As of Saturday, 28 May 2022, trading of the new LUNA cryptocurrency from the Terra 2.0 project, which has not yet landed on Binance, has started.
The old blockchain was renamed Terra Classic, and the old cryptocurrency LUNC (Luna Classic), while the new blockchain was renamed Terra 2.0 and the name LUNA was passed on to the new blockchain’s native cryptocurrency.
The debut of the new LUNA on the markets took place on Saturday at almost $19, but within minutes the price had already dropped below $7.
By the evening it had settled around $6, or slightly less, which corresponds to the current price.
However, so far trading has only begun on a relatively small number of exchanges, and the main one is still missing.
When will the new LUNA of Terra 2.0 arrive on Binance?
Binance has let it be known that trading of LUNA will only start on Tuesday 31 May, starting at 6 AM UTC, and it is possible that by the time trading can begin on Binance, the selling pressure will have accelerated sharply.
Full airdrop details ⤵️https://t.co/SSFL6BNvzb
— Binance (@binance) May 28, 2022
Deposits and withdrawals for the new cryptocurrency will start today.
The fact is that anyone who had the old LUNC tokens on Binance could not move them in the last few days, due to the shutdown of the old Terra blockchain, so they could not yet receive the new LUNA tokens.
Therefore, in order to be able to use the new tokens, they must first wait for Binance to release them via the airdrop of Terra 2.0, which technically has already happened, and it will only happen in the next few days.
At present, it appears that the old LUNC tokens are being withdrawn from Binance’s accounts, but it does not appear that the crediting of the new LUNA tokens has already finished.
The distribution of tokens during the airdrop
To be precise, 1.034735071 LUNA will be awarded for each LUNC token possessed before the attack, and 0.000015307927 LUNA for each LUNC token possessed after the attack.
0.01827712143 LUNA will also be awarded for each UST token possessed before the attack, and 0.02354800084 LUNA for each USTC possessed after the attack.
UST has also changed its name: it is now called USTC, or TerraClassic UST, but no replacement will be issued on the new Terra 2.0 blockchain, at least for now.
The main differences between the old LUNC and the new LUNA
Before the attack, 1 LUNC was worth more than $80, while now 1 LUNA is worth around $6. Since the airdrop ratio is 1.035 : 1, holders of the new LUNA token will have 92% less value in their pockets than before.
Those, on the other hand, who bought them after the attack, for example at a price of $0.1, would have in their pockets a value 99% lower than at the time of purchase.
It is worth mentioning that neither the price nor the market capitalization of LUNA can be compared with that of LUNC, because the supply is completely different.
The old cryptocurrency LUNC had a circulating supply of about 0.345 billion tokens, which then shot up to over 6.5 trillion after the attack. The circulating supply of the new LUNC at this time is still unclear, while the total supply is about 1 billion.
It is no coincidence that there is no parity in airdrop between the number of old LUNC held and the number of new LUNA received.
In light of all this, it seems very difficult for the market to value the new cryptocurrency enough to bring it close to the glory of its predecessor before the crash.