The recent collapse of LUNA and UST, both coins created by Terraform Labs, was one of the most felt blows to crypto market confidence, but despite the big drop, Terra promises the rebirth of the project with Luna 2.0, a coin that will provide support. to get. from Binance and other major exchanges.
Among the brokers who announced support for the project’s launch are: Binance, FTX, Crypto.com, Huobi, Bitfinex, Bybit, Gate.io, Bitrue and kucoin. These exchanges support the modified version of the Terra blockchain, which is responsible for LUNA. Binance stated that it is working “closely” with the Earth team on the recovery plan.
“The Earth Community has just approved the ‘Rebirth of Earth Network’. We are working closely with the Terra team on the recovery plan, our goal is to provide the best possible treatment to Binance users affected by the collapse. Stay tuned for more updates.”
The Terra Community just voted for ‘Rebirth Terra Network’.
We are working closely with the Terra team on the recovery plan, with the aim of providing the best possible treatment to the affected users on Binance. Stay tuned for further updates.
— Binance (@binance) May 25, 2022
FTX announced the suspension of the LUNA and UST markets pending support for airdrops from new ones Luna, which will be redistributed to Luna investors crippled by the fall of the UST and the problems at Terraform Labs.
FTX will support new LUNA airdrop and suspend LUNA and UST markets.
Details here: https://t.co/1tTdM4q4li pic.twitter.com/ElU7gKSJar— FTX (@FTX_Official) May 26, 2022
Ads follow the approval of the Proposal 1623† presented by the CEO of Terraform Labs, Do Kwon, as a way to revive Luna’s ecosystem. The proposal was approved by the community and approved by a majority vote.
Under the proposal, Terraform Labs will implement a new blockchain called Earth 2.0with the project’s old blockchain persisting as “Terra Classic”.
The new blockchain will be the only “official” one of the project. The Earth ecosystem relaunched this time will not contain the stable currency UST, causing the network to collapse as it was before.
This exchange support means that those who have LUNA cryptocurrencies on some of these exchanges don’t have to worry but wait to receive the coins of the new project being run by airdrop.
Many are anticipating the launch of this revitalization project, hoping to invest some money and achieve a major turnaround in the short term.
However, many are also very skeptical about the possibility of Luna 2.0 working, after all who would trust a project that had such a destructive result and nearly took the crypto market?
For some, Terraform Labs’ trust after what happened is an act of stupidity.
Source: Live Coins
John Cameron is a journalist at The Nation View specializing in world news and current events, particularly in international politics and diplomacy. With expertise in international relations, he covers a range of topics including conflicts, politics and economic trends.
