Illiquid Labs offers NFT migration from Terra Classic to Terra 2.0

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Stay up to date with the latest Terra (LUNA) 2.0 news as it happens

Terra LUNA 2.0 token symbol cryptocurrency in the centre of spiral of glowing red dots on dark background                                 
Terra (LUNA) is the blockchain protocol that emerged from Terra Classic (LUNC) and the ashes of the UST stablecoin – Photo: Shutterstock


Illiquid Labs, a non-fungible token (NFT) infrastructure toolbox, is offering NFT migration from Terra Classic to Terra 2.0.

So far, the NFT migration is available to Terra Classic NFT projects including Galactic Punks, Space Toadz, Lootopians and Meta Royals NFTs. In a tweet, Illiquid has said more NFTs will be available to migrate soon.

29 July 2022: Privacy transaction app to be launched on Terra 2.0 ‘soon’

Hurricane Protocol, a fully decentralised protocol for private transactions, will launch a privacy transaction app on Terra 2.0 “soon”.

Via Twitter, Hurricane Protocol said it is “updating some workflow of the previous product that was launched on Terra Classic for reducing gas fees.”

27 July 2022: Pulsar to launch platform tracking all Terra 2.0 assets

Pulsar Finance is launching a platform that allows investors to track all their Terra 2.0 assets in one place.  

Pulsar Finance claims to be “everything Terra in one place” with all your Terra 2.0 assets, wallets and NFTs together and “the centre of decentralised finance (DeFi)”.

The platform was due to be launched on 28 July.

20 July 2022: Terra Poker to be Terra 2.0’s first P2E protocol

Terra Poker will be launching in August, Terra 2.0’s first play-to-earn (P2E) protocol.

According to its Twitter account, Terra Poker will be holding tournaments based on the Texas Hold’em poker variant.

14 July 2022: New updates and features come to Terra Station mobile

Updates have been made to Terra Station mobile, the official mobile wallet for managing native Terra assets and tokens.

This means that Terra 2.0 now has a new governance system where users can vote on governance proposals, people can manage their NFTs and view metrics on the Terra network.

Terra Station is available to download on iOS App Store or Google Play for Android apps.  

8 July 2022: Terra 2.0 NFT cornerstone Soil Protocol has officially launched

Soil Protocol, which has proclaimed itself as the cornerstone for NFT creators on Terra 2.0 has officially launched.

Soil Protocol has explained that “Every NFT idea starts as a seed, that with the right care and nutrients, can grow to fulfil its potential.”

6 July 2022: GetBlock trials Terra 2.0 nodes

GetBlock, a blockchain node provider, is running a trial period in which Terra 2.0 nodes have been made available on its network.

4 July 2022: Terranauts ‘migrating’ to Terra 2.0

Terranauts, NFTs on the Terra blockchain, will be migrating to Terra 2.0.

The NFT project said it only really had “one choice of where to migrate”, but it was excited to be “sticking with the Terra family”.

30 June 2022: Terra 2.0 listed on Changelly

Terra 2.0 has now been listed on the non-custodial cryptocurrency exchange Changelly.

In a Twitter announcement, Changelly said: “$LUNA is the new native token of Terra 2.0, a public blockchain that emerged from Terra Classic.”

Changelly already has more than 400 crypto assets available on its exchange.

28 June 2022: Terra 2.0 NFT cornerstone Soil Protocol is ‘building’

Soil Protocol, which has proclaimed itself as the cornerstone for NFT creators on Terra 2.0, has announced that it is “building” the infrastructure to support NFTs.

Last month, it explained in a tweet that “Soil Protocol is the NFT infrastructure layer built for Terra 2.0”. It went on to add that its application programming interfaces (APIs) will “allow devs to develop NFT projects without writing smart contract code”.

In its latest Twitter post, Soil Protocol said it is “dedicated to supporting artists, creators and builders” to enable them to unveil their NFT projects on Terra 2.0.

Soil Protocol added that as LUNA’s NFTs “are restarting from the ground up”, it will assist NFT developers with “fertile soil and tools to grow again”.

27 June 2022: Anonymous vs Do Kwon, Hacker collective targets Terra founder for ‘scamming billions of dollars’

A YouTube account claiming to belong to Anonymous, a decentralised international activist and hacktivist collective known for its cyber attacks, has stated that Do Kwon, CEO of Terraform Labs, is “single-handily responsible for scamming billions of dollars away from retail investors”.

This is due to the collapse of the stablecoin TerraUSD (UST) and its sister token Terra (LUNA) in May.

The video presented a list of allegations towards Kwon such as cashing out more than $80m (£65m) each month when LUNA was successful before the collapse. Anonymous also went on to say that Kwon denied these accusations “in a roundabout way, but not exactly”.

