For the launch of LUNA 2.0, Huobi, Binance, FTX, Bitrue, HitBTC, and Bybit cryptocurrency exchanges, have expressed interest in working with the Terra team to launch their new chain without an algorithmic stablecoin.
Binance had previously halted trades after validators paused the blockchain, making trades impossible, but in response to Terra’s statement, announced in a tweet, “The Terra community just approved a vote to ‘Rebirth Terra Network.’
” On the recovery plan, we’re collaborating closely with the Terra team in order to provide the best possible service to impacted Binance users. “Stay tuned for more information.” On May 25, 2022, at 2 p.m. UTC, Bybit will cease LUNA and UST withdrawals, renaming LUNA as LUNC and UST as USTC on May 26, 2022, and Bitrue will commence Luna V2 trading on May 27, 2-22.
The exchanges will assist in the LUNA 2.0 airdrop
Terra’s algorithmic stablecoin UST lost its dollar peg earlier this month in a well-documented disaster. LUNA, its companion coin, crashed at the same time. In the aftermath of the Terra crash, founder Do Kwon proposed creating a new blockchain with the previous token rebranded as Classic and a new token, running on a new blockchain without an algorithmic stablecoin. On the Terra Classic blockchain, the original UST will survive.
A community pool regulated by staked LUNA classic tokens will receive 30% of the new tokens as an airdrop. At the same time, 35% will go to “pre-attack holders,” 10% to “pre-attack UST holders,” 10% to “post-attack holders,” and 10% to “post-attack UST holders,” and 15% to “post-attack UST holders.” Terra Classic block 7544910 will be used for a snapshot, whereas block 7790000 will be used for a post-attack snapshot. The airdrop will be co-hosted by Bybit and Bitrue.
Kwon had even encouraged developers to highlight the new blockchain’s support.
