The new LUNA crypto is showing signs of fast adoption today after its first weekend of trading. A new asset using an old name, LUNA is the centerpiece of Terra Labs’ big turnaround effort for May. With over $1 billion in trading volume flooding into the coin already, it looks like the new network is a success.
Terra developers had a lot to overcome this past month. The collapse of TerraUSD (USTC-USD) brought about the near-demise of the entire Terra network. This event saw the original LUNA crypto — since rebranded to LUNC — drop down to just a fraction of a cent. Losses also did much to sow distrust in Terra’s leadership, prompting an exodus of many users from the network.
The weeks since have been a lot of back-and-forth dialogue between developers and the users that stuck around. Conversations between the two parties hoped to bring about some sort of fix to the network. Eventually, founder Do Kwon published his Terra ecosystem revival plan. While not immediately popular, some tweaks allowed the plan to pass in a community vote.
This brings investors to where the network is today. The revival plan splits Terra into two distinct networks. The first, Terra Classic, utilizes the same chain Terra had always used; the most major change is that LUNA now trades as LUNC. Meanwhile, the Terra 2.0 chain — a completely new blockchain network — has launched its own coin with the LUNA branding.
LUNA Crypto Trading Begins, To Immediate Success
The days since last week’s new Terra 2.0 network launch are proving the effort wasn’t for nothing. The new LUNA crypto is seemingly excelling, especially as we get into the first full week of trading.
Along with the launch of the Terra 2.0 main network, developers promised a hefty LUNA airdrop to all of those holding Terra assets leading up to the launch. A grip of exchanges helped support this airdrop, including large exchanges like FTX, Huobi Global and Binance (BNB-USD). Many of these same exchanges also began accommodating spot trades for LUNA.
The start of the airdrop proved rocky for new LUNA prices, as some users secured their assets and immediately sold them. The days since have seen a steady rise for the coin, however. Currently, the asset is appreciating by over 30%, taking prices north of $9.
More users seem to be warming up to the revamped network, too. LUNA volumes are growing by hundreds of millions of dollars each day. Today, over $1.5 billion in LUNA is swapping hands. While plenty of large institutions are handling these trades, Binance seems to be the most popular avenue for new LUNA swaps. It is processing over $600 million of these transactions.
On the date of publication, Brenden Rearick did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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