Huobi and Binance Crypto Exchanges Show Support for Terra LUNA 2.0

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In Brief
  • Huobi and Binance have shown positive sentiment regarding LUNA 2.0.

  • Bybit and Bitrue will assist in the airdrop of new LUNA tokens, slated for May 27.

  • App developers in the Terra ecosystem publicized their support for LUNA 2.0.

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Crypto exchange Huobi said it would support Luna 2.0 after the Terra community voted to pass Proposal 1623.

Crypto exchanges Huobi, Binance, and Bybit have indicated their willingness to cooperate with the Terra team to launch their new chain without an algorithmic stablecoin. Within an hour the firm made the announcement, Huobi tweeted, “#Huobi supports the launch of #LUNA 2.0 on May 27. Are you ready for “LUNA Rebirth?” Huobi had listed Terra late last year.

Binance previously suspended trades after validators paused the blockchain, making trades impossible, but following Terra’s announcement, said in a tweet, “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.” Bybit will suspend withdrawals of LUNA and UST on May 25, 2022, at 2 pm UTC, to rename LUNA as LUNC and UST as USTC on May 26, 2022, while Bitrue will launch Luna V2 trading on May 27, 2-22.

Bybit and Bitrue to help with new Terra token airdrop

In a well-documented catastrophe, Terra’s algorithmic stablecoin UST lost its dollar peg earlier this month. At the same time, its sister coin, LUNA, crashed. A new proposal was put forth by founder Do Kwon in the wake of the Luna crash to create a new blockchain that will see the original Luna token rebranded as LUNA Classic (LUNAC), while a new token, LUNA, will run on a new blockchain without an algorithmic stablecoin. The original UST will remain on the Terra Classic blockchain.

Thirty percent of the new LUNA will be airdropped to a community pool governed by staked LUNA classic tokens. At the same time, 35% will go to “pre-attack LUNA holders,” 10% to pre-attack UST holders, 10% to post-attack LUNA holders, and 15% to post-attack UST holders. A snapshot will be taken at Terra Classic block 7544910, while a post-attack snapshot will be taken at block 7790000. Bybit and Bitrue will serve as partners for the airdrop.

Developers show support for new blockchain

Kwon had asked developers to publicize support for the new blockchain. HERO, a developer that mints NFTs on Solana and Terra Classic, Spectrum Protocol, a yield optimizer on Terra Classic, Terra Name Service that offers .ust domain names, and Falcon Wallet, a multichain Web 3.0 wallet, all affirmed support from the developer ecosystem.

On May 25, 2022, Guru had insinuated that founder Do Kwon had asked the top-five exchanges in China to list LUNA 2.0, a claim he later denied.

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David is an electronic engineer with nine years of experience. He joined BeInCrypto to combine his passion for writing and his interest in fast-moving industries, cultivated from his university days. He hopes to make crypto easy to understand.

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