Terra's newly minted Luna token (LUNA) surged 39.41% on Tuesday after the token was listed on Binance.
- At the time of writing, Luna 2 was trading at $8.18, with a self-reported circulating supply of 210 million, giving it a market cap of $1.8 billion, according to CoinMarketCap.
- The token was launched on a new blockchain called Terra 2 after the algorithmic stablecoin TerraUSD (UST) was de-pegged.
- Investors who held UST or Luna before the depeg, as well as those who purchased either asset after the depeg, received the new token with varying degrees of distribution.
- The old Luna token, trading at $0.0002, was renamed Luna Classic (LUNC). The new token was part of a revitalization plan for Terra.
- The revival plan, though approved by Terra's network validators, went live despite the results of a preliminary online survey about a hard fork plan finding minimal support among community members.
- About 92% of more than 6,220 respondents to a previously conducted online poll voted against the change, with the most popular responses calling for "no fork," according to reports.
- Several exchanges supported the airdrop of the new token over the weekend, with KuCoin and ByBit being the first to list it.
- Luna 2 initially rose as high as $30 on ByBit before losing more than 80% of its value in less than two hours.