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UST.CM=+0.0041 (+17.08%)
LUNA.CM=+0.00004867 (+52.39%)
Cryptocurrency markets have seen a steep sell-off after the collapse of controversial blockchain project Terra.
Dan Kitwood | Getty Images
A new version of the collapsed luna cryptocurrency is already live on major exchanges — and it’s gotten off to a bad start.
Last week, supporters of the Terra blockchain project voted to revive luna but not terraUSD, a so-called “stablecoin” that plunged below its intended peg to the dollar, causing panic in the crypto market.
TerraUSD, or UST, is what’s known as an algorithmic stablecoin. It relied on code and a sister token, luna, to maintain a $1 value. But as digital currency prices fell, investors fled the stablecoin, sending UST tumbling — and taking luna down with it.
At its height, the old luna — now known as “luna classic” — had a circulating supply of over $40 billion.
Now, luna has a new iteration, which investors are calling Terra 2.0. It is already trading on...
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