Terra 2.0: Do Kwon's Terraform Labs launched its new blockchain on Saturday. The original Terra chain has been rebranded as Terra Classic, while a new chain has been created with the existing name Terra and made available for trading from today onward. Due to the de-pegging of the former chain, LUNA is witnessing extreme volatility. Also, steep selloff in broader crypto markets further added to woes. Terra coins were currently in deep red, although, the new coin LUNA did reach to almost $20-mark. The CoinMarketCap has notified investors on the website saying, "due to the de-pegging of UST, LUNA is experiencing extreme volatility. Please proceed with caution. The Terra blockchain was also halted."
As per the exchange, Terra Classic (LUNC) traded currently at around $0.0000997 down by 26.55%. It has a market cap of $653.93 million. It needs to be noted that, Terra Classic is the same original chain, however, rebranded.