At the start of the new Terra chain, Luna’s initial supply was 1 billion coins. This move was made to build a stronger, more efficient blockchain for Luna Classic holders1. For those using Terra Classic, moving to the phoenix-1 Terra 2.0 blockchain is key to keeping up with crypto changes1. This guide gives you all the info you need on the new name, moving process, and steps to benefit fully from it.
First off, we’re changing Luna’s name to Luna Classic (LUNC) and updating Terra stablecoins. Even as the Terra Classic mainnet keeps running, market swaps won’t work when you move cryptographic keys. You’ll learn all about how the network starts and how airdrops are given based on snapshots taken before and after the attack12. By reading this, you’ll know how to switch to Luna Classic Migration Services smoothly and efficiently.
Key Takeaways
- Initial supply of Luna at the genesis block is 1 billion coins1.
- Transitioning from Terra Classic (columbus-5) to Terra 2.0 (phoenix-1) ensures access to the latest features1.
- Rebranding involves renaming Luna to Luna Classic (LUNC) and rebranding Terra stablecoins.
- Network launch instructions and airdrop allocations are provided for seamless migration2.
- This guide is essential for utilizing Luna Classic Migration Services efficiently.
Understanding Luna Classic and Terra 2.0
The move from Luna Classic to Terra 2.0 is a big deal in blockchain. It brings major changes and things to think about. It’s key to know both chains for smart choices on moving and handling assets.
Background of Luna Classic
Luna Classic is the first Terra blockchain, now called Terra Classic. Terra Classic Mainnet is known as columbus-5, and its Testnet as bombay-123. It’s part of the bigger Cosmos chain. It includes renamed stablecoins and keeps the network going.
Before and after the attack, snapshots were taken to protect blockchain assets34. Luna Classic is still key. It has a large market cap of about $961 million5.
What is Terra 2.0?
Terra 2.0 comes from a fork of the original and doesn’t use the old chain’s parts. It began on 28 May 2022, starting fresh from block height 1. The Mainnet is called phoenix-1 and Testnet pisco-134.
The new Luna has 1 billion coins from the start3. New Luna coins were given out to various groups. They went to community pools, and holders of LUNA and UST before the crash5. A major vote, with 65.5% saying yes, helped restart this chain5.
The new Terra keeps the name but adds uluna for tighter transactions4. Staying informed through forums and official info is crucial. It helps understand the effect of these big changes.
The Importance of Luna Classic Migration
Moving from Luna Classic to Terra 2.0 is vital for staying current with blockchain changes. It keeps your assets safe and ensures they match new network features.
Why Migrate?
The Luna Classic migration is key for managing crypto assets well. Recently, Terra Luna Classic’s price went up by 9%, reaching $0.000104. Its trading volume hit $25,407,8036. This rise shows more people are interested in the new network. Binance helped by burning 1.4 billion LUNC tokens, reducing the total by over 57.66 billion6. This action could make the remaining tokens more valuable.
Also, Terra Luna Classic plans to burn 800 million USTC coins. This move aims to boost the stablecoin’s value, pending the community’s nod6.
Benefits of Migrating to the New Chain
Switching to Terra 2.0 offers many advantages. It simplifies operations by leaving out certain features for smoother transactions7. The main staking asset is now Luna. Terra Classic’s token is called LUNC, making things clearer in the updated system7.
With Terra 2.0, you can use CosmWasm smart contracts. They make the platform adaptable and save money with a stable gas fee of 5.665 ULUNA per transaction7. Also, it cut out unnecessary features, focusing only on what’s important7.
The migration brings better network features. It prepares for a future with more network use and a better user experience.
Step-by-Step Guide to Luna Classic Migration
The steps to migrate Luna Classic are key for a smooth crypto change. This guide helps you through every stage. It makes sure you’re ready and can tackle each step with confidence.
Preparing for Migration
Before you start, it’s important to get all documents ready and follow the network’s rules. The Luna Classic migration began in July 20228. Make sure you have enough Luna Classic coins for gas fees. You’ll need about 80 coins for each transaction8 to prevent any issues.
