Renaissance – Terra and its cryptocurrency LUNA are preparing for a facelift. And the new LUNA can count on the support of a few cryptocurrency exchanges majors.
The HitBTC exchange to conquer the new LUNA
The on-chain governance vote had approved the proposal of the founder of Terra, Do Kwon, to create a new Terra network – a Terra 2.0 – via what looks like a fork – but which in reality is not one because, it includes a genesis block.
The old blockchain is renamed Terra Classic, and the old crypto LUNA in LUNA Classic (LUNC). The new LUNA meanwhile, will have a total supply capped at 1 billion units.
The new cryptocurrency just won the support of the HitBTC exchange who announced in a tweet on May 25, 2022, that the new cryptocurrency will be listed on its platform from May 27, 2022.
The new LUNA will therefore be available on HitBTC, on the same day as that which was scheduled for the launch of the new Terra network.
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All behind Terra
HitBTC is not the only cryptocurrency exchange that wants help the network rise from its ashes. Huobi, Bitrue, KuCoin and Bybit also act as lifeguards.
Binance also made a pro-Terra statement in its May 25, 2022 tweet:
“The Terra community has just voted to revive the Terra network. We are working closely with the Terra team on the recovery plan, to provide affected users on Binance with the best treatment possible”
While more announcements of support for the new token by exchanges could accelerate the growth of the cryptocurrency, Terraf Labs does not seem not want to exploit this lever.
Do Kwon has indeed denied the information that he asked major South Korean stock exchanges to list the new LUNA.
Are Terra’s troubles over yet? The project must face not only the anger of aggrieved investors, but also the onslaught of the South Korean authorities.
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