Earth was originally an ecosystem with many moving parts. However, its stablecoin TerraUSD (UST) and asset LUNA faced a catastrophe in 2022, causing major changes to the project. Terra now has a new blockchain called Terra 2.0 with a new asset that is also called LUNA but referred to by most as LUNA 2.0.
through arbitration between the two pools. A stablecoin was created or burned in conjunction with the creation or burning of LUNA depending on the direction in which that stablecoin moved away from its intended fiat price, with market arbitrageurs profiting from the differences if and when they occurred.
Terra remains
In 2022, the design of the UST stablecoin led to a collapse in the price of both UST and LUNA assets. UST lost its peg to the dollar, eventually falling below $0.05 per UST. LUNA dropped almost 100% in value. Do Kwon, co-founder of Terraform Labs — the entity that built the Terra ecosystem — proposed the birth of a new blockchain without a related stablecoin. Called Terra 2.0 (also known as Phoenix-1), the new blockchain was launched with a new asset also called LUNA, but known to most as LUNA 2.0. Plans also included launching the new asset to certain participants in the Terra ecosystem.
The original Terra blockchain became Terra Classic, with its asset called Luna Classic (LUNC). TerraUSD also became TerraUSD Classic (USTC).
LUNA coin price
LUNA, or LUNA 2/LUNA 2.0, is now the asset of the current Terra LUNA crypto ecosystem. The value of the LUNA crypto asset is shown in the LUNA chart above. The price at the top of the page shows the updated price of Terra LUNA today via a live price of LUNA to USD.
