The post-attack snapshot of the legacy LUNA blockchain has been taken causing UST to go into freefall.
1 min read
Updated: May 26, 2022 at 7:09 pm
Cover art/illustration via CryptoSlate
Terra UST is in free fall as the “post-attack” snapshot has been taken at block 77990000. The token will not be a part of the new LUNA blockchain but will persist on what will now be known as Luna Classic.
Investors appear to have bought up UST ahead of the snapshot, with the price rising over 80% since May 25. However, as soon as the chain hit the required block, the price of the stablecoin fell over 35% to a value of just $0.05. The price had declined since hitting a peak of $0.11 at midnight UTC on May 26.
The future of the Luna Classic blockchain is in doubt as multiple projects indicate their support for LUNA 2.0. Due to massive inflation in LUNA caused by UST’s de-pegging, there are trillions of LUNA tokens on the Luna Classic blockchain. Almost 10% of the remaining community pool for UST will be burnt in the coming days following an ongoing vote. Yet, without the core projects and with a stablecoin down 95% from its designed peg, the future is bleak for UST holders at this time.
Information regarding the LUNA airdrop scheduled for May 27 can be found here.
