More and more crypto exchanges are pledging support for Terra’s upcoming relaunch as the proposal to launch a new blockchain has been adopted by the community.
Almost all major crypto exchanges support the new Terra project
Yesterday Newsbit already announced that HitBTC would support the new Terra project. Today, many more major crypto exchanges are joining this. Almost all major crypto exchanges including Binance, FTX, Crypto.com, Huobi, Bitfinex, Bybit, Gate io, Bitrue and Kucoin have pledged their support for the modified version of the recently collapsed Terra blockchain.
The biggest of them all, Binance, stated it was working closely with the Terra team on the recovery plan, while FTX announced it would support the new LUNA airdrop and suspend the LUNA and UST markets.
Many crypto exchanges including Bybit, Kucoin, Binance and Crypto.com expressed their support for Terra 2.0 within minutes of the proposal being passed, confirming that users with LUNA tokens on their exchange wallets would be included in the airdrop. Do Kwon stated on Twitter that he had not contacted exchanges to list the new LUNA tokens.
What does the new Terra 2.0 project entail?
The announcements of the crypto exchanges follow the adoption of “proposal 1623”. This proposal was submitted by the CEO of Terraform Labs named Do Kwon. The proposal is an attempt by Kwon to revive the crashed Terra ecosystem.
The proposal shows that Terraform Labs will implement a new blockchain called Terra 2.0. The older collapsed blockchain will continue to exist with the name “Terra Classic”. The new Terra ecosystem will not contain UST stablecoin.
Terra 2.0 is expected to go live on May 27, 2022, after which the airdrop of new LUNA tokens will be processed, according to a announcement from Terra today.
