Terra 2.0 gets a huge drop in value at launch

Terra 2.0 gets a huge drop in value at launch

Terra 2.0: After the launch, the price of this governance token reached $18.87 but after that, it fell to $4.08 on Sunday.

Terra 2.0 gets a huge drop in value at launch

Terra 2.0: After the steep fall in the prices of the stable coin TerraUSD and its Terra (LUNA), the recovery plan made by its associated firm Terraform Labs has suffered an early setback. A few hours after the launch of the cryptocurrency LUNA 2.0, its value fell significantly. Before the launch, the value of this token was speculated to be between $ 30-50.

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Terra 2.0: After the launch, the price of this governance token

Terra 2.0: After the launch, the price of this governance token reached $ 18.87 but after that, it fell to $ 4.08 on Sunday. Terraform Labs distributed LUNA 2.0 tokens to the holders of LUNA Classic and UST. Terraform Labs recently proposed a new blockchain. Many applications have shifted to the new chain. These include Prism, Spectrum, Nebula, and Edge Protocol. Trading of LUNA 2.0 Tokens will be separate from LUNA Classic Tokens.

Terra 2.0: A recent vote was held on the recovery plan

Terra 2.0: A recent vote was held on the recovery plan presented by Terra’s chief executive officer Do Kwon. In this, more than 65 percent of Terra’s investors have approved this proposal. However, a controversy had also started regarding this proposal. Approval of the proposal means that a new blockchain will be launched for LUNA only and the LUNA token will be called LUNA Classic. The old Terra blockchain will continue to exist, but the team involved has decided to abandon the failed stable coin UST. As part of the proposal, the Terra team is working on securing support from multiple centralized exchanges for an upcoming airdrop to their community. Airdrops will be made to LUNA and UST holders prior to the 35 percent drop in LUNA tokens. A large portion of the token distribution will be allocated to Terra app developers and the ecosystem as a whole

Terra 2.0: Stablecoins are cryptocurrencies

Terra 2.0: Stablecoins are cryptocurrencies that try to link their market price to a reserve asset such as gold or common currencies. These are more commonly used for digital transactions that involve converting virtual assets into real assets. USD Coin, Tether, and Binance USD are some of the popular stable coins that are pegged to the US dollar.

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