Following the passage of a strategy to make “Terra 2.0”, major popular global digital currency exchanges have announced that they will grasp the looming revival of Terra.
Huobi, FTX, Bitrue, Bitfinex, Crypto.com and Binance are among the exchanges that have promised their support for the Terra network-based approach. FTX announced that it would enforce “new LUNA airdrop and suspension of LUNA and UST marketplaces. Binance said it was “cooperating with the Terra team on the recovery operation” at the same period of time.
The developments appeared after the Terra society approved “proposal 1623”, which Do Kwon, CEO of Terraform lab, introduced. Kwon’s idea is an attempt to resurrect the LUNA ecosystem that fell earlier in the month after the algorithm stablecoin UST was detached by US dollars.
Terraform Labs will unveil a new blockchain called Terra 2.0, while the existing fractured network should remain complete as “Terra Classic,” in line with the suggestion. The UST stablecoin will not be listed in the revived Terra ecosystem. Current Terra Classic network participants will get freshly produced LUNA tokens as part of the strategy.
“The Terra ecosystem has passed the bill Proposal 1623, advocating for the birth of a new blockchain,” according to the release. The initial chain will be divided apart according to the planned strategy, with the previous blockchain being named Terra Classic. The new blockchain will be dubbed Terra because it will be free of the algorithm stablecoins.
Similarly, the old LUNA token will be called LUNA CLASSIC (LUNC), while the refurbished token will be LUNA. DO KWON, and his team has resolved that all owners of the former LUNA and UST digital currency will get the new cryptocurrency through an airdrop on Thursday.