Terra 2.0: Do Kwon’s Terraform Labs launched its new blockchain on Saturday. The original Terra series has been rebranded as the Terra Classic, while a new series with the current name Terra has been created and made available for trade starting today. Due to de-pegging of the former chain, LUNA is witnessing extreme volatility. Furthermore, sharp selloff in the broader crypto markets added to the crisis. Terra coins were currently dark red, however, with the new coin LUNA almost reaching the $20-mark.
CoinMarketCap has notified investors on the website, saying, “LUNA is experiencing extreme volatility due to UST de-pegging. Please proceed with caution. The Terra Blockchain was also halved.”
According to the exchange, Earth Classic (LUNC) is currently trading with a decline of 26.55% at around $0.0000997. Its market cap is $653.93 million. It needs to be noted that, Terra Classic is the same original series, however, rebranded.
Moreover, the new series Terra (Luna) is trading with a decline of 77.03% at $4.21. This will be the first day of business. The coin has dropped as low as $3.63 and even touched a high of $19.54. There is no comparison to Terra from the previous day.
However, the Terra has a market cap of $883.76 million at its current market price — far better than its sister Terra Classic. Terra Luna’s fully diluted market cap stood at about $4.21 billion on its first day of trading so far.
Kwon’s proposal 1623 was approved earlier this week. Under the Terra Ecosystem Revival Plan, the original series will still operate but is re-branded as Terra Classic.
Under the rebranded Terra Classic, the original Universe series will still run, however, with the market swap (Mint/Burn function) disabled. Other than that, all remainders will remain the same. Luna has become Luna Classic (LUNC). In addition, the Terra stablecoins (UST, KRT, EUT, etc.) have been renamed to the Terra Classic stablecoins (USTC, KRTC, EUTC, etc.).
USTC is currently performing with a decline of 24.32% at $0.02616. While its market cap is around $ 294.52 million. Notably, according to CoinMarketCap, UST has remained de-pegged from the US dollar since May 9, 2022.
In addition, the new range Terra has assumed all the assets of the Terra branding. Notably, Terra is also a universe series, however, the original series will not have a treasure, oracle, or market module. The original mining token of the new chain is called Luna. Also, the Terra stablecoins (UST, KRT, EUT, etc.) will not be included in the new series.
Initially, the supply of Luna is set at around 1 billion coins at the origin of the new Terra chain. In addition, the mint module will issue new coins in every block at a default rate of about 7% per annum.