HitBTC cryptocurrency exchange took to Twitter on Wednesday to state that Terraform Labs’ new token LUNA 2.0 will be available on its platform. The news comes amid the company preparing to relaunch its protocol as part of its recovery plan and replace the old chain called Terra Classic with the new chain called just Terra, or Terra 2.0.
The collapse of Terra LUNA and TerraUSD/ UST and the overall fall of the Terra ecosystem have taken the cryptocurrency market by storm. Investors, including big whales and smallholders, went through their toughest challenge, witnessing their money getting wiped off their crypto wallets in a day. This single event broke the trust and hope that many investors had in cryptocurrency.
Terraform Labs CEO Do Kwon proposed multiple recovery plans to bring life to the LUNA ecosystem. After days of struggling to come up with the right plan, the team seems to have finalized the recovery plan. The company’s new revival plan includes the launch of LUNA 2.0. Following the collapse of the Terra LUNA stablecoin, LUNA 2.0 will be an entirely new Terra blockchain token aimed at the revival of the Terra ecosystem.
Terra’s new LUNA 2.0 token will replace the old token referred to as Luna Classic (LUNC). According to reports, Do Kwon proposed to develop a new Terra chain without the company’s algorithmic stablecoin TerraUSD/ UST, indicating the launch of LUNA 2.0 airdrops across LUNC investors and holders, TerraUSD holders, and LUNC app developers. This proposal received positive feedback and support from the crypto community, with almost 91% of enthusiasts voting in favor of the revival plan. The voting poll is still in progress, with almost 67% of fans supporting Terra’s rebirth as Terra 2.0 on May 27, 2022.
Exchanges That Will List LUNA 2.0
Many cryptocurrency platforms are showing initial support to Terraform Labs by listing the company’s brand new token LUNA 2.0. The company also plans to replace the old chain Terra Classic with Terra 2.0, also referred to as just Terra. This new chain will not be a fork as it will be built starting from the genesis block and will not share any history with Terra Classic.
HitBTC was not the only cryptocurrency exchange that showed initial support. Binance — one of the world’s largest and most popular cryptocurrency exchanges — also announced its support for the new plan.
Binance previously suspended LUNA trades after validators halted the blockchain, but following Terra’s announcement, the exchange took to Twitter saying, “We are working very closely with the team at Terraform Labs on its revival plan, aiming to provide affected holders on Binance with the best possible conduct. Stay tuned for more updates on this story.”
On the other hand, the Bitrue crypto exchange has also announced that it will be the first platform to support LUNA V2 trading following the launch of the token on May 27. Crypto exchanges such as Huobi and Bybit have also shown their willingness to support the Terra team in launching their new token. Less than an hour after the official announcement, Huobi tweeted, “We support the launch of LUNA 2.0 set to happen in a few days. Are you ready for the rebirth of the token?”
Currently, the total numbers of crypto exchanges that will support the launch of LUNA 2.0 are uncertain. However, given the willingness of so many popular crypto exchanges, it will most likely be followed by others too. Tomorrow seems to be the day that decides whether Terraform Labs will survive or fade away.