Huobi said it would support Luna 2.0 after the Terra community voted to pass Proposal 1623.
Huobi and Binance show support for Terra LUNA 2.0
Cryptocurrency exchanges like Huobi, Binance, and Bybit have said they are open to working with the Terra team to launch their new chain without an algorithmic stablecoin. Within an hour the firm making 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 support new Terra token airdrop
Terra’s algorithmic stablecoin UST lost its dollar peg earlier this month in a well-documented disaster. At the same time, LUNA crashed. A new proposal was launched by founder Do Kwon in the wake of the Luna incident to create a new blockchain that would see the original Luna token renamed 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.
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 hinted that founder Do Kwon had asked the top five exchanges in China to list LUNA 2.0, a claim he later denied.
Read more:
- Do Kwon’s Proposal To Relaunch Terra Blockchain Has Passed, South Korean Exchanges Massively Ignore LUNA 2.0
- People Keep Sending Their Tokens To Dead Address, More Than 25 Million Terra (LUNA) Gone