Executing the Migration
After you’re prepared, the next step is to migrate your tokens. Use the special migration contract marked as “Beta”9. Watch out for changing gas fees. They have caused problems for many before8. You’ll also pay roughly $1 in LUNA per NFT to cover development costs by Illiquid Labs9.
Post-Migration Steps
After migrating, there are important steps to keep your assets safe. Make sure your new Terra chain addresses are secure. Also, claim all NFTs before the six-month deadline from Illiquid Labs9. Any NFTs not claimed will go into community raffles9.
Follow this guide carefully for a smooth transition in the crypto world. It ensures you do everything right and with confidence.
Luna Classic Upgrade: Key Changes
The Luna Classic Upgrade introduces significant improvements to the Terra Classic blockchain. These changes help in keeping the system strong and adding new features.
Network Changes
A major change in the Luna Classic Upgrade is the launch of the v2.2.1 core upgrade. It began at block height 14514000 on September 12 at 10:15 UTC10. This upgrade adds a new cosmos SDK, switches to CometBFT, and makes updates to IBC-go to v6 and wasmd versions. All these are major steps forward10. Validators and node operators have been busy with the upgrade. PFC was the first validator to get it working within three hours10. These upgrades make the Terra Classic blockchain more stable and efficient.
Airdrop Details
The Luna Classic Upgrade changes a lot about airdrops and who can get them. The total airdrop amount for migrating to Luna Classic is 53580518787611. They took a snapshot before the attack at block 7544910. And they plan another snapshot after the attack at block 779000011. The start height for the Luna Classic airdrop on the new chain is from height 111. Token teams must use the new chain’s snapshot to launch their tokens correctly. This makes sure the airdrop is fair and the new Luna tokens are distributed transparently. For more information, go to this resource.
Furthermore, the Luna Classic Upgrade improves several parts of the Terra Classic blockchain. This means better market swaps and module adjustments. With these improvements, the Luna Classic Upgrade helps build a stronger system for future network plans.
Tools and Resources for a Successful Migration
Moving to the new Luna Classic chain takes using top Luna Classic Migration Resources and support from the community. This article talks about the official guides and the amazing help from the community that will assist you during this important change.
Official Documentation
When migrating to Luna Classic, looking at the official guides is key. Check out the Terra Core GitHub for the newest software updates and review the security checks to make sure the blockchain is safe. TerraCVita and Terra Rebels have done a lot to help by setting up their own LCD endpoints. They show the importance of moving from TFL’s LCD endpoint to ones run by the community. This improves our independence and makes the migration smoother and more transparent12.
Community Support
The Terra community’s support has been key, showing amazing teamwork between users and validators. The recent governance vote 4661 saw a 99.88% “yes” vote, showing strong community support12. Since starting a 1.2% tax and burn on transactions, the Luna Classic blockchain is now reducing in supply. Over 2 billion LUNC were burned in just one week12. This joint effort shows our strength and helps us face challenges. Validators have shared guides and experiences to help everyone through this difficult time.
About 41 billion LUNC and 158 million USTC got stuck when the IBC protocol was shut down, showing the community’s effort to keep the network running12. Community projects are working on getting money for important infrastructure by redirecting some funds from the burn. This ensures that decentralized apps (dApps) and exchanges keep working smoothly13.
| Resource | Details |
|---|---|
| Terra Core GitHub | Repository available for software updates and maintenance. |
| Security Audit Reports | Detailed reports ensuring blockchain security protocols. |
| TerraCVita & Terra Rebels | Independent LCD endpoints and migration assistance. |
| Blockchain Support Tools | Tools for maintaining network integrity and continuous operation. |
As you go through the Luna Classic migration, using Luna Classic Migration Resources and working with the Terra community can really lower risks and make your migration successful.
Lessons Learned from the Terra Collapse
The collapse of the Terra network changed the crypto world deeply. It led to big losses for many people14. Terra Luna Classic’s price dropped drastically in just over a month15.
Impact of the Crash
This event broke many investors’ dreams along with their portfolios14. One person, planning for the future, lost a lot in both LUNA and Anchor Protocol14. It also sparked debates on how centralized systems should be14.
