Terra’s new LUNA token has ascended by almost 54% after being listed on Binance – the world’s largest crypto exchange by trading volume – at 2:00 a.m. Eastern on Tuesday morning.
LUNA 2 Reacts To Binance Listing
After a significant plummet hours after its launch, Terra 2.0 (LUNA) has come back to life. On its first day, the coin plummeted double-digits and parred some of the losses. However, as of this writing, LUNA 2 has witnessed a 53.78% upward trend in the last 24 hours to trade at $9.78.
LUNA 2.0 token was listed on Binance. Image: CoinCulture
The rally followed the listing of the LUNA 2.0 token on Binance, the platform that previously halted LUNA and UST withdrawals. However, Binance crypto traders and investors can now purchase, sell and exchange the new LUNA tokens.
Furthermore, Binance kicked off its multi-year airdrop to eligible addresses on Tuesday. Before the meltdown, owners of the old LUNA token (now renamed LUNA Classic) or the UST stablecoin were distributed with the newly minted tokens.
Terraform Labs CEO Do Kwon aimed to revive the Terra ecosystem that previously collapsed after its algorithmic stablecoin UST lost its 1-to-1 peg with the U.S. dollar.
Terra Collecting Data To Fix Airdrop Issues
Remarkably, there are some obstacles with the new crypto airdrop. Several users voiced their great dissatisfaction with the airdrop on Twitter, saying they got fewer tokens than due.
In response, the Terra team conceded the existing issues with the airdrops. They said they were working on the best solution and promised to provide users with more information when they gathered enough data.
📣 Attention $LUNA airdrop recipients 📣
We are aware that some have received less $LUNA from the airdrop than expected & are actively working on a solution.
More information will be provided when we have gathered all of the data, so stay tuned.
— Terra 🌍 Powered by LUNA 🌕 (@terra_money) May 30, 2022
Although the Terra CEO proposed that UST not be included in the relaunched Terra ecosystem, some sources reveal that he’s working on another stablecoin built atop the new Terra blockchain network.