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Exchanges Support "Terra 2.0 Revival Plan": Airdrops, Listings, Buybacks and Burn

 


The situation surrounding Terra shook the entire crypto market. However, the project doesn't plan on retiring, instead it has secured the backing of crypto exchanges looking to help rebuild. 


In an announcement Thursday, Terra detailed the planned airdrop of a new token for its blockchain called Terra 2.0 . The token distribution will take place on Friday and holders of Terra Luna Classic (LUNC), TerraUSD Classic (USTC) and Anchor Protocol UST (aUST) will receive new tokens.


Crypto exchanges Binance and FTX said they are working closely with the Terra team on the planned airdrop. Crypto exchange Binance said it will assist affected users on the platform by supporting Terra's recovery plan to that end.


Crypto platform FTX announced it will support the airdrop and temporarily pause the LUNA and UST markets during the migration. The Terra team said it is working closely with other exchanges that will support the airdrop, in addition to Binance and FTX.


Many other crypto exchanges, such as KuCoin , have also announced plans to support Terra 2.0 . They want to list the new tokens and allow them to be traded on their platforms. 


However, not all exchanges are enthusiastic about the new token. A spokesman for crypto exchange BitMEX told Cointelegraph that there are currently no plans to list the new Terra tokens. The stock exchange said:


"We only list tokens for spot trading after evaluating several factors. Among others, one criterion is that we have a custody solution for the respective token. Therefore, we do not plan to list LUNA at this time."

The spokesman also said the exchange needs to ensure there is a "reliable benchmark index" before offering any contracts related to the new LUNA token.


Meanwhile, not all exchanges are ready to fully transition to the new chain. Although Terra founder Do Kwon had opposed the burn of the circulating LUNA supply , users of crypto trading platform MEXC Global voted to initiate buybacks and burns on Terra's secondary market. MEXC aims to do buybacks and burns for a month with the trading fees of the new spot trading pair LUNA/USDT on its platform .

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