Major cryptocurrency exchanges around the globe have expressed their support to relaunch “Terra 2.0”. Some of these crypto exchanges are Binance, Crypto.com, FTX, Bitfinex, Huobi, Bybit, Bitrue Gate io, and Kucoin. All of these exchanges have pledged to support the modified version of the Terra blockchain, which collapse recently. Binance stated it was working in close association with the team of Terra on a recovery plan. FTX stated it would support the latest LUNA airdrop and put on hold UST and LUNA markets.
According to the proposal of the CEO of Terraform Labs, Do Kwon, the company would deploy the new blockchain, Terra 2.0, along with the older blockchain that collapsed, which would continue as it is known– Terra Classic. The new Terra ecosystem will exclude the UST stablecoin and surely it won’t be a fork, as Kwon previously proposed. Instead, it will be created from the genesis blockchain and it shares no history with Terra Classic. The new Terra token will be called LU—a replacement of the old token, Luna Classic (LUNC).
As proposed, all existing Terra Classic holders will be airdropped with LUNA tokens. It’s important to note that developers intend to release a little more than 116 million of the newly mined tokens. Those cryptocurrency investors who held more than 10,000 LUNA tokens before the implosion of UST will get the new tokens in instalments. Such a step would prevent the immediate sell-offs of these tokens when Terra 2.0 goes live on 27th May 2022.