A new version of the collapsed luna cryptocurrency is already live on major exchanges — and it’s gotten off to a bad start.

Terra Blockchain Project supporters gathered last week voted to revive lunaHowever, not terraUSD. It is a “stablecoin”, which plunged below its dollar target, leading to panic in the crypto world.

TerraUSD USTAn acronym for an is “an.” algorithmic stablecoin. To maintain $1, it relied on code, and luna as a sister token. But as digital currency prices fell, investors fled the stablecoin, sending UST tumbling — and taking luna down with it.

It was at its peak, old luna — now known as “luna classic” — had a circulating supply of over $40 billion.

Terra 2.0 is the name investors have given to luna’s new iteration. You can already trade it on Huobi and Kucoin exchanges. Binance, the largest cryptocurrency exchange in the world, has announced that it will list luna starting Tuesday.

The launch was not a success.

Luna dropped to $4.39 after hitting a high of $19.53 on Saturday according to CoinGecko. The price has since dropped to $5.90.

Analysts remain skeptical that Terra’s resurrected blockchain will be a huge success. It will have to compete with a host of other so-called “Layer 1” networks — the infrastructure that underpins cryptocurrencies like ethereum, solanaAnd cardano.

Terra has an “airdrop” where it distributes luna tokens. To compensate investors, the majority will go to people who owned luna classic and UST after their collapse.

Many investors are not aware of this. burned by the debacleExperts believe that Terra will not be trusted again. Vijay Ayyar, head of international at crypto exchange Luno, said there’s been a “massive loss in confidence” in the project.