Measures Taken Post-Collapse
After the crash, actions were taken to prevent such events in the future. Terra 2.0 was created to regain trust14. Binance helped the token’s slight recovery by burning trading fees15. A study by Nansen shed light on the causes of UST’s rapid inflation16.
There’s a strong push to learn from what happened. The community is focusing on smart investing and listening to various opinions14. This is to avoid past mistakes and create stronger projects in the future.
Luna Classic and Terra 2.0 Branding and Logo Updates
The rebranding for Luna Classic and Terra 2.0 aims to set them apart in the market. It is crucial because a new blockchain will begin at the genesis block 0, with no history linked to Luna Classic17. To support Terra 2.0, Terra Classic’s popular protocols like Anchor and Nexus, among others, will update their branding18.
Keeping logos updated is key to reducing confusion. Recently, two major proposals didn’t go through because of technical problems17. Having clear logo assets helps everyone involved.
The rebranding includes new visuals and governance tokens for platforms like Astroport. New ASTRO tokens will be distributed based on current balances, according to specific dates18. This highlights the need for consistent branding.
For a seamless experience, always download the latest logos from official sources. Staying up-to-date helps ensure a smooth changeover. Community support and proper guides are essential for adapting to these updates.
18Astroport focuses on making intelligent choices with experts’ help, aiming for consistency in branding. The main goal is to lessen confusion and build trust for users in both Luna Classic and Terra 2.0.
| Change | Luna Classic | Terra 2.0 |
|---|---|---|
| Blockchain History | Old Blockchain | New Blockchain from Genesis Block 017 |
| Active Protocols | None Updated Yet | Anchor, Nexus, Prism, Spectrum, Stader18 |
| Logo Assets | Updated Required | New Logos Implemented |
| Governance Tokens | Existing ASTRO | New ASTRO Based on Snapshots18 |
Handling Stablecoins in Luna Classic Migration
The switch from Luna Classic to Terra 2.0 brings big changes, especially with stablecoins. Changes in how stablecoins are named and structured are key. They help users adapt easily and keep the financial system stable.
Renaming and Rebranding Stablecoins
Reworking stablecoins for the Terra ecosystem means new names and designs. UST, KRT, and others are changing to fit the Terra ClassicUSD model. This step is vital because Terra has cut all its native stablecoins from the new chain. Developers have to update or remove certain codes in their projects19.
Developers trying to switch Luna for UST or something similar won’t succeed anymore. Also, the old ways to check treasury and exchange rates don’t work19. These changes highlight the need to get used to the new ways of handling stablecoins in Terra 2.0.
New Stablecoin Structure
Terra 2.0 demands a fresh approach to stablecoins. Devs must update their tools and libraries. It’s important for all dApps on the new chain to get the latest versions of @terra-money/feather.js and @terra-money/wallet-provider19.
Using tools like token-snapshot is essential for getting clear pictures of holder balances at certain times. This helps a lot with airdrops19. As we move forward without the old stablecoins like Terra ClassicUSD, creating a good plan for this new scenario is crucial.
The migration is a big deal, with Luna Classic valued at $2.8 billion and Terra 2.0 at $415 million20. Careful planning is necessary to keep things stable and keep users confident. Adapting to the new stablecoin setup is key for a smooth transfer to Terra 2.0.
The Role of Validators in Luna Classic Migration
Validators are key in making sure the Terra network migration goes well. They check transactions and keep the blockchain real and secure. The guide here starts with how to register. It also covers what to do when the network launches.
Validator Registration Process
To start as a blockchain validator, you need to stake Luna tokens. This lets you become a validator. People who stake their tokens with validators get part of the fees the network makes21. Validators have to run a full node and make sure it’s always up. They must also follow the community’s rules.
Network Launch Instructions for Validators
When it’s time, validators will get steps for starting the network. They first join the genesis block, the network’s starting point. This makes the network stable and safe. Validators set up their systems for the new network standards. They also test to make sure the switch is smooth. Teams of validators, including groups like MCF and 01nodes, are key to this plan22.
They must also make sure the blockchain syncs well at the start. This keeps all transactions correct on the new network.
For the Terra network to be strong, validators must do their job well. They check transactions and help keep the network safe and fast. By following the validator guidelines, the new chain will be stable and work well.
