The Luna cryptocurrency from the Terra blockchain is back. Major exchanges have responded favorably to his reinstatement. In a few days, thousands of investors who kept their tokens despite the collapse in value will be able to replace them with the new ones. Their name does not change but the previous ones will now be called the Luna Classic (LUNC).
To be able to return, the cryptocurrency has completely changed the blockchain (Terra 2.0), which will only manage the new Luna (and not the Luna Classic). As for the UST, the stablecoin is not included in the recovery plan. He who lost his follow of the dollar and which led to the fall of the price of Luna can never be revived again for a question of confidence and operating model (he was an experimental algorithmic stablecoin).
If you still have confidence in the cryptocurrency which lost 99.9% of its value in a few hours at the beginning of the month, then you will be able to invest in the new Luna. Binance, FTX, Crypto.com and several other exchanges said they would support this launch by accepting tokens. A date is already known, according to a blog post published on May 26.
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Luna return date (Terra blockchain)
As described in Terra Community Proposal 1623, the new blockchain will go live this Friday, May 27. The old blockchain stopped working last night at midnight and in the meantime, all Luna owners have been promised to be able to exchange their old tokens to get the new ones.
But if the new tokens arrive today, the release of the airdrop for the owners of the old tokens does not yet have a precise timetable. And for good reason: the members of the Terraform Labs (TFL) have distributed the new tokens according to different cases:
- Community Pool: 30%
- LUNA holders before the attack (before May 7 at 14:59 UTC): 35%
- LUNA holders after the attack (before May 26 at 19:59 UTC): 10%
- UST holders after the attack: 15%
- Holders of aUST (Anchor UST) before the attack: 10%
It is therefore depending on the category of each investor that the release will be more or less late. A page, which lists all the updates on this subject, is available here to follow the evolution of things in real time. Normally, LUNA owners before the effective date of the attack (May 7) and who own less than 10,000 LUNA should be able to receive their tokens instantly, according to a TFL blog post.
On their respective sites, the cryptocurrency exchange platforms try to reassure their customers while waiting for more details. “Users who have UST and LUNA balances on FTX during the snapshot period will be eligible to receive the new LUNA airdrop, subject to certain adjustments. Details, including timing, implementation and amount, will be announced separately.”wrote the Crypto.com team yesterday.