New LUNA tokens are being listed on exchanges as an early sign of support for Terra’s rebirth
The halted Terra Classic network is likely to resurface as Terra 2.0, and HitBTC aims to launch Terra’s brand new coin LUNA on May 27. The inclusion of Terra’s fresh new currency, also known as LUNA, on crypto trading platforms is the first evidence of support for the resurrected Terra network. On Wednesday, the HitBTC exchange announced on Twitter that Terra’s new chain token Luna will be accessible on its platform on May 27.
The announcement comes as Terraform Labs prepares to relaunch its protocol on Friday, replacing the old Terra Classic chain with the new Terra or Terra 2.0 chain. Terraform Labs claimed on Monday that the new chain will not be a fork since it will be built from the genesis block and will not share a history with Terra Classic. The new Terra token will be called LU, and it will replace the Luna Classic token (LUNC).
In mid-May, Terraform Labs CEO Do Kwon proposed a new Terra chain sans Terra’s algorithmic stablecoin TerraUSD (UST), offering LUNA airdrops to LUNC speakers and holders, UST holders, and Terra Classic app developers, as previously reported.
The idea garnered quick community support, with 91 percent of Terra validators voting in favor of the Terra “rebirth” as of May 18. The community poll is still open as of this writing, with around 67 percent of respondents in favor of Terra 2.0’s rebirth. Terra’s resurgence comes after Terraform Labs paused the Terra blockchain on May 12 due to a severe network meltdown, which saw the Luna token drop as low as 99 percent and the UST lose its 1:1 peg value to the US dollar.
Following the failure of UST and LUNA, HitBTC isn’t the only crypto exchange that wants to work with Terraform Labs. Following Terra’s successful revival vote, Binance declared that it will “work closely with the Terra team on the recovery plan” in order to assist impacted Binance users.
Terraform Labs’ CEO rejected claims that he had contacted major South Korean crypto exchanges to request that the new Luna coin be listed.
Read more: Do Kwon dissolved Terraform Labs Korea just days before the LUNA accident