Major global cryptocurrency exchanges have announced that they will support the upcoming relaunch of Terra.
Pageone.ng reported on Wednesday that the Terra community had passed the proposal to launch “Terra 2.0”.
Exchanges including Binance, FTX, Crypto.com, Huobi, Bitfinex, Bybit, Gate io, Bitrue and Kucoin have pledged their support for the modified version of the recently collapsed Terra blockchain.
The proposal is an attempt by Kwon to revive the crashed Luna ecosystem, which collapsed earlier this month after its algorithmic stablecoin UST depegged from the U.S. dollar.
According to the proposal, Terraform Labs would deploy a new blockchain called Terra 2.0, with the older collapsed blockchain continuing to exist as “Terra Classic”. The relaunched Terra ecosystem will not include the UST stablecoin.
Under the proposal, existing token holders of Terra Classic will be airdropped with newly minted LUNA tokens.
Terra 2.0 is expected to go live on 27th May 2022, following which the airdrop of new LUNA tokens will be processed.
