Poloniex will start trading the tokens from tomorrow.
Leading U.S.-based cryptocurrency Poloniex has announced that it will be listing selected Terra ecosystem tokens despite the controversies that have befallen the project in recent times.
Poloniex noted that it would be listing Terra (LUNA) and Luna Classic (LUNC) tokens on its trading platform this week.
According to the announcement, users can start depositing both LUNC and LUNA tokens to their Poloniex accounts from tomorrow August 17, 2022, at 4:00 AM (UTC).
Once the exchange has gotten sufficient liquidity, it will commence trading on August 17, 2022, at 06:00 AM (UTC). The exchange added that both LUNA and LUNC tokens will be paired with Tether stablecoin (USDT) and Tron’s stablecoin (USDD).
“We’re excited to welcome Terra (LUNA) and Terra Luna Classic (LUNC) to Poloniex,” the exchange noted in a statement.
Terra’s Crash, Rebirth, and Controversies
The Terra project has been filled with lots of controversies since the value of UST and LUNA plunged massively in early May.
The incident prompted many cryptocurrency exchanges, including Poloniex, to halt support for LUNA tokens in a bid to keep their users safe from the massive plunge.
After the massive collapse of Terra tokens, TerraForm Labs (TFL), the company behind the project, created new LUNA tokens and blockchain in a bid to make investors whole again.
The old LUNA tokens were renamed to Luna Classic, while the new ones retained the name LUNA. The new LUNA tokens were airdropped to Terra investors based on a special calculation adopted by TFL.
However, not all investors got what was supposed to be allocated to them. Notably, Terra is planning to address the issue in a new proposal created today.
Meanwhile, despite all efforts to make investors whole, LUNA tokens have continued to plunge massively since going live. Per data on Coingecko, LUNA is down almost 90% from its all-time high (ATH), while LUNC has dipped 100%.
Interestingly, Poloniex listing the Terra tokens may be part of an effort to make the coins available to many traders, which could bolster their value again.