Klever
  • Home
  • Global
  • Exchange
  • Wallet
  • Education
  • NFTs
  • Announcements
  • Opinions
  • Marketcap
No Result
View All Result
  • Login
  • Register
Klever News
  • Home
  • Global
  • Exchange
  • Wallet
  • Education
  • NFTs
  • Announcements
  • Opinions
  • Marketcap
No Result
View All Result
Klever News
Home Opinions
What is LUNA 2.0?

What is LUNA 2.0?

Let’s review one of the proposed solutions for LUNA’s crisis as we take a closer look at the hard-forked version of the project

by Maluh Bastos
June 10, 2022
in Education, Global, Opinions
Reading Time: 5 mins read
3k
A A
0
Share on FacebookShare on Twitter

As one of the solutions proposed by Terra LUNA’s CEO, Do Kwon, the creation of LUNA 2.0 was the most controversial on the table. 

LUNA 2.0 is a “second version” of the very well-known LUNA, which dove deep down into the crypto mausoleum as a result of UST’s massive sell-out recently. 

You might also like

Time to start using K5: learn how to migrate to the new Klever wallet app version

Time to start using K5: learn how to migrate to the new Klever wallet app version

January 31, 2023
7.3k
Use cryptocurrency and blockchain for transparent and secure voting

Use cryptocurrency and blockchain for transparent and secure voting

January 30, 2023
7.3k

As many people were desperately seeking solutions and wondering if there were any, a great deal of discussion was sparked in the crypto community regarding ways to try to repair the damage.

Of course, the CEO responsible for the Terra project was looked after, since he would be the one to execute some of those ideas. In response to the first reactions, he stepped into the open and offered the idea for LUNA 2.0 as a way to bring back his beloved project. 

Nevertheless, the idea didn’t sit well with all, as many people started to see holes in it. However, we would later discover they were somewhat accurate. 

The hard forking of LUNA 

LUNA 2.0 would work as a hard-forked version of the previous “mother” LUNA. 

For those who don’t remember, hard forking is the act of “copying” the original blockchain into a new one. 

This was an attempt to separate the first LUNA from the new one. 

However, we are talking here about hard forking. 

The difference between a hard and a soft forking revolves around the software of the blockchain. Hard fork results in a software that is completely new and incompatible with the previous blockchain software and the nodes would only be able to communicate with the new version. 

As for soft forking, it is the opposite: it generates a new blockchain that is compatible with the previous version. In LUNA’s case, Kwon suggested a hard one, since it would be completely disconnected from the first LUNA. 

The major difference here lies in the fact that the new LUNA would not be ‘linked’ with the stablecoin UST, which the Terra project created in order to have a ‘balance’ for LUNA in this volatile crypto universe. 

Since it was UST’s massive sell-out that caused all of this mayhem, it’d make sense that getting rid of it would be a good solution. 

The new LUNA would keep this name as the first one started to be called ‘LUNA Classic’. The same with the blockchain Terra, as the new one keeps the name, and the previous one is now called ‘Terra Classic’. 

The controversy 

The idea of LUNA 2.0 seems to make sense since the whole dynamic of ‘UST/LUNA’ was the main villain of this plot. 

However, it has been brought to attention by many crypto enthusiasts that creating more coins, for a doomed project, would be the worst plan. 

Even though LUNA Classic worked pretty well and had its fans, it’d be obvious that by now their confidence in their beloved project would be shaken. 

Even Binance’s CEO, Chanpeng Zhao, brought this up on his social media when he said:

Reducing supply should be done via burn, not fork at an old date, and abandon everyone who tried to rescue the coin.

I don't own any LUNA or UST either. Just commenting.

— CZ 🔶 Binance (@cz_binance) May 14, 2022

Zhao listed some factors of why he thought this idea wouldn’t work, including that “forking does not give the new fork any value. That’s wishful thinking” and “one cannot void all transactions after an old snapshot, both on-chain and off-chain (exchanges)”.

However, even disagreeing with this proposal, after LUNA 2.0 came to life, Binance listed the coin in an attempt to help the project. 

LUNA 2.0’s failure? 

The new version of LUNA was released on May 28th. 

Since then, a lot of highs and lows defined the journey of the new and improved LUNA. 

The coin had a bad beginning since the shaken confidence of many prevailed in the first moments. It was listed for $17 but soon dropped to a price around $5. 

However, as soon as Binance listed it, the price of LUNA 2.0 went up to 90%, coming to a price of $9,20. 

Even though it seemed like a good sign, it was only a matter of time until things started to crumble again, and, now, at the moment of this article’s writing (Jun 5, 2022), LUNA 2.0 lists as $4,66 according to CoinMarketCap. 

People’s opinions about the second version of the coin are split, as shown in the highlighted Twitter comments about it. 