To show how important validators are, look at this table. It matches key actions with their responsibilities:
| Action | Responsibility |
|---|---|
| Staking Luna Tokens | Enable validator status and receive transaction fees21 |
| Running a Full Node | Maintain network integrity and high uptime |
| Joining the Genesis Block | Create and secure the first block of the new chain |
| Stress Testing | Ensure network resilience and stability during migration |
Blockchain validators must follow these steps and rules for a smooth Terra network migration. Doing so will help Luna Classic succeed in the long run.
How to Swap LUNC for LUNA
Swapping LUNC for LUNA brings you into the thrilling world of the Terra ecosystem. This swap is key for those heading to the new Terra 2.0 network. We’ll help you exchange your LUNC for LUNA easily, covering everything from picking the right exchange pair to safely getting your new tokens.
Choosing the Exchange Pair
Picking the right exchange pair is very important for migration swaps. Platforms like SimpleSwap list the LUNC/LUNA pair, simplifying the process. Knowing the current conversion rates is crucial. For example, 1 LUNC’s value is quite low at $0.0001423, needing a lot of LUNC to get LUNA. Meanwhile, the LUNA price has dropped to $0.3124, which is key for your decision-making.
Sending the Deposit
After choosing your pair, send your LUNC to the given address by your platform. Always check addresses to avoid mistakes. The LUNC has a huge supply of over 5 trillion24 and a daily volume of about $19.4 million24, showing great liquidity and making deposits easy.
Receiving Cryptocurrencies
Following a successful deposit, your LUNC will be exchanged for LUNA. Given LUNA’s market cap is about $258 million24, you’ll get LUNA at the present rate. This step usually happens instantly. Always check your exchange to be sure the swap is finished. The aim is a seamless move into the Terra 2.0 ecosystem.
The Impact of Airdrops on Migration
Cryptocurrency airdrops have changed how we think about moving to Luna Classic. They help users by giving back what was lost and encouraging them to join the new system. Right before the system was attacked, snapshots of user balances were taken. This was to make sure everyone got their fair share later.
Pre-Attack and Post-Attack Snapshots
To get how airdrops are shared out, we look at snapshots taken before and after the attack. Dates like May 7 and May 27 are key for figuring out who gets what in the Luna Classic migration airdrops25. This means if you had assets then, you’re rewarded correctly. Such careful planning makes moving to Terra 2.0 smoother for everyone.
Airdrop Allocation Example
Let’s consider an example of how airdrops are given out. Exchanges like FTX and KuCoin support the jump to Terra 2.0 and the LUNA airdrop26. On a certain day, users get a share based on what they own. This method is what guides the shift from LUNA and UST to LUNC and USTC26. It’s all about being clear and fair.
With big updates like the cosmos SDK upgrade, airdrops make sure people are treated right. This approach to the Luna Classic migration airdrops builds trust in the new setup. It meets what the community expects and makes the tech better.
| Exchange | Support Status | Trading Suspension |
|---|---|---|
| FTX | Supported | May 26, 12 pm UTC |
| Gate.io | Supported | May 26, 8 am UTC |
| Upbit | Supported (AirDrop Only) | N/A |
Comparing Terra Classic and Terra 2.0
Terra Classic and Terra 2.0 have big differences in how they are built and manage tokens. These differences are key to understanding how each supports its own network.
Technical Differences
The original Terra network, now called Terra Classic, saw a massive loss. It lost over $29 billion in value within eight days after the ecosystem collapsed27. Before this downfall, Luna Classic (LUNC) peaked at a price of $119.0227. Terra Classic and Terra 2.0’s technical aspects and how they are run really stand apart.
Terra 2.0 was created to be more stable and have stronger rules than the older version. It was given to people who already had LUNA and UST tokens through an airdrop27. This new version improves how people can get involved and make decisions together.
Token Integration
Shifting from Terra Classic to Terra 2.0 put a spotlight on how tokens work. On the Terra Classic blockchain, Luna Classic (LUNC) was the main token. Despite losing value, it saw trades worth $160 million in just one day on CoinGecko27. Meanwhile, Terra 2.0 keeps the LUNA token but uses a better token model for a growing and strong ecosystem.
