driven endeavor, Luna28 promises to deliver not just another cryptocurrency but an experience that marries elements of cosmic fascination with blockchain technology. With its innovative features and strong emphasis on community involvement, Luna28 has the potential to create a lasting impact in the world of digital currencies. The connection it forges between its users and the universe represents not only a creative endeavor but also a brilliantly calculated business strategy poised for growth. As we observe the evolution of Luna28, it is evident that it is more than just a token; it is a concept that encourages its community to look up at the cosmos and ponder their place within it, all while navigating the exciting world of cryptocurrency. The future for Luna28 looks bright and full of potential, eagerly awaiting its next lunar cycle.
794 Total ViewsPublished 2024.04.01Updated 2024.12.03
What is TERRA
Exploring the Terra Ecosystem: A Comprehensive Overview Introduction In the ever-evolving landscape of blockchain technology and cryptocurrency, the Terra Ecosystem has emerged as an ambitious project designed to facilitate a decentralized financial system. This innovative platform focuses on creating stable and scalable algorithmic stablecoins, aimed at driving the widespread adoption of cryptocurrencies. In this article, we will delve into the foundational aspects of the Terra Ecosystem, exploring its operational mechanisms, its creators, investors, notable components, and the timeline of its development. What is the Terra Ecosystem? Founded in 2018, the Terra Ecosystem is a layer-one blockchain designed to provide an efficient and reliable payment platform. The core mission of Terra is to create a preferred form of money that is not only decentralized but also practical for everyday use. At the heart of the ecosystem is its native algorithmic stablecoin, TerraUSD (UST), which is pegged to the US dollar using an innovative algorithmic mechanism. This unique approach addresses a common concern in the cryptocurrency space: the volatility that often accompanies digital assets. The Terra Ecosystem aims to enhance the usability of cryptocurrencies by creating an environment where digital currencies function similarly to traditional currencies. By being user-friendly and stable, Terra sets out to attract users outside of the crypto community, ultimately fostering mass adoption. The Creators of the Terra Ecosystem The Terra Ecosystem emerged under the guidance of its co-founders Daniel Shin and Do Kwon. Both individuals, with a wealth of experience in entrepreneurship and technology, launched Terraform Labs to spearhead this groundbreaking project. Daniel Shin, a prominent figure in the South Korean tech landscape, has co-founded multiple tech companies, while Do Kwon has an extensive background in computer science and engineering. Their partnership is pivotal in steering the development and growth trajectory of the Terra Ecosystem. Investors in the Terra Ecosystem While detailed information about specific investors remains limited, it is widely acknowledged that Terraform Labs has garnered substantial financial support from a variety of angel investors and venture capital firms. This backing provides the necessary resources for the ongoing development and expansion of the Terra Ecosystem. The emphasis on acquiring diversified investment sources reflects the strong belief in the project's potential within the cryptocurrency community. How Does the Terra Ecosystem Work? At the core of the Terra Ecosystem's functionality lies its innovative proof-of-stake (PoS) consensus mechanism. This allows holders of the LUNA token, the native currency of the ecosystem, to participate in the governance and operation of the network. The dual-token structure differentiates Terra from many other projects, with LUNA serving both as a stake for validators and as a governance token. The mechanism operates in a distinctive way, whereby the supply of LUNA backs the stablecoin UST. If the demand for UST increases, the algorithm automatically adjusts the supply of LUNA to maintain the stability of UST at its dollar peg. Users are enabled to exchange 1 UST for an equivalent value in LUNA, ensuring that fluctuations in demand do not affect the peg. This innovative approach enables the Terra Ecosystem to maintain price stability, one of its primary goals. Timeline of the Terra Ecosystem The development journey of the Terra Ecosystem has been marked by significant milestones: 2018: Establishment of Terraform Labs by Daniel Shin and Do Kwon, laying the groundwork for the Terra Ecosystem. April 2019: The initial release of the Terra blockchain, initiating its journey into the broader cryptocurrency landscape. 2021: Terra experiences remarkable growth as its total value locked (TVL) reaches new heights, positioning it as a dominant player in decentralized finance (DeFi). May 2022: A turbulent period arises as the Terra blockchain is temporarily halted following the collapse of UST and LUNA, leading to a significant impact on market perception and capitalization. January 2024: Terraform Labs files for bankruptcy, marking another critical event in the project's history, sparking discussions on the sustainability and future of the ecosystem. Key Components of the Terra Ecosystem A variety of features contribute to the unique functionality of the Terra Ecosystem: Core Functionality The Terra Ecosystem includes essential functionalities such as managing transaction fees, monitoring price fluctuations, and maintaining historical balances of transactions, all of which are crucial for ensuring user experience and operational integrity. Applications One of the flagship features of the Terra Ecosystem is its diverse array of applications. This includes: Anchor Protocol: A money market protocol that provides high stablecoin yields and tokenized stakes for users seeking to maximize returns on their investments. Mirroring Technology: Enabling users to create assets that mirror real-world assets and trades, allowing for broader use cases and applications. Chai: A payment platform designed to facilitate everyday transactions using Terra's stablecoin technology. Swaps and Exchanges The ecosystem provides functionality for seamless asset exchanges. Notable features include native swapping capabilities and platforms such as Terraswap, allowing users to exchange Terra assets efficiently while benefiting from competitive rates. Governance Governance plays a critical role in the decentralized nature of the Terra Ecosystem. Token holders use their LUNA tokens to propose changes or vote on proposals that affect the network, ensuring collective decision-making and community involvement in the ecosystem's evolution. Notable Projects in the Terra Ecosystem Beyond the core functionalities, the Terra Ecosystem is also home to notable projects that further augment its capabilities: Terraswap: This decentralized exchange (DEX) emerged to facilitate easy swapping of Terra assets, thus promoting a vibrant trading environment within the ecosystem. Astroport: Another DEX known for its high total value locked, Astroport enhances trading opportunities and liquidity provision for users. Loop Markets: This integrated exchange hub offers users a range of trading tools and services, significantly contributing to the user experience across the Terra platform. Conclusion The Terra Ecosystem stands as a significant player within the blockchain and cryptocurrency domains, aiming to create a stable and scalable financial platform designed for widespread cryptocurrency adoption. Although the ecosystem faced dramatic challenges, notably the collapse of its stablecoin UST and the LUNA token, it continues to adapt and evolve in the face of adversity. As the project navigates its future, it remains committed to its foundational vision of building practical products accessible to a broader audience, thereby reinforcing the potential of decentralized finance. The Terra Ecosystem, with its robust features and innovative approach, holds promise as it seeks to redefine the landscape of digital currency use, remaining a focal point for enthusiasts and investors alike in the ongoing evolution of blockchain technology.
983 Total ViewsPublished 2024.12.17Updated 2024.12.17
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