Huobi and Binance Crypto Exchanges Expressed Support for Terra Luna 2.0

The crypto exchange Huobi said it would support Luna 2.0 after the Terra community voted for proposal 1623. The cryptocurrency exchanges Huobi, Binance and Bybit said they were willing to work with Terra’s team to launch their new chain instead of algorithmic stable currency. Within an hour of the company’s announcement, Huobi tweeted: “Huobi supports the launch of #luna 2.0 on May 27. Are you ready for the rebirth of Luna? Huobi listed Terra at the end of last year.

Binance suspended the transaction after the verifier suspended the blockchain, which made the transaction impossible. However, after Terra announced, it said in a tweet: “the Terra community has just voted to ‘regenerate the Terra network’. We are working closely with the Terra team to develop a recovery plan to provide the best possible treatment to the affected users on Binance. Please continue to follow further updates.” Bybit will suspend the withdrawal of Luna and ust at 2:00 p.m. (UTC) on May 25, 2022, rename Luna to lunc and ust to USTC on May 26, 2022, and Bitrue will start Luna V2 transaction from 2-22 on May 27.

Bybit and Bitrue Will Help Airdrop the New Terra Token

In a well-documented disaster, Terra’s algorithmic stability currency ust lost its dollar peg earlier this month. At the same time, its sister currency Luna also collapsed. After Luna collapsed, founder do Kwon put forward a new proposal, that is, to create a new blockchain. The original Luna token will be renamed Luna classic (lunac), and the new token Luna will run on a new blockchain without algorithm stable currency. The original ust will remain on the Tera classic blockchain.

30% of the new Luna will be airdropped into a community pool dominated by the targeted Luna classic token. Meanwhile, 35% will be given to “Luna holders before the attack”, 10% to ust holders before the attack, 10% to Luna holders after the attack and 15% to ust holders after the attack. The snapshot will be taken in Terra classic block 7544910, while the snapshot after the attack will be taken in block 7790000. Bybit and Bitrue will be partners in the airdrop.

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Developers Support the New Blockchain

Kwon once asked developers to publicize their support for the new block chain. Hero, the developer of mining NFT on Solana and Terra classic, spectrum protocol, the yield optimizer on Terra classic, and The Terra name service of ustdomain name and Falcon wallet, a Multi Chain Web 3.0 wallet, have affirmed the support from the developer ecosystem. On May 25, 2022, guru hinted that Founder do Kwon had asked China’s top five exchanges to list Luna 2.0, which he later denied.