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HomeCrypto NewsExchangesBinance, Huobi, and Other Top Exchanges To Support Terra 2.0

Binance, Huobi, and Other Top Exchanges To Support Terra 2.0

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Terra 2.0 Has Passed Voting Stage, And Top Exchanges are Already Getting Onboard.



The Terra community is currently welcoming news of a successful voting session that ratified the creation of Terra 2.0. Terra broke the news on Twitter.

 

In the tweet, Terra noted that voting had ended for the amended Proposal 1623. The community gives Terra the green light to initiate the re-birth or revival of the Terra ecosystem through the genesis of the Terra 2.0 blockchain.

In the beginning, the community was opposed to Terra 2.0 and favored the burning of Luna tokens to increase the token’s price. However, the voters have changed their minds after Do Kwon and Terraform Labs tabled an amendment to the proposal. The Terra 2.0 system will not involve any algorithmic stable coins like UST.

Exchanges To Support Terra 2.0 Luna Airdrop

As the voting ends, various crypto exchanges are coming to express their support for Terra 2.0. Binance informed its customers of the voting outcome, saying that the exchange collaborates with the Terra team to draw up a recovery plan for Binance users affected by the Luna and UST crash. By this, the exchange may have meant facilitating the planned Luna airdrop expected to occur after the launch of Terra 2.0 on May 27.

 

On its part, HitBTC said that it would be supporting the new Luna token that will run on Terra 2 as of May 27. The old chain, which exists currently, will be renamed Terra Classic, and its tokens will be renamed Luna Classic (LUNC).

 

Huobi is another crypto exchange that seems excited and eager to support Terra 2. The exchange sent out a tweet to prepare its customers for the “LUNA Rebirth.”

BYBIT said it would be renaming UST and LUNA tokens on its platform on May 26, before Terra 2 goes live. This is in preparation for the planned migration. However, deposits and withdrawals will be halted on May 25 in the afternoon.

Birtue says they’ll be the first exchange to launch LUNA 2.0 trading on May 27th, 2022

 

More exchanges are expected to join the Terra 2 bandwagon as Do Kwon and his team rebuilds community trust after what happened to Luna and UST. According to Terra’s announcement, addresses belonging to the Terra Foundation Guard (TFG), Terraform Labs (TFL), and the distribution module in the community pool will be removed from the airdrop whitelist. This will make the Terra 2.0 ecosystem fully decentralized and owned by the community.

 

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Ammara
Ammarahttps://thecryptobasic.com/
Ammara Mubin is a cryptocurrency reporter and trader with vast experience in the industry. Mubin has written several news stories related to the crypto industry, including non-fungible tokens (NFTs), decentralized finance (DeFi), fundraising, mining, etc. Her major focus is covering regulatory events that are capable of shaping the entire crypto ecosystem.

Disclaimer: The content is for informational purposes only, may include the author's personal opinion, and does not necessarily reflect the opinion of TheCryptoBasic. All Financial investments, including crypto, carry significant risk, so always do your complete research before investing. Never invest money you cannot afford to lose; the author or the publication does not hold any responsibility for your financial loss or gains.

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