Terra’s Luna 2.0 sees a dull start after failed cryptocurrency relaunch

Terra’s relaunch of its brand Luna token has been a disappointment. The Luna token has seen an uninteresting start, and has did not impress investors who purchased the new tokens after the demise of currencies that were tied to the failing Terra blockchain. 

Original Terra Chain has been rebranded as Terra Classic and Terra was relaunched under the name Terra 2.0 since the people who developed the stablecoin TerraUSD decided to drop the cryptocurrency in favor of a new digital asset week and blockchain after the cryptocurrency plummeted. 

The first blockchain was divided and will was renamed Terra Classic, while Luna which dropped close to zero in the last month, was changed to Luna Classic with the ticker LUNC. This new Terra blockchain is not the stablecoin. 

The cost for the Luna 2.0 token been under $11 for the past week since they were released by Terra according to the data collected by Kaiko, a tracker. Kaiko. 

There is no commonly accepted data point to determine a market price of Luna 2.0, an estimate made by the data tracking company CoinMarketCap estimates the value at around $1.37 billion. This is based on the 210 million Luna tokens that are in circulation, according to the claims of people who manage Terra. Terra project, according to Bloomberg. 

“The airdrop was actually poorly designed. It gave equity holders a bonus -LUNA holders, rather than savers or anchor depositors, bond holders as well as UST holders.” Thomas Dunleavy, an analyst with cryptocurrency research firm Messari said to Bloomberg. “Any cryptocurrency network relies on trust, and by not just the users, but also the builders who dedicate their time and money to build this network.” 

Luna had a market worth of approximately $27.8 billion in May just before it plummeted. UST was created to keep its dollar peg by using algorithmic trading and incentives that involved Luna. 

Contrary to the majority of stablecoins, which are supported with other investments, the TerraUSD’s value was calculated using complex algorithms, and connected to a different coin called Luna. 

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