Binance, FTX, Crypto.com, Huobi, Bitfinex, Kucoin, and other exchanges pledge support for Do Kwon's Terra 2.0, set to launch on May 27 by airdropping tokens
Terra’s relaunch followed a 65.5% governance vote to restart the blockchain without the UST stablecoin. The exchange commitments turn that approved plan into a distribution event, with token holders able to receive the new asset through major trading venues.
The support announcement had already been reported a day earlier as exchange backing for the airdrop, making the May 27 launch the operational follow-through rather than a new change in the relaunch plan.
First-order effects
Binance, FTX, Crypto.com, Huobi, Bitfinex and KuCoin become airdrop and trading access points for Terra 2.0 token holders at launch.
Terraform Labs gains immediate exchange distribution for the replacement LUNA token despite restarting the network without UST.
Second-order effects
Exchange support concentrates the initial market for the new token on centralized venues; subsequent coverage shows new LUNA trading fell about 70% from its opening price, exposing those venues and recipients to sharp early price discovery.
Third-order effects
The episode points to a crypto-market structure in which governance-approved chain restarts still depend on large exchanges to deliver tokens and establish liquid trading, leaving those platforms central to whether a reboot reaches users.
The trend: Crypto protocol recoveries are increasingly executed through a combination of on-chain governance and centralized-exchange distribution infrastructure.
1/ Terra 2.0 is coming. With overwhelming support, the Terra ecosystem has voted to pass Proposal 1623, calling for the genesis of a new blockchain and the preservation of our community.
The Terra community just passed a vote to ‘Rebirth Terra Network’. We are working closely with the Terra team on the recovery plan, aiming to provide impacted users on Binance with the best possible treatment. Stay tuned for further updates.
Bitfinex is supporting the launch of #LUNA 2.0 ‘Rebirth Terra Network’ migration on May 27th More details to follow in the coming hours https://twitter.com/...
$LUNA is rising again! Bitrue will continue our historic support of @terra_money by being the first exchange to launch LUNA V2 trading. LUNA V1 services will be suspended May 26 13:00 UTC, while V2 services will start ~May 27 Info, & potential airdrop - https://bitrue.zendesk.com…
⚠️ In support of the new LUNA token airdrop, the https://crypto.com/ App and Exchange will temporarily suspend $LUNA trading, and deposits/withdrawals via Terra on 26 May at 12:00 UTC until further notice ⏳ Stay tuned for more updates Details: https://crypto.com/... https://twitt…
Usually a “2.0” moniker comes when a software product is materially improved over the first version. Aside from airdrops to various parties, does Luna 2.0 contain any improvements to avoid the fate of Luna 1.0? https://twitter.com/...