The unexpected collapse of the Terra ecosystem has shaken the cryptocurrency industry over the last several weeks. When the company’s algorithmic stablecoin (UST) lost its dollar parity, everything fell apart.
One penny was all that Terra (LUNA) was worth at one point because of the financial crisis. After a vote, the community adopted a proposal to construct a new chain (LUNA 2.0) with a number of modifications.
According to Google Trends data acquired by Finbold on May 25, interest in the expected new blockchain had soared to an unprecedented degree.
Luna’s price dropped by 20.87 percent in only 24 hours, selling for $0.0001546 on May 26. Investors expected to profit from the Terra Classic’s return were left behind.
LUNA’s market value dropped from $1.21 billion to as low as $983 million in the last 24 hours, according to CoinMarketCap.
Terra Ecosystem Restoration Plan, according to co-founder Kwon, involves the creation of new currencies and the transfer of those coins to investors who have lost money.
However, LUNA and its author are still at the centre of controversy. It was recently disclosed that Do Kwon had approached five additional South Korean crypto exchanges to see if they would list LUNA 2.0, but so far only Upbit has agreed.
This did not stop people from searching for ‘LUNA 2.0‘ all across the globe, with the most interest shown in countries like Finland, Spain, and the Netherlands, among others. LUNA 2.0, Huobi’s replacement for TerraUSD and the Terra token, will be offered once it is accessible (LUNA).
Binance and Coinbase have both decided to ban Terra tokens from their platforms after the market collapse.
Binance has said that they would sustain LUNA 2.0 after its resurgence. Terra and the firm were working together after Kwon’s request was authorised by the platform, according to a tweet made on May 25.