Saturday, December 10, 2022

Several Crypto Exchanges Are Supporting Terra 2.0 Relaunch

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Several crypto exchanges are supporting the Terra 2.0 relaunch after the passing of the proposal to launch the new blockchain so let’s read more today in our cryptocurrency news.

Several crypto exchanges announced they will support the upcoming relaunch of Terra and these include Binance, Crypto.com, FTX, Huobi, Bitfinex, ByBit, Gate Io, Kucoin, and more, who pledged support for the modified version of the collapsed Terra blockcahin. Binance also stated that it was working with the Terra team on the recovery plan while FTX announced that it will support the new airdrop and will suspend both the UST and Terra markets.

The announcements follow the passing of Proposal 1623 which was put forward by the Terraform Labs CEO Do Kwon and voted upon by the Terra community. The proposal is an attempt by Kwont o revive the crashed LUNA system that collapsed after the UST stablecoin depegged from the US dollar. Terraform Labs will deploy a new blockchain called Terra 2.0 with the older collapsed blockchain existing as Terra Classic and the newly relaunched ecosystem will not include the UST stablecoin. With the new proposal, the existing token holders of Terra Classic will get airdropped with newly minted LUNA tokens.

The exhcnages like Kucoin, Binance, Crypto.com, and ByBit voiced their support for Terra 2.0 a few minutes after the proposal passed and confirmed that the users holding LUNA on exchange wallets will also be included in the airdrop. Do Kwon stated that he hadn’t contacted exchanges to list the new tokens. Terra 2.0 is expected to go live by May 27, after which the airdrop of new LUNA tokens will be processed. The collapsed LUNA token will be renamed LUNA Classic after the relaunch and it is down by 9% over the past day while it is now trading at $0.0001549.

Terra’s DEFI Apps , luna, collapse, ust, defi

As recently reported, Terra’s “proposal 1623” has plans to revive the collapsed Terra ecosystem which was approved by the community. Do Kwon, the creator of the Terra ecosystem proposed new plans which included the creation of a new blockchain and issuing LUNA tokens. As per the data from Terra station, 65.50% of the voters supported the proposal. More than 20% of the voters abstained and 13.20% of the voters opposed the proposal with a veto.

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