TERRAFORM Labs, the core development firm behind Terra, launched a new version of the Terra blockchain – Terra 2.0 – on Saturday 28 May at 6 am.

The new chain hopes to revive the Terra ecosystem after its UST stablecoin and LUNA fell to almost $0 with investors losing billions.

Follow 24/7 Crypto on Twitter for the latest news and developments as they happen

But roughly only 12 hours after its relaunch, LUNA (also labelled LUNA2 on some exchanges) had shed almost over 70 per cent of its initial value after peaking at $19.54.

LUNA has since regained some value, trading at $5.71 at the time of writing.

LUNA is currently traded across seven different exchanges – Bybit, Kucoin, Kraken, MEXC, OKK, Bitrue, and BingX.

None of the exchanges have enabled LUNA futures trading.

Binance CEO Changpeng Zhao said shortly after Terra 2.0 debuted: “Credibility is the ultimate currency.”

Earlier this week Terra’s governance voted to change the name of the original network to “Terra Classic” with the tokens now being called LUNA Classic (LUNC).

This was in order to position the new blockchain – Terra 2.0 – as the main network.

The new Terra chain exists without an algorithmic stablecoin and comes only with LUNA. It has a fixed total supply of 1 billion tokens.

Out of the 1 billion new LUNA tokens, only 21 million were airdropped on Saturday and added to the circulating supply.

The rest will be airdropped in phases.