Kwon has tweeted that he denies cashing out the $2.7bn (£2.2bn). However, the video said the denial “doesn't account for the $80m”.

Basis Cash      

Before being CEO of Terraform Labs, Kwon had worked for another failed stablecoin named Basis Cash. This “failed due to regulatory concerns, and investors lost money” stated the video.  

It went on to say that Kwon was never held accountable, partly due to the fact he was working under the pseudonym Rick Sanchez, a character from the TV show Rick and Morty.

“It is obvious to us that Do Kwon has plenty of secrets and he has been very sloppy with his execution,” said the supposedly Anonymous video, which went on to say that Anonymous is looking into Do Kwon’s entire history since he entered the crypto space.

The hacktivist group believes, according to the video, that there are many more matters to be discovered in Kwon’s “trail of destruction”.

The video concluded that Anonymous will make sure Kwon is held accountable and “brought to justice as soon as possible”.    

24 June 2022: Do Kwon ‘devastated’ by LUNA, UST crash but denies fraud

Do Kwon, CEO of Terraform Labs, the company behind the Terra blockchain, has said he is “devastated” by the collapse of the stablecoin TerraUSD (UST) and its sister token Terra (LUNA) in May.

The Terraform Labs’ boss shared his thoughts on the collapse in an interview with the Wall Street Journal. But he dismissed any allegations of fraud, saying: “There is a difference between failing and running a fraud.”

Kwon stated he had lost most of his net worth in the crash and hoped that all those affected were “taking care of themselves and those that they love”.

However, Kwon has faith in LUNA 2.0 and said that it will “build back even stronger”.

13 June 2022: Do Kwon says he lost most of what he had in the UST crash

Do Kwon, the CEO of Terraform Labs, has said he lost “most of what he had” in the UST algorithmic stablecoin crash and denied accusations that he cashed out $2.7bn before the turmoil.

His Twitter rebuttal came after critics alleged that Do Kwon had cashed out $2.7bn in liquidity from LUNA (now LUNC) and UST.

“This should be obvious, but the claim that I cashed out $2.7bn from anything is categorically false,” tweeted Do Kwon.

“To reiterate, for the last two years the only thing I’ve earned is a nominal cash salary from TFL [Terraform Labs], and deferred taking most of my founder’s tokens because a) didn’t need it and b) didn’t want to cause unnecessary finger pointing of ‘he has too much’.”

According to CoinMarketCap, Terra (LUNA) 2.0, Terra’s native token, is trading at $2.64, up by 1.6% over the past 24 hours, but down 51% over the past seven days. Meanwhile, TerraClassicUSD (USTC), the rebranded version of the UST stablecoin, was trading at $0.00864.

Values are correct as of 09:15 BST (UTC +1).

10 June 2022: Do Kwon speaks out as SEC launches investigation into UST

An investigation into the Terra/Luna UST algorithmic stablecoin crash has been launched by the United States Securities and Exchange Commission (SEC), Bloomberg has reported, citing sources familiar with the matter.

The regulator will look at whether Do Kwon’s Terraform Labs violated federal investor-protection regulations, according to the outlet.

The inquiry came as a US court rejected Do Kwon’s appeal against a SEC investigation on the Mirror Protocol blockchain, another Terraform Labs product, opening the door to a further action exploring the UST collapse.

The US Court of Appeals for the second circuit, in New York, declared that despite Kwon and his company not being American entities, the extent of activities deployed on American soil justifies SEC investigation into whether Do Kwon violated federal securities laws in the offering of digital assets related to the Mirror Protocol.

Meanwhile, Terraform Labs’ CEO, Do Kwon, responded to critics over the UST stablecoin collapse, said that his company “intends to continue supporting and building on the Terra 2.0 network.”

According to CoinMarketCap, Terra (LUNA) 2.0 is trading up by 4.1% over the past 24 hours at $3.12. Upon launch, the token plummeted by over 80% from $19.6.

TerraClassicUSD (USTC) or the rebanded version of the UST algorithmic stablecoin is trading under the penny level at $0.0108.

Values are correct as of 08:15 BST (UTC +1)

9 June 2022: Terra developer predicted UST crash from the beginning

A developer at Terra who designed the platform’s core Anchor Protocol technology has revealed he expected the UST algorithmic stablecoin to collapse from the start, according to an exclusive South Korean JTBC TV news report. 

The developer, identified by JTBC as Mr B, was reported saying that at the time the protocol was designed, the interest rate paid to investors was calculated to be 3.6%. However, Terraform Labs, the company behind the TerraUSD (UST) stablecoin, opted for a whopping 20% just a few days before the launch to attract investors. 

“If the interest rate is too high relative to internal funds, the deficit will continue to grow, and even the slightest deterioration in market conditions can cause it to collapse all at once,” reported JTBC.

