Terra LUNA, what you should know
Everything you should know about Terra Luna on bit4you.
The sudden implosion from May 7th of the TERRA LUNA ecosystem which combined a “stable coin” (the UST unavailable on bit4you) and a LUNA token (listed on bit4you) has generated a lot of turmoil, uncertainty and imbalance on the crypto-currency market
Following this implosion which saw the stable UST coin lose its “peg” to the dollar, the LUNA token lost more than 99% of its value very quickly: it could still be traded — with difficulty due to lack of liquidity — the following days but at a price close to “0”.
The LUNA FOUNDATION (TerraForm Labs) has proposed to launch a NEW air-drop token*, independent of the previous one, and WITHOUT a stable coin. This proposal has been accepted and the new token started its quotation on May 28 on some exchanges at approximately $18.
The old token is renamed LUNA CLASSIC “LUNC”, and the new token is renamed Terra “LUNA”.
bit4you has migrated the wallets of users with (old) LUNA to LUNA CLASSIC (LUNC) according to the plans made public by TerraForm Labs.
New (LUNA) tokens will be distributed gradually to users according to the scheme proposed by TerraForm Labs. The bit4you users that receivs the new tokens can be divided into 2 categories
- LUNA holders before the attack
2. LUNA holders post attack
The amounts will be distributed as defined in the following table:
The LUNC market remained deactivated for the time of this migration (weekend of May 28 and 29).
During this migration phase millions of data were synchronized which naturally requires some time to complete.
During this migration, some users did not take into account the new situation and placed buy or sell orders while confusing the 2 markets: LUNC trading around $0.00001 and LUNA (new) trading between $18 (and $6 after 2:30). As a result, these markets were completely unbalanced in terms of both SPOT rates and liquidity.
LUNC and the new LUNA token can now be traded on bit4you and are going back to a normal situation.
Exchanges on bit4you
Bit4you is an intermediary that offers you the best prices on the market. Without a buyer, there is no sale. Moreover, not only bit4you, but also many other platforms have repeatedly reported that the market was lacking liquidity and subject to high volatility.
That’s why bit4you has deactivated the market until the migration can be completed, in order to make people less confused between the old and new Luna and in addition to save their current Luna.
The fact that an order is created and accepted by the system does not guarantee that it will be executed. However, you should be aware that you can continue your purchases at the desired price as soon as a counterpart is found. We will then execute the orders in chronological order (oldest to newest).