Top cryptocurrency exchanges worldwide have declared their support for the imminent relaunch of Terra. This is after the passage of a proposal to create “Terra 2.0”.
The exchanges that pledge their support to Terra 2.0 are Binance, FTX, Crypto.com, and Huobi. Others who also pledge include Bitfinex, Bybit, Gate io, Bitrue, and Kucoin. These exchanges have committed their support for the modified version of the recently defunct Terra network.
Support of top cryptocurrency exchanges
Binance, in its Twitter post, says that they are cooperating with Terra on the recovery plan.
The Terra community just passed a vote to ‘Rebirth Terra Network’.
We are working closely with the Terra team on the recovery plan, aiming to provide impacted users on Binance with the best possible treatment. Stay tuned for further updates.
— Binance (@binance) May 25, 2022
FTX also declared that it will support the “new LUNA airdrop and suspend LUNA and UST markets.”
Crypto.com also says it “supports new LUNA token airdrop for existing LUNA holders” while temporarily suspending all LUNA trades and transfers on May 26.
The announcements follow the Terra community’s approval of “proposal 1623,” which Terraform Labs CEO Do Kwon proposed.
Kwon’s plan is an effort to resurrect the defunct Luna ecosystem.
Terra 2.0
Based on the proposal, Terraform Labs will install a new blockchain dubbed Terra 2.0, but the collapsing Terra Classic network will continue to exist. The UST stablecoin is excluded from the relaunched Terra ecosystem.
Existing Terra Classic token holders will get freshly in production LUNA tokens as part of the plan.
Meanwhile, within minutes of the proposal’s passing, top cryptocurrency exchanges started announcing their support for Terra 2.0, indicating that anyone holding LUNA on exchange wallets will be eligible for the airdrop.
On Twitter, Do Kwon indicated that he had not approached any exchanges about listing the new LUNA coins.
According to a TFL statement made earlier yesterday, Terra 2.0 will be launching today, May 27, 2022, after which the airdrop of fresh LUNA tokens will be in completion.
According to CoinMarketCap statistics, the collapsed LUNA coin, which will be renamed Luna Classic (LUNC) upon the Terra relaunch, is down almost 27 percent in the last 24 hours, presently trading at $0.000137.