Instant crypto exchange service ChangeNOW allows for swapping LUNA – the coin of the new Terra 2.0 blockchain, as well as LUNC, the old mainnet’s token.
As UST and the original version of LUNA crashed this May, the crypto industry was looking forward to a solution that would give new life to the Terra blockchain. On May 16, Terra co-founder Do Kwon proposed to initiate the Terra hard fork, and the voting process kicked off. On May 28, the new Terra 2.0 blockchain went live. Thousands of crypto enthusiasts who had lost faith in Terra were reassured by the team’s efforts to recover LUNA.
Earlier in May, UST, the key stablecoin in the Terra ecosystem, lost its peg to the US Dollar after the Anchor protocol had announced decreasing the interest rate. This was followed by massive UST and LUNA sales that crashed their prices to nearly zero.
Since that moment, the Terra community had been seeking a solution that would revive the ecosystem. The results of the discussion stated that:
- The initial Terra blockchain would hard fork to the new Terra 2.0 mainnet on May 28. The new coin will run under the initial name, LUNA.
- The historical Terra blockchain will keep operating, and the old LUNA coins will be renamed LUNC.
- There’s no new algorithmic stablecoin in the Terra 2.0 ecosystem. The old UST will change its name to USTC.
- To encourage the old Terra’s LUNC token holders, the developers airdropped 1 billion new LUNA coins to those who owned LUNC before May 26.
ChangeNOW’s head of PR Mike Ermolaev states:
“The Terra incident was indeed huge. We have witnessed and even partaken in probably one of ten most notorious events in crypto history. The crash of Terra had a negative impact on the whole industry, not to mention the members of the crypto community who have unfortunately lost their savings. However, as we now see, crypto has survived the crash and moves on to conquer new heights. So, ChangeNOW moves with the industry, announcing its support for LUNA and LUNC”
Terra 2.0 is the blockchain officially supported by Terra Labs now, but many crypto enthusiasts are still willing to trade LUNC tokens. To meet this demand, ChangeNOW enabled both LUNC and LUNA token swaps. Users can buy or sell the coins for 400+ crypto assets and 60+ fiat currencies without registration.
About ChangeNOW
ChangeNOW is an instant cryptocurrency exchange service where you can swap hundreds of crypto assets in a non-custodial way. The platform doesn’t require registration, so the exchanges are fully anonymous.
An average swap takes 5 minutes, and there are no hidden fees: all charges are included in the estimated rate that you see while setting up the exchange. Until December 31, 2022, a cashback feature is available: you can receive 0.1% from all crypto swaps made on the ChangeNOW website or in the mobile app in the platform’s native NOW tokens.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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