A user said:

“$LUNA 2 real good. $30 within 4 days. Mark my words. $100 within 30 days. Total supply 1 bil only, 210 mln in circulation. Old investors won’t sell until at least breakeven, new investors are hyped AF and see it as an opportunity. Worldwide “bad” publicity,…is it really bad??”

https://coinmarketcap.com/gravity/post/312432061` `

Another user was more skeptical, as he wrote:

“$LUNA I guess now we learned the hard way why a fork doesn’t work, whatever happens to LUNC happens to LUNA & vice versa, so with LUNC being at a megaloss there’ll be no gain without this type of megarisk, there will be occasional opportunities but this will just repeat x100”

https://coinmarketcap.com/gravity/post/314143868

Stay alert, DYOR and be Klever.  

Tags: lunaluna2.0
Previous Post

K5 adds new blockchain and KleverSafe support in the latest Android version

Next Post

Trade KFI pairs on Klever Exchange

Maluh Bastos

Maluh Bastos

Journalist, content writer and producer - and DJ in spare times - always looking to make some noise in the world. Crypto and blockchain writer, eager to learn more every day and hoping to contribute to Klever's mission to change people's lives through financial freedom.

Related Stories

Time to start using K5: learn how to migrate to the new Klever wallet app version

Time to start using K5: learn how to migrate to the new Klever wallet app version

by Maluh Bastos
January 31, 2023
0
7.3k

KleverChain’s launch in 2022 was one of the biggest accomplishments for the Klever Ecosystem.  Klever’s very own blockchain is bringing...

Use cryptocurrency and blockchain for transparent and secure voting

Use cryptocurrency and blockchain for transparent and secure voting

by Warren Manuel
January 30, 2023
0
7.3k

The integrity of democratic voting systems is crucial for the functioning of a healthy democracy. In recent years, there has...

Choosing Klever Wallet, K5 is a smart decision

Choosing Klever Wallet, K5 is a smart decision

by Isabela Bellumat
January 30, 2023
0
7.3k

As a decentralized crypto wallet, the Klever Wallet offers all the necessary tools for crypto enthusiasts, including storage of assets,...

Introducing K5, The Crypto Wallet Of The Future

Introducing K5, The Crypto Wallet Of The Future

by Klever
January 26, 2023
0
7.4k

KleverOS, the revolutionary Klever crypto wallet operating system that powers K5, ushers in a new era of crypto wallets. Today,...

Next Post
Trade KFI pairs on Klever Exchange

Trade KFI pairs on Klever Exchange

What is an API?

What is an API?

Please login to join discussion
Download Klever Wallet Download Klever Wallet Download Klever Wallet
ADVERTISEMENT

Recommended

Ethereum

Coin of the Week: Ethereum (ETH)

November 14, 2021
7.5k
Tron (TRX)

Coin of the Week: Tron (TRX)

May 19, 2022
7.5k

Popular Story

  • Stand a chance to win your share of 10,000 KLV

    Stand a chance to win your share of 10,000 KLV

    8334 shares
    Share 3334 Tweet 2084
  • Test drive Klever Wallet, K5 and Win 1000 KLV & 1 KFI

    7021 shares
    Share 2808 Tweet 1755
  • Bitcoin battles back from record losses to $21,000

    5914 shares
    Share 2366 Tweet 1479
  • Klever showcases its blockchain ecosystem on a Time Square billboard

    5358 shares
    Share 2143 Tweet 1340
  • K5 adds new blockchain and KleverSafe support in the latest Android version

    5070 shares
    Share 2028 Tweet 1268

Follow us on Twitter

Klever News

Join the Klever community
Growing together we are stronger.
Be sure to follow us on social media to stay up to date.

Categories

  • Announcements
  • Coin of the Week
  • Education
  • Exchange
  • Games
  • Global
  • Hardware Wallet
  • Market Updates
  • NFTs
  • Opinions
  • Sponsored
  • Wallet
Download Klever Wallet Download Klever Wallet Download Klever Wallet
ADVERTISEMENT

Recent News

Time to start using K5: learn how to migrate to the new Klever wallet app version

Time to start using K5: learn how to migrate to the new Klever wallet app version

January 31, 2023
Use cryptocurrency and blockchain for transparent and secure voting

Use cryptocurrency and blockchain for transparent and secure voting

January 30, 2023
  • Sponsored Content
  • Advertise
  • Contact Us
  • RSS Feed

© 2022 Klever News - Premium Crypto news & insights by Klever Finance.

  • Login
  • Sign Up
No Result
View All Result
  • Home
  • Global
  • Exchange
  • Wallet
  • Education
  • NFTs
  • Announcements
  • Opinions
  • Marketcap

Welcome Back!

Sign In with Google
OR

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Sign Up with Google
OR

Fill the forms below to register

*By registering into our website, you agree to the Terms & Conditions and Privacy Policy.
All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
-
00:00
00:00

Queue

Update Required Flash plugin
-
00:00
00:00
Go to mobile version