Terra 2.0 Revival Plan Gets Support By Multiple Crypto Exchanges

Terra 2.0 Revival Plan Gets Support By Multiple Crypto Exchanges

Terra, the “algorithmic stablecoin” project whose downfall triggered a broad cryptocurrency market panic earlier this month, is being relaunched as “terra 2.0” in a last-ditch effort to recoup investor losses.

Terra announced the specifics of a forthcoming airdrop of its new native token for its new blockchain, Terra 2.0, on Thursday. Accredited owners of TerraUSD Classic (USTC), Terra Luna Classic (LUNC), and Anchor Protocol UST (aUST) will get extra tokens during the token distribution on Friday.

Two cryptocurrency exchanges, Binance and FTX, have said that they are collaborating closely with the Terra team on the upcoming airdrop. In addition, Binance announced that it intends to assist impacted individuals on the platform with the recovery strategy by assisting Terra.

 The Terra team stated that in addition to Binance and FTX, it is collaborating with a number of other partner exchanges to enable the airdrop. FTX will facilitate the airdrop, with the LUNA and UST markets momentarily halted during the migration. 

KuCoin and a number of other cryptocurrency exchanges have shown their support for Terra 2.0 by allowing the new Terra tokens to be transferred, listed, and traded on their platforms, aside from the airdrop.  

Not all exchanges, however, are willing to offer the new tokens “At this point, there are no plans to provide the new Terra currencies,” a representative for crypto exchange BitMEX told a well-known news column. They went on to say:

“We catalog tokens on the spot based on a multitude of factors, including whether or not we have a custody solution for them. However, we have no plans to put LUNA on the catalog at this moment.”

According to the official, the exchange must first ensure that it has a “reliable reference index” before accepting derivatives contracts on the new LUNA currency.

In the meantime, not everybody is ready to make the whole transition to the new chain. MEXC Global consumers decided to begin buybacks and burns on Terra’s secondary market, despite Terra developer Do Kwon’s resistance to destroying LUNA’s circulating supply. MEXC agreed to a month-long buyback-and-burn operation using trading fees generated from the new LUNA/USDT spot trading pair on its platform.

TerraUSD (UST) is a Terra platform-based decentralized and algorithmic stablecoin. It’s a yield-bearing currency with a US Dollar-based value and offers scalability. 

TerraUSD debuted in September 2020, and since then, it has been one of the most scalable stablecoin in the crypto market. UST can be used alone or in combination with LUNA, Terra’s non-stablecoin cryptocurrency.

TerraUSD was created to add value to the Terra community while also offering a scalable alternative to DeFi in the midst of major scaling challenges that other stablecoin leaders, such as Dai, are facing. However, the continuous collapse of Terra has shaken the crypto sphere as a whole.

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