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Four days of anxiety from someone trying to buy more Luna

Having just bought more in the hope of receiving many new Luna coins for free, Nguyen Phu was worried when he saw that these tokens suddenly “disappeared” in his wallet.

On the morning of May 27, when opening a wallet on Binance, Nguyen Phu (Hanoi) saw that the number of Luna worth more than 500 USD no longer appeared in his account. This is the number of tokens he bought two more days ago, in preparation for the free distribution (airdrop) of the new version of Luna of the Terra project.

According to your opinion when reading the plan Terra 2.0, the more old Luna holders will be “gifted” more new Lunas. “After hearing this proposal was approved, I invested a few hundred dollars to buy more. The purpose is to receive as many new Lunas as possible, and the old Lunas I will sell when there is a profit or there is a sign of the price. decrease,” Phu said.

However, Mr. Phu’s plan has a flaw when it does not take into account the situation that the exchange will suspend trading to calculate the number of tokens that users own. In the cryptosphere, recording the state at a specific point in time is called a “snapshot”.

Binance exchange started taking snapshots and airdrops with wallets holding Terra project tokens from 10pm on May 26th Vietnam time and is expected to be completed on May 30th. During this time, users’ Luna and UST accounts will be “frozen” and unable to perform transactions or withdraw or deposit tokens. That’s why the accounts of holders like Phu no longer have Luna tokens.

After the above period, the user will receive a new Luna token, and the old Luna number will be renamed to Lunc and continue to trade. At that time, they held both Lunc and Luna at the same time. However, the percentage of Luna distributed to new buyers like Mr. Phu is not much, only 10% of the total supply and users only receive 30% in advance, and the remaining 70% will be paid in two years.

“The most worrying thing now is whether the price of Lunc at that time will decrease compared to the current Luna, nor is it clear how much the new Luna I will receive is worth,” said Mr. Phu. Currently, Lunc is still being traded on some small exchanges. The price of this token has dropped to $0.00013, which is 25% lower than when he bought it two days ago. He determined that he would “temporarily lose” these tokens because he couldn’t do anything. “If I know that the exchange will stop trading for four days, maybe I will sell these tokens to ease my worries.”

Token Luna discounted tens of thousands of times in mid-May. Photo: Bao Lam

Token Luna decreased in price tens of thousands of times in mid-May. Photo: Bao Lam

This is also a common concern of many people in the Terra community in Vietnam. Questions like “have I lost my previous Luna number”, “what will be the new quantity and price”, “the new Luna is different from the old one” … appear a lot on cryptocurrency investment groups in Vietnam South in recent days. Besides some people who define “playing the lottery” with this token and don’t care if the price goes up or down or some have already taken profits thanks to the recent price fluctuations, a large group of other users are worried about the project. This is about to enter a new phase.

“Can you ‘come back’ guys?” asked a member named Thanh Hieu, and shared a picture of his wallet containing more than 20 million Luna tokens. Hieu said that this token was bought by him for $ 3,000, sometimes making a profit of more than 20% but not yet “taking profits”. Now, he has to wait at least until May 30 to know the results.

“With what Do Kwon and the Terra project shows that over time, the fate of these tokens is uncertain. Stab the javelin and then follow the javelin”, Hieu said.

According to Nguyen Tien Bac, administrator of a cryptocurrency community of more than 170 thousand members in Vietnam, two reasons why crypto players have tried to buy Luna in recent days are: believing that the coin used to be the “top coin”, so will not “die”, and the second is to buy the old Luna to get the new Luna airdrop. These are the driving forces that help this digital currency sometimes increase in price by tens of percent in the past few days.

However, according to Mr. Bac, when the exchanges have taken a snapshot and fixed the new Luna number, the old Terra ecosystem is also transferred to the new Terra, users holding Lunc also do not bring much benefit, while the supply of this token now at trillions of coins.

“Many people think that Luna used to be worth more than 100 USD, so they still expect Lunc to go up to 0.01 or 0.1 USD. However, this is a thousand times increase now and it is very difficult to do.” , Mr. Bac assessed.

In addition to Luna, another cryptocurrency, UST, was also bought by many people when the Terra 2 proposal was approved on May 25. New UST holders will also airdrop new Luna tokens at a rate of 15% of the supply, receive 30% in advance and receive the remaining 70% over two years. In addition, the value of this token is also expected by many to increase after the proposal to burn 1.3 billion UST was approved, despite the fact that founder Do Kwon has no plans to revive this “stablecoin”.

The exchanges all warn about the unstable value of the tokens and recommend that users consider the risks if investing. However, the number of wallets owned and the transaction volume of these cryptocurrencies both increased after May 25. According to data on CoinMarketCap, the number of wallets holding UST increased from 38 thousand to nearly 41 thousand after three days since May 25. UST trading volume also quadrupled during this period, while old Luna trading volume increased about twofold.

The proposal to revive Terra to create a new Luna token was made by founder Do Kwon on May 18, ten days after the project crashed, causing the UST coin to lose the 1 USD mark and the old Luna token also dropped by nearly 100%. This proposal accepted with over 65% voting yes, despite objections from small investors.

According to this proposal, the project will create a new Terra chain that does not have an algorithmic stablecoin like the previous UST. The new chain is named Terra with the Luna token, while the old chain will be changed to Terra Classic with the Luna Classic (Lunc) token. The initial supply of Luna will be 116.7 million, after a year increasing to 182 million. The new Luna token will be distributed free of charge to old Luna token holders, USTs, and app developers of the Terra Classic ecosystem.

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