When comparing token behavior, the differences are clear. For example, Wrapped Luna Classic (WLUNC) had its ups and downs. It changed by 1.05% in one day but fell by -10.32% over a week28. It experienced extreme highs and extreme lows, showing how unstable Terra Classic tokens can be28. The new changes with Wrapped Luna Classic show how the system is adjusting as people start using the new chain.
For more details, click here to see the latest prices and trends. This info helps understand the impact on investors and users.
| Feature | Terra Classic (LUNC) | Terra 2.0 (LUNA) |
|---|---|---|
| Token | Luna Classic (LUNC) | LUNA |
| All-Time High | $119.02 | Newly established |
| 24h Trading Volume | $160 million27 | Varies |
| Market Cap Decline (Post-Collapse) | $29 billion27 | N/A |
| Governance | Legacy | Improved |
Potential Challenges in Luna Classic Migration
The Luna Classic community is gearing up for migration, facing various potential challenges. These include both technical and social issues. These factors influence the transition and user adaptation.
Technical Hurdles
Technical problems are a major worry for Luna Classic’s migration. Keeping the network stable during this process is tough. Trading volume has dropped by 21.47%, affecting liquidity and market feelings29. The Terra 2.0 launch also caused problems with Terra Station, taking about 24 hours to fix30.
Binance’s token burning and over 1 trillion LUNC staking have impacted recovery efforts29. Technical indicators show mixed signals. MACD shows an uptrend, RSI is neutral to positive, and CMF has positive sentiment29. A strong technical support system is needed to handle these migration challenges.
Community Concerns
Community feedback is key to the Luna Classic migration’s success. Users worry about trust and asset safety during big changes. To help, Levana offered solutions for challenges faced by Ledger users on Luna Classic’s blockchain30. These steps help ensure asset safety.
How changes are shared and put in place also matters to the community. The creation of over 1,000 Levana Dragon Wallets right after launch shows strong community engagement30. Levana’s unique NFT collection highlights the value of community trust during significant migrations30.
It’s crucial to understand both technical problems and community reactions to tackle migration challenges well. Handling technical issues and improving communication with the community can make the migration smoother. This sets up Luna Classic and Terra 2.0 for success in the future.
Future Prospects for Luna Classic and Terra 2.0
The future of Terra depends on its innovation and rebuilding efforts in the blockchain world. Luna Classic (LUNC) has a market cap of just over $325 million. This is a big improvement from its lowest point, suggesting a better Luna Classic outlook31. Its value might hit $0.000086 by the end of 2023. By the end of 2025, we could see it at $0.000165, and it might reach up to $0.0003 by 203031. These goals hint at a strong belief in its recovery and success.
LUNA 2.0, on the other hand, has seen a lot of ups and downs since its debut on May 28, 2022. It started at $18.98 but fell sharply, finding some stability around $1.30 by the end of December 202232. Still, it boasts over one billion tokens, with nearly 278 million in circulation now33. By 2025, LUNA 2.0 might be worth $0.55330213, suggesting a 41% return on investment33.
Blockchain innovation is key for both Luna Classic and Terra 2.0. Their success lies in adapting and growing to meet market needs. They also focus on improving decentralized finance applications. The new Terra chain offers about 7% yearly in staking rewards, enticing for token holders32.
Meanwhile, Luna Classic shows its determination to bounce back by burning over 76 billion LUNC tokens31. Success means learning from past mistakes, addressing the community’s concerns. It also entails leading in technological progress to change the blockchain scene.
Both Luna Classic and Terra 2.0 look forward to bright futures. This optimism comes from strong community backing and smart innovations. As blockchain technology grows, their joint efforts could mark major wins in decentralized finance. This makes the future of Terra and the Luna Classic outlook thrilling tales. They aim to revolutionize blockchain payments and decentralization.
The Role of Exchanges in Supporting Migration
Cryptocurrency exchanges play a key role in moving Luna Classic (LUNC) to Terra 2.0. They list LUNC and LUNA pairings, help with transactions, and make sure users have a smooth experience. For example, Upbit, South Korea’s biggest crypto exchange, is backing Terra’s new start with support and a name change for LUNA to Luna Classic (LUNC). They are also doing airdrops34. Meanwhile, Binance, the top cryptocurrency exchange worldwide, supports Terra’s comeback plan. They are helping with the network’s rebranding and airdrop34.