Mr B said he suggested to Terra’s CEO Kwon Do-Hyung to lower the interest rate, but the suggestion was not accepted.

Do Kwon, who could not be reached for comments, is expected to speak in Singapore at the Token2049 conference scheduled for September 2022. The agenda includes discussions on institutional investments in the crypto environment, as well as the growth of the metaverse and Web 3.0 space. 

According to CoinMarketCap, TerraClassicUSD (USTC) – the rebranded version of the UST stablecoin – was trading at a fraction above the $0.01 level earlier today. 

Meanwhile, Terra (LUNA) 2.0, Terra’s native token, was changing hands at $2.94, down by 19% over the past 24 hours. Since its relaunch, LUNA 2.0 has fallen 85% from the high of $19.54 after the new Terra blockchain was activated, according to CoinMarketCap.

Values are correct as of 12:00 BST (UTC +1). 

8 June 2022: Small investors rush to buy TerraClassic hoping for re-pegging

Terra (LUNA) 2.0 was down 20% in one day despite small investors hoping the UST algorithmic stablecoin re-will be repegged to the US dollar and betting on the orriginal version of UST, the now renamed TerraClassicUSD (USTC).

According to CoinMarketCap data, the number of unique wallets holding USTCs increased by 6% over the past seven days to more than 42,300 from around 39,800, as the USTC price, which has crashed to almost $0, allows a low entry point for small crypto investors.

Small investors are apparently buying lots of USTC coins in the hope of becoming millionaires if the stablecoin is re-pegged on a one-to-one basis to the US dollar, despite Terra developers’ intention to abandon TerraClassic, which brought turmoil to the market after its crash.

CoinMarketCap figures show Terra (LUNA) 2.0 is trading down 21% over the past 24 hours at $3.43. LUNA's market cap was $720.1m while trading volume was $359m, up by 11% over the previous 24 hours.

Values are correct as of 08:45 BST (UTC +1).

6 June 2022: LUNA 2.0 down as trading volume surges

Terra (LUNA) 2.0 is changing hands at $5.11 down 6.6%, according to CoinMarketCap,. LUNA market cap was $1bn while trading volume was $489.8m, up by 73% over the past 24 hours.

Values are correct as of 8:00 BST (UTC +1).

31 May 2022: LUNA 2.0 rebounds as Binance completes airdrop

The price of Terra 2.0 (LUNA) is recovering after an initial fall as major exchanges are airdropping the new tokens to Terra’s ecosystem wallet holders after the UST $42bn crash.

According to CoinMarketCap, LUNA, which was relaunched last week at around $18, was changing hands at $9.34 up by 36% in 24 hours, as Binance announced it has completed its Terra (LUNA) airdrop distribution to Terra Classic (LUNC) and TerraClassicUSD (USTC) holders.

Binance opened trading for LUNA/USDT and LUNA/BUSD trading pairs, However, it listed Terra 2.0 (LUNA) in its “Innovation Zone”, or the area dedicated to high-risk assets, warning its customer of the possibility of losing all funds.

Earlier, Terra developers said they are working to solve some issues experienced during the airdrop as some users received fewer LUNA than expected, with several complaints coming from investors who expected to obtain more after having suffered huge losses.

Among the complainers were also several post-crash investors, some of them betting on the old token in the hope to receive more as compensation later, whose old LUNAs were valued at a fraction of a penny.

Elsewhere, on the crypto market LUNA also witnessed a  more than seven-fold (646%) increase in its trading volume to $1bn, while the market cap was $1.8bn.

Values are correct as of 12:00 BST (UTC +1). 

30 May 2022: LUNA 2.0 tanks as investigation reveal no hacker attacked UST 

The new Terra (LUNA), or Luna 2.0, debuted on the Terra2.0 chain with a massive sell-off as the token, launched on 28 May at $18, fell by two thirds to $6.22 from its starting value, according to CoinMarketCap.

The sell-off was prompted by holders of the defunct UST algorithmic stablecoin not interested in the new project, and so dumping LUNAs 2.0, according to traders.

LUNA tokens are being airdropped to Luna Classic (LUNC), TerraUSD Classic (USTC) and Anchor Protocol UST (aUST) after the UST crash, which was not prompted by a hacker attack, according to recent research from the analytic firm Nansen.

The firm said" “We refute the popular narrative of one ‘attacker’ or ‘hacker’ working to destabilise UST.

“The depeg of UST could instead have resulted from the investment decisions of several well-funded entities to abide by risk management constraints, or alternatively to reduce UST allocations deposited into Anchor in the context of turbulent macroeconomic and market conditions.”

Prices are correct as of 08:00 BST (UTC +1).

With additional reporting by Raffaele Redi.

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