Huobi and Binance show support for Terra LUNA 2.0
Big exchanges such as Huobi and Binance are working with Terra after its successful voting for hard fork.
Downfall of Terra and the genesis of new Blockchain
May was full of turmoil for Terra and Terraform Labs owner Do Kwon, when Terra’s stable coin lost its peg and fell below the $1 value. In its attempt to revive the crypto currency, a Hard Fork was proposed by Do Kwon and the proposal was put up for a governance vote.
Do Kwon proposed a new chain which will be without the UST stable coin while the older Terra blockchain will continue to exist with UST. Essentially this would be the birth of a new Terra chain that would work differently from the older one.
Terra ecosystem voted for the rebirth of the Terra chain by huge margin. In a Tweet by Terra’s official account, the news was shared with the Terra community. In early phase, Terra community was opposed to the hard fork however after some amendment to the proposal, they voted in the favor for genesis of new blockchain.
Huobi and Binance show support for Terra LUNA 2.0
When Terra crashed, crypto exchanges de-listed or pulled support. Binance suspended trades however after the successful voting on the revival plan, exchanges are coming in support of Luna 2.0.
Binance tweet said, “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 lost billions in investment with the crash of Luna. It invested $3 million in Terra and gained 15 million tokens of LUNA in 2018. At the peak value, the investment was worth $1.6 billion which was worth less than $3000 after the crash. Binance CEO, Changepeng Zhao wanted Terra to reimburse its retail investors first.
Huobi, another major crypto exchange, came in support of Terra 2.0. They also tweeted their support of Luna 2.0 launch on 27th May.
FTX will support new LUNA airdrop while suspending LUNA and UST markets. BitFinex, Kraken, FTX also showed their support to the new LUNA chain.
CoinBase discontinued support for existing Terra chain after the crash and they clearly stated that they do not plan to support the new LUNA chain at this time. They have suspended trading in UST and WLUNA from 27th May onwards.
Exchanges who will support LUNA 2.0 AirDrop
ByBit and Bitrue will serve as exchange partners for the new LUNA airdrop. According to the proposed airdrop, community pool governed by staked LUNA classic tokens will receive 30% through airdrop and pre-attack LUNA holders will get 35% while post-attack will receive 10%. Pre-attack UST holders will receive 10% and post-attack UST holders will get 15%.
Terraform Labs, Terra Foundation Guard are not in the airdrop whitelist in an attempt to make the new ecosystem fully owned by the community.
