The Terra (LUNA), the new blockchain, went live on Saturday. The newly released LUNA token saw volatile trading its first day before stabilizing and gaining ground over the weekend. Despite being controversial, the new LUNA token is now available for trading on a variety of large exchanges.

Do Kwon (CEO of Terraform Labs), the Terra development company, said that the new network with the “Phoenix-1 chain ID” was launched May 28th at 06:00 UTC. “Pheonix-1 mainnet has now been live and producing blocks – public node services wallets and explorers should all be going live soon,” wrote Do Kwon, Terraform Labs’ CEO.

The Terra founder, who is normally quite outspoken, has not spoken publicly except to retweet announcements from the exchanges where the new token will be listed.

Bybit was the first exchange to offer the new token for trading on Saturday. It announced that markets would open in 10 minutes following the airdrop. Kucoin followed about an hour later.

The price of the new LUNA token on Bybit opened at USD 0.5 before quickly rising to reach a peak trading of USD 30 in the first hour. After falling to USD 3.5, the price stabilized around USD 5.

Kucoin opened at USD 5 on Monday, before climbing to just over USD 6 by Monday morning in Europe.

LUNA traded at USD 6.20 as of Monday, 10:25 UTC. This was up several percents per day and down 65% over two days, according to Coingecko.