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Terra LUNA 2.0: Crypto exchanges Huobi and Binance show their support

 


Crypto exchange Huobi pledged its support to Luna 2.0 after the Terra community voted for Proposal 1623.


Crypto exchanges Huobi, Binance and Bybit have signaled their willingness to work with the Terra team to launch their new chain without an algorithmic stablecoin . The company made the announcement within an hour of accepting the proposal. Huobi tweeted, “ #Huobi supports the launch of #LUNA 2.0 on May 27th. Are you ready for the “LUNA Rebirth”? ” It was only towards the end of last year that Huobi listed Terra on its platform.


Binance previously suspended trading . The reason for this was that the blockchain was stopped by validators. This made trading impossible. Following Terra's announcement, Binance tweeted, “The Terra community just voted to rebuild the Terra Network. We are working closely with the Terra team on the recovery plan to provide the best possible response to impacted Binance users. Stay tuned for more updates.”


Bybit will suspend LUNA and UST payouts on May 25, 2022 at 2pm UTC. LUNA will then be renamed to LUNX and UST to USTC on May 26, 2022. On May 27, 2022, Bitrue will start trading Luna V2.


Bybit and Bitrue are helping with the new Terra token airdrop

In a well-documented disaster, Terra's algorithmic stablecoin UST lost its dollar peg earlier this month. At the same time, sister coin LUNA also collapsed. Founder Do Kwon has come up with a new proposal to create a new blockchain after the Luna crash. The original Luna token will be renamed LUNA Classic (LUNAC). The new token, LUNA, will then run on a new blockchain without an algorithmic stablecoin . The original UST will remain on the Terra Classic blockchain.


30% of the new LUNA tokens will be airdropped into a community pool. This is managed by LUNA Classic tokens. At the same time, 35% will be distributed to those who already held LUNA before the collapse. 10% goes to people who already held UST before the collapse. Another 10% will be distributed to those who hold LUNA after the collapse and 15% to UST holders. A snapshot is taken at Terra Classic Block 7544910. The snapshot capturing holders after the collapse occurs at block 7790000. Bybit and Bitrue will act as partners for the airdrop .


Developers show their support for the new blockchain

Kwon asked several developers to publicly show their support for the new blockchain. From the developer ecosystem, there have been a few showing their support. These include HERO , a developer minting on Solana and Terra Classic NFTs. Spectrum Protocol, a yield optimizer on Terra Classic. Terra Name Service , a service offering .ust domain names. And Falcon Wallet , a multichain web 3.0 wallet .


On May 25, 2022, Guru had hinted 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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