Hello, Crypto Griffin here to explain the meme.
Do Kwon, the founder of Luna, appears to be refusing to accept defeat in the aftermath of the LUNA disaster, which has already cost investors millions and billions of dollars, and has now launched LUNA 2.0.
Some desperate or gamble addict investors are considering buying it in hope of recovering losses.
- For the real story behind this meme, read the following article:
LUNA 2.0 is released following the Terra Crash
Terra is getting a fresh lease on life with a Luna rebirth after a dramatic crash, and it’s already online on the exchanges, but it’s off to a horrible start.
Terra backers decided last week to resurrect the bankrupt cryptocurrency Luna, but with one major change. Luna has returned sans the feature that caused the cryptocurrency’s precipitous drop two weeks ago – its stablecoin, UST.
When the corporation revealed the news on Twitter on Wednesday, it added, “Terra 2.0 is coming.”
“With overwhelming support, the Terra ecosystem has voted to pass Proposal 1623, calling for the genesis of a new blockchain and the preservation of our community”.
Terra 2.0 will “essentially generate a new Terra chain sans the algorithmic stablecoin,” according to Terra.
“The old chain will be called Terra Classic (token: $LUNC), and the new chain will be called Terra (token: $LUNA). The chain upgrade will commence a few hours after the Launch snapshot,” Terra announced on Twitter.
The new Terra basically establishes a new blockchain linked to the Luna coin. The old Luna will be replaced by Luna 2.0, effectively ending the relationship with the defunct stablecoin.
However, the old Luna will not be fully replaced; rather, it will coexist with the new and enhanced Luna 2.0. Holders of the old Luna, now dubbed Classic, and UST tokens will receive a portion of the new 1 billion tokens.
Luna holders will receive around 35% of all new tokens, 10% will go to those who had UST prior to the cryptocurrency’s collapse, 25% will go to traders who still own Luna and UST after the crisis, and 30% will go to a pool of Luna investors.