This is the driver of LUNA price rally, 27% gains overnight

LUNA 2.0 price has exploded, posting 27% gains overnight, following bullish developments in the Terra ecosystem. NFT collections have migrated to the new Terra chain, driving the adoption of LUNA 2.0. The Terra ecosystem has expanded, working on its growth and gaining the trust of users since the collapse of sister tokens LUNC(previously LUNA) and UST. 

Also read: Here’s the next move in LUNA, new DAO infrastructure for Terra

NFTs in transit: Galactic Punks migrate to Terra 2.0

One NFT collection that recently announced its migration to Terra 2.0 is Galactic Punks  a unique set of 10,921 NFTs on the Terra blockchain. The NFTs in the collection make up the Galactic DAO. Illiquid Labs built a migration tool for the collection. Galactic Punks holders can lock their NFTs on Terra Classic and redeem them on Terra 2.0. 

Users can migrate their Punks to Terra 2.0 by connecting their mobile wallet to Terra Classic and preparing UST for transaction fees. After withdrawing NFTs, users can connect their Terra Classic wallet to illiquidlabs.io and migrate. The fee is roughly $1 in LUNA per NFT to cover development costs. 

Step by step instructions and a complete guide is added in the following Twitter thread:

Galactic Punks has plans to transition to a fully community-controlled DAO. Galactic Punks’ DAO governance infrastructure will be relaunched on the new Terra chain, once all NFTs arrive on Terra 2.0. 

Staking is open on Terra Classic, however there is no benefit of staking on that chain. Galactic Punks advised users to unstake their NFTs from Classic and migrate them to Terra 2.0. The team is awaiting the migration of all Galactic Punks to Terra 2.0 for further updates on staking and benefits on the Terra 2.0 chain. 

NFT analytics platform arrives on Terra

TerRarity.io, an NFT analytics platform, has arrived on Terra 2.0. The platform has invited users to discover the NFT environment on the new Terra blockchain. As NFT collections like Galactic Punks rise from the ashes, making a comeback after the LUNA-UST collapse, analytics on the new Terra chain could offer valuable insights to users. 

LUNA 2.0 price exploded with the bullish developments in the Terra ecosystem, posting 27% gains overnight. As projects from Terra Classic continue migrating to the new Terra chain, expansion continues and LUNA 2.0 witnesses widespread adoption. 

FXStreet analysts identified an opportunity to short LUNA 2.0. Analysts evaluated the LUNA 2.0 price chart and identified the possibility of a decline in the asset. Despite the current uptrend, analysts expect LUNA 2.0 to collect liquidity. For key price targets and more information, check the video below: