Terra 2.0 goes live with LUNA airdrop

The newest version of the Terra blockchain went live on Friday, as part of Terra founder Do Kwon's resurrection plan.

Terra Luna 2.0 is live
Terra Luna

Luna 2.0, a fork of the original Terra Luna network, will begin minting its own Luna coin on Bitfinex, Binance, LBank, KuCoin, Bybit, FTX, OKX, and Bitrue.

In addition, the team started with aidrops previously produced through its partners Bitfinex, Binance, LBank, KuCoin, Bybit, FTX, OKX, and Bitrue.

Existing owners of the old Luna currency (named 'Luna Classic') and TerraUSD (designated 'Terra Classic') are currently receiving airdrops of the new Luna.

Multiple crypto exchanges have expressed support for Do Kwon's initiative to revive the Terra network, which saw TerraUSD depeg from its US dollar value.

The new LUNA distribution is based on "pre-attack" and "post-attack" snapshots of the old Terra blockchain, awarding fresh tokens to users who owned Terra before to the collapse.

Terraform Labs said on Friday that it has "assembled a genesis file for the launch" after capturing the blockchain's post-attack image. As of press time, the most active exchange is Gate.io, where LUNA is currently trading for $5.51.

Terra's team announced the chain's first transaction block production in a tweet.

In addition, the team said,

"Users can do multiple things with their liquid $LUNA, including staking it on Terra Station to their preferred validator(s) to earn rewards & participate in governance decisions, using it on dApps upon launch, or trading it on an exchange."

Phoenix Finance, Terra 2.0's principal DEX, launched simultaneously with Terra 2.0, paving the road for additional dApps that were previously running on Terra Classic to migrate to Terra 2.0.