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.
1/ Terra 2.0 is coming.
With overwhelming support, the Terra ecosystem has voted to pass Proposal 1623, calling for the genesis of a new blockchain and the preservation of our community.
— Terra 🌍 Powered by LUNA 🌕 (@terra_money) May 25, 2022
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.
The Terra community just passed a vote to ‘Rebirth Terra Network’.
We are working closely with the Terra team on the recovery plan, aiming to provide impacted users on Binance with the best possible treatment. Stay tuned for further updates.
— Binance (@binance) May 25, 2022
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).
Dear Traders,@terra_money’s new chain token (LUNA) will be available on HitBTC on May 27th, 2022.
The old chain will be renamed to Terra Classic (LUNC).
Learn more: https://t.co/MuYPUfcMjJ
Stay tuned for updates. pic.twitter.com/shYIWtPuN6
— HitBTC (@hitbtc) May 25, 2022
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.”
Are you ready for "LUNA Rebirth"?💙 https://t.co/Vn1FFwlc4y
— Huobi (@HuobiGlobal) May 25, 2022
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.
‼️ LUNA and UST Migration
❗ Deposits, withdrawals and transfers of LUNA and UST will be suspended on May 25, 2022, at 2PM UTC.
— BYBIT 🦍 (@Bybit_Official) May 25, 2022
Birtue says they’ll be the first exchange to launch LUNA 2.0 trading on May 27th, 2022
$LUNA is rising again!
Bitrue will continue our historic support of @terra_money by being the first exchange to launch LUNA V2 trading.
LUNA V1 services will be suspended May 26 13:00 UTC, while V2 services will start ~May 27
— Bitrue (@BitrueOfficial) May 25, 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.