Tuesday, April 23, 2024


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Terra 2.0 Revival Plan; Exchanges Came With Support

MEXC Global has promised to conduct a month-long buyback-and-burn operation in order to minimize the circulating supply of obsolete Terra markets.

Terra’s demise shocked the whole cryptocurrency market. The project, on the other hand, has no intention of remaining down, as it has received funding from cryptocurrency exchanges to assist it recover.

Terra announced the details of a forthcoming airdrop of its new native token for its new blockchain, Terra 2.0, on Thursday. The token distribution will take place on Friday, and eligible holders of Terra Luna Classic (LUNC), TerraUSD Classic (USTC), and Anchor Protocol UST (aUST) will receive additional tokens.

Binance and FTX, two cryptocurrency exchanges, have stated that they are working closely with the Terra team on the next airdrop. Binance stated that it intends to assist affected individuals on the platform with the recovery strategy by assisting Terra.

FTX has stated that it will support the airdrop and that the LUNA and UST markets will be temporarily halted during the migration. The Terra team stated that in addition to Binance and FTX, it is collaborating with a number of other partner exchanges to enable the airdrop.

Apart from the airdrop, various crypto exchanges, including KuCoin, have indicated support for Terra 2.0 by allowing the new Terra tokens to be migrated, listed, and traded on their platforms.

Not all exchanges, however, are willing to list the new tokens. A spokesperson for crypto exchange BitMEX said that there are no plans to list the new Terra tokens at this time. They went on to say:

“We list tokens for spot trading based on numerous factors, including that we have a custody solution for that particular token. As such, we have no plans at this stage to list LUNA for spot.”

In the meantime, not everyone is ready to make the whole transition to the new chain. Despite Terra founder Do Kwon’s opposition to burning LUNA’s circulating supply, MEXC Global users voted to start buybacks and burns on Terra’s secondary market. MEXC pledged to donate the trading fees received from the new LUNA/USDT spot trading pair on its platform to charity, MEXC committed to a month-long buyback-and-burn process.

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