After the team behind Terra LUNA announced that they’ll introduce Luna 2.0, many crypto exchanges such as Huobi, Binance, Kucoin, Crypto(dot)com and FTX came out in support of the new iteration of the blockchain.
It’s no secret that LUNA and UST have had a terrible time lately, losing almost all of their value in a matter of a week. In order to recover the stablecoin, its co-founder Do Kwon proposed one plan: forking of the Terra blockchain. A new chain will emerge from the blockchain without the stablecoin TerraUSD The original one will continue to exist so.
Following this, crypto exchanges such as Huobi, Binance, and FTX came out in support of launching their new chain without the algorithmic stablecoin.
Within an hour of the firm making the announcement, Huobi tweeted:
“#Huobi supports the launch of #LUNA 2.0 on May 27. Are you ready for “LUNA Rebirth?”
The crypto exchange had listed Terra in the latter part of last year.
Binance also came out in support of the rebirth of Terra blockchain, stating:
“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.”
FTX crypto exchange has stated that they will support the “new LUNA airdrop and suspend LUNA and UST markets”.
Coming back to proposal 1623, Terraform Labs will deploy a new blockchain named Terra 2.0. Moreover, the old chain will continue to exist as “Terra Classic”. Also, existing token holders of the Terra Classic will receive newly minted LUNA tokens.