Terra Luna 2.0 Gets Support from Huobi and Binance Crypto Exchanges

Terra Luna 2.0 Gets Support from Huobi and Binance Crypto Exchanges

May 26, 2022 Off By Roland G

Huobi, Binance, and Bybit, cryptocurrency exchanges, have expressed interest in supporting the Terra team to launch their new chain without an algorithmic stablecoin. 

“Huobi supports the launch of #LUNA 2.0 on May 27,” Huobi tweeted an hour after Terra made the statement: “Are you prepared for the release of LUNA Rebirth?” 

Moreover, Binance also responded to Terra’s statement, saying, “The Terra community just approved a vote to ‘Rebirth Terra Network.'”

The Binance team said that they are collaborating closely with the Terra team to provide the best possible service, noting, “Stay tuned for more information.” 

On May 25, 2022, at 2 p.m. UTC, Bybit will cease LUNA and UST withdrawals, renaming LUNA as LUNC and UST as USTC on May 26, 2022, and Bitrue will commence Luna V2 trading on May 27, 2-22. 

The Upcoming Terra Token Airdrop Will Be Assisted by Bybit and Bitrue 

Terra’s algorithmic stablecoin UST lost its dollar peg earlier this month in a well-documented disaster. LUNA, its companion coin, crashed at the same time. 

In the aftermath of the Luna crash, founder Do Kwon proposed creating a new blockchain with the previous Luna token rebranded as LUNA Classic (LUNAC) and a new token, LUNA, running on a new blockchain without an algorithmic stablecoin. 

On the Terra Classic blockchain, the original UST will survive. A community pool regulated by staked LUNA classic tokens will receive 30% of the new LUNA tokens as an airdrop. 

At the same time, 35% will go to “pre-attack LUNA holders,” 10% to “pre-attack UST holders,” 10% to “post-attack LUNA holders,” 10% to “post-attack UST holders,” and 15% to “post-attack UST holders.” 

Terra Classic block 7544910 will be used for a snapshot, whereas block 7790000 will be used for a post-attack snapshot. The airdrop will be co-hosted by Bybit and Bitrue.