On Saturday, Terra’s new blockchain officially went live in an attempt to revive the Terra ecosystem after its algorithmic stablecoin (UST) and sister coin LUNA collapsed.

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This came days after the community approved a proposal made by Terraform Labs founder Do Kwon to launch a new layer-1 Terra blockchain without its algorithmic stablecoin, TerraUSD (UST). The old blockchain is now called Terra Classic (LUNC), and the new blockchain is called Terra (LUNA).

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In addition to the launch, 70% or 700 million of the total LUNA 2.0 token supply got airdropped to investors who previously held LUNA Classic, TerraUSD Classic (USTC), and Anchor Protocol UST (aUST).

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According to data from CoinGecko, the price of LUNA has dropped roughly -65% since its opening of $18.87 on Saturday and is sitting at around $6.58 at the time of writing.

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The lack of faith in Do Kwon’s revival plan likely played a big part in LUNA’s plummet, with many investors sharing on Twitter they have no plans to invest in the cryptocurrency after how poorly Terraform Labs dealt with the recent ecosystem collapse.

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