Exchanges Supporting Luna Classic and Terra 2.0
Many exchanges are assisting with the LUNA airdrop and ensuring safe funds transfer. FTX, for example, will help with the LUNA airdrop and has stopped LUNA and UST deposits and withdrawals34. Similarly, Gate.io will change LUNA and UST to LUNC and USTC after a proposal from the Terra team34. Big exchanges like Bitrue, Bybit, Huobi, KuCoin, and Bitfinex are also supporting the airdrop34.
A full list of supporting exchanges includes:
- Binance
- FTX
- Gate.io
- Upbit
- KuCoin
- Bitfinex
- Bitrue
- Huobi
- Bybit
- Others
These exchanges help by pausing deposits and withdrawals. This ensures a smooth transition for the airdrop and rebranding34. Learn more about the exchanges supporting Luna Classic and Terra 2.0.
Ensuring Security During Migration
Exchanges also focus on security to protect users’ money. Binance, for instance, not only supports the rebranding but also keeps access secure for everyone34. Gate.io will shut down the LUNA and UST market before May 26 at 08:00 UTC. This is to manage the ticker change and airdrop safely35. These steps help users feel confident about moving their funds securely.
Overall, exchanges are crucial in migration. They ensure easy transactions and safe fund transfers. Their dedication to a smooth user experience during such an important time is vital.
Ensuring a Smooth Transition: Best Practices
When moving to the Luna Classic, it’s key to follow best practices. This ensures a smooth, hassle-free switch. Always do thorough research and stick to the guidelines. This approach not only makes the migration easier but also keeps your assets safe. Doing so minimizes risks and saves both time and energy.
Tips for Users
Here are some tips for an effortless Luna Classic switch:
- Prepare Thoroughly before Migration: Back up your Luna Classic files and data before beginning. This prevents loss and makes it easier to fix any issues.
- Stay Updated with Official Channels: Always follow the Luna Classic team’s official news and guides. This helps you stay on top of network changes and airdrops.
- Utilize 64-bit Architecture: Moving to a 64-bit setup improves efficiency and security. It also supports larger projects without the limits of memory use36.
- Use Reliable Exchanges: For swapping LUNC for LUNA or handling stablecoins, choose exchanges that back Luna Classic and Terra 2.0. This keeps your migration secure.
- Engage with the Community: Connect with forums or social media groups for Luna Classic and Terra 2.0. It’s a great way to get support and tips from others.
Common Pitfalls to Avoid
Steering clear of migration mistakes is important. Here’s what to watch out for:
- Ignoring Compatibility Issues: Check that your tools and components work with a 64-bit system. This ensures better performance and integration36.
- Overlooking Security Measures: Use secure networks and two-factor authentication during migration. This protects your assets well.
- Rushing the Process: Don’t rush through the migration steps. Follow the official guide closely to avoid mistakes and data issues.
- Underestimating the Impact on Stablecoins: Be aware of how renaming and restructuring affect stablecoins. Plan accordingly to manage your assets well.
- Neglecting Post-Migration Verification: After migration, double-check everything. Ensure all data and applications have moved over correctly.
By sticking to these Luna Classic migration tips and avoiding common errors, your move will be smooth and secure. These practices help protect your investments and let you enjoy the new platform’s benefits.
Conclusion
This guide is your key to smoothly moving from Luna Classic to Terra 2.0. It covers all you need to know, from its history to what the future looks like. It helps everyone in the Terra community understand the big picture.
The UST stablecoin’s fall and the birth of the new LUNA chain were big moments for Terra folks. Even though LUNC’s value dropped disastrously by the end of May 202237, the community stays strong. Predictions and partnerships hint at a bright future3731. Plus, there are plenty of support and tools to help you with the switch.
Getting the hang of validators’ roles, using exchange support, and following good advice are key. They help keep Terra’s world stable and thriving. This guide does more than just instruct. It makes you see the shift to Terra 2.0 as a chance to grow and innovate in the ever-changing crypto universe.
