Exchanges show initial support to Terra revival by listing new LUNA token

Published at: May 25, 2022

Crypto trading platforms show initial signs of support for the revival of the collapsed Terra network by listing its brand-new token, also named LUNA.

The HitBTC exchange took to Twitter on Wednesday to announce that the new Terra chain’s token will be available on its platform on May 27.

The news comes amid Terraform Labs preparing to relaunch its protocol on Friday and replace the old chain, now referred to as Terra Classic, with the new chain, called Terra or Terra 2.0. The new chain will not be a fork, as it will be created from the genesis block and will not share a history with Terra Classic, Terraform Labs said on Monday.

The new Terra token will be named LUNA, replacing the original token, which is now referred to as 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/MuYPUfcMjJStay tuned for updates. pic.twitter.com/shYIWtPuN6

— HitBTC (@hitbtc) May 25, 2022

As previously reported, Terraform Labs CEO Do Kwon proposed to create a new Terra chain without Terra’s algorithmic stablecoin, TerraUSD (UST), in mid-May, suggesting LUNA airdrops for LUNC stakers and holders, UST holders and Terra Classic app developers.

The proposal immediately received support from the community, with 91% of Terra validators voting in favor of the Terra “rebirth” as of May 18. At the time of writing, the community poll is still ongoing, with roughly 67% of voters supporting Terra's revival as Terra 2.0.

Terra’s revival comes after Terraform Labs halted the Terra blockchain on May 12 following a massive network crash, with the LUNA token plummeting as much as 99% and UST losing its 1:1 peg value to the United States dollar.

HitBTC is apparently not the only crypto exchange intending to cooperate with Terraform Labs in the aftermath of UST and LUNA's collapse. Following Terra's successful rebirth vote, Binance announced that it will be "working closely with the Terra team on the recovery plan" to help impacted users on Binance.

Coinbase recently announced that it would delist Wrapped Luna (WLUNA), an Ethereum token representing LUNA, on Friday. Coinbase Cloud, Coinbase's infrastructure arm, announced on May 20 the suspension of support for Terra and all potential Terra chains in the near future.

On Wednesday, Terraform Labs CEO denied reports that he has been in touch with major South Korean crypto exchanges to ask them to list the new LUNA token.