Terra 2.0 (LUNA) is a decentralized, open-source, and public blockchain protocol that utilizes a Proof-of-Stake consensus mechanism to support decentralized apps (dApps), particularly in the DeFi space. LUNA serves as the native digital asset of the Terra blockchain, functioning as the governance and utility token of the ecosystem.

The original Terra ecosystem experienced a collapse due to an attack that depegged the TerraUSD (UST) stablecoin and caused a crash in the price of the original Terra (LUNA) token. In response, co-founder Do Kwon devised a revival plan.

LUNA 2.0 was launched with the upgrade of the Terra blockchain following the acceptance of governance proposal 1623 by the community. This upgrade resulted in the creation of a new blockchain known as Terra 2.0, with LUNA (or LUNA 2.0) as its native token. The mainnet launch of the new Terra blockchain took place on May 28, 2022.

Terra 2.0 is not a hard fork of the original Terra blockchain but a brand new blockchain protocol that no longer supports stablecoins. The Terra Ecosystem Revival Plan aims to support leading dApp projects from the original blockchain and replace the Terra 1.0 network.

LUNA serves multiple purposes within the Terra ecosystem:

1. Staking: Users can stake LUNA to become Terra validators and earn rewards in LUNA tokens by validating transactions and creating new blocks.

2. Utility Token: LUNA is used as the currency for paying transaction fees on the Terra blockchain. A portion of these fees is allocated as rewards to validator nodes.

3. Governance Token: LUNA holders have voting rights to participate in proposals for upgrading the Terra network, enabling them to contribute to the blockchain's future development.

4. Crypto Asset: LUNA can be bought, traded against other cryptocurrencies and stablecoins, or held as a long-term investment.

After the mainnet launch of Terra 2.0, the original blockchain has been renamed Terra Classic, and its native token, formerly Terra LUNA, is now called Terra LUNA Classic (LUNC). Terra Classic will coexist alongside the new Terra network and continue its operation with market swap features.

Terra Classic, built using the Cosmos SDK and leveraging the Tendermint consensus protocol, will support Terra stablecoins. The previous stablecoins backed by the blockchain, such as UST, KRT, EUT, will be renamed as Terra Classic stablecoins (USTC, KRTC, EUTC).

Terra LUNA Classic (LUNC) will be listed as a separate digital asset for trading on various crypto exchanges, including BYDFi.

Terra 2.0, or the new version of Terra, will no longer support stablecoins in its latest iteration, unlike the previous version, now known as Terra Classic or informally as Terra 1.0. The new Terra blockchain will support only LUNA as the primary digital asset for staking on its ecosystem.

The proof of stake blockchain network features innovative tech such as Mantlemint and Terra Station to offer an ecosystem with high transaction speeds, low transaction costs, and improved network security. The new Terra blockchain is designed to drive DeFi adoption while providing an attractive platform to develop Web 3.0 and NFT-based applications.

The new Terra network is an entirely different brand evolution from Terraform Labs, focusing on being a robust platform for dApps and their developers. On the other hand, Terra 1.0 or Terra Classic will continue to support stablecoins, driving the use of crypto and blockchain for payments worldwide.

Due to the significant difference in circulating supply, the Terra Classic token LUNC price differs vastly from the Terra LUNA price. The launch price of LUNA 2.0 was around $17.80, although the token trades well below this level as of March 2023. Higher adoption of the Terra ecosystem by dApps and users could drive up the Terra LUNA price and market cap.

It is impossible to make an accurate Terra LUNA 2.0 price prediction over any duration. However, we could see the price of LUNA 2.0 improve as the adoption of Terras ecosystem by dApp developers and end users grow in the future.

As of March 2023, the LUNA 2.0 price remains well below the all-time high that the old Terra (LUNA) 1.0 token has seen. While it may be an extremely challenging task for LUNA 2.0 price to touch the highest price of LUNA 1.0, it could make gains amid an uptick in investor confidence in Terra and an improvement in the overall market sentiment.

When the price of leading crypto assets like Bitcoin and Ethereum rise, the mood in the crypto market improves, and more buyers enter the space. Such a sentiment could power higher buying activity across the board and support LUNA price statistics, driving up the value of the Terra 2.0 native token.

According to the official confirmation by Proposal 1623, holders of the old LUNA (now LUNC) tokens, algorithmic stablecoin UST (now USTC) coins, and pre-attack aUST holders (UST staked on the Anchor Protocol) are eligible to receive airdrops of the LUNA 2.0 token.

The airdrops of the new tokens started immediately after the Genesis block's creation on the new Terra blockchain. 30% of the circulating supply of LUNA will be airdropped to users who held less than 10,000 LUNC before the attack or the de-peg of UST to US dollar. In addition, post-attack holders of LUNC, USTC, or both are eligible to receive airdrops of LUNA crypto.

Terra has also introduced the option of vesting LUNA to be unlocked over two years. The LUNA 2.0 tokens locked in vesting can fetch their holders staking rewards and be delegated to validator nodes within the network.

If you are eligible for LUNA 2.0 airdrop, you can receive the free LUNA in the following ratios:

1. Pre-attack LUNA holders get LUNA 2.0 at a percentage of around 1:1.1.

2. Pre-attach aUST holders will get LUNA 2.0 airdrop at a 1:0.033 rate.

3. Post-attack LUNA holders will receive LUNA 2.0 airdrops at the rate of 1:0.000015.

4. Post-attack UST holders will receive an airdrop of new LUNA tokens at a rate of 1:0.013.

30% of the LUNA 2.0 tokens you are eligible to receive will be airdropped at Genesis on 27 May 2022. The rest of your airdrop will be unlocked based on a linear vesting schedule spanning two years with a six-month cliff.

After buying LUNA on BYDFi or other exchanges, you can send your holdings to the native Terra Station wallet. All you need to do is withdraw your funds from your BYDFi trading account and send them to your external wallet.

1. Select the withdraw LUNA option in your BYDFi account. Enter the amount of LUNA you wish to transfer.

2. Enter your Terra Station wallet address as the destination address to which you wish to send your LUNA tokens.

3. Confirm the number of tokens and the withdrawal processing fee BYDFi will charge for the transaction before finalizing the withdrawal.

4. BYDFi charges a 0.1 LUNA fee on withdrawals, so ensure that you have sufficient funds in your account before withdrawing them to your Terra Station wallet.

Projects and assets running on the original Terra ecosystem will not automatically move to the new blockchain but will need to migrate themselves. Some of the leading dApps that have committed to the migration to Terra 2.0 include:

1. Astroport

2. Prism

3. RandomEarth

4. OnePlanet

5. Stader

6. Spectrum

7. Nebula

8. Anchor Protocol