Crypto Exchanges Show Support for Terra 2.0

Last updated: May 26, 2022
2 Min Read
AI Generated Summary

Major exchanges have shown strong signs of support for Terra’s revival plan after a plea from Terra Founder Do Kwon to list “Terra 2.0”.

The news arose amid Terraform Labs preparation to relaunch its protocol to replace the old chain which will be referred to as “Terra Classic” (LUNC). The new Terra, or Terra 2.0, will not be a fork, but an entirely new chain created from a genesis block.

The proposal for a “Luna Rebirth” received overwhelming support from the community with 91% of Terra validators voting in favour of the proposal as of May 18th, though at the time of writing, the community poll is still ongoing with only 67% of voters supporting the revival as “Terra 2.0”.

Terra vote Terra network rebirth poll. Source: Terra Station

So far, the exchanges showing support for the new Luna token are HitBTC and Huobi, with Binance also announcing that it will be “working closely with the Terra team on the recovery plan.”

It isn’t just exchanges that are interested in Luna 2.0, according to Google search trends, global interest in Luna’s rebirth has skyrocketed, with the majority of search traffic coming from Finland and Spain.

It has been reported that the domestic exchanges in South Korea who were approached by Kwon took a hard stance stating: “If you want to be listed, go through the official listing process.”

The Terra Ecosystem Restoration Plan is intended to restore the ecosystem and issue new coins, distributing them to investors who have experienced a loss.

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