On Wednesday, 25th of May, Binance said that it is collaborating closely with Terra on the blockchain’s recently authorized revival plan.
In a tweet, the world’s largest cryptocurrency exchange, Binance stated that it hopes to assist Terra crash victims.
This advancement comes after the Terra community approved the rehabilitation proposal. The restoration plan was approved by 65.5% of holders, with just over 13% voting against the proposal.
Terra will now introduce Terra 2.0, a new blockchain, as well as a new LUNA coin as a free airdrop to existing Terra users. Terra will now be called Terra Classic, and LUNA Classic will be its native token (LUNC).
Binance To Support Terra
In response to the Terra meltdown, Binance delisted LUNA and UST in May. UST had plummeted from its $1 price, while LUNA had lost virtually all of its worth. Approximately $30 billion in investor funds have been lost as a result of the catastrophe.
However, it was unclear how Binance would support Terra or whether the new LUNA cryptocurrency would be listed on the market.
Binance could simply be giving Terra with information for a planned airdrop. Terraform Labs founder Do Kwon had previously stated that the company was working with major exchanges to collect data for the airdrop.
Binance CEO Changpeng Zhao condemned Terra for the disaster, saying it might have been avoided if the team had interfered sooner. Terra’s design issue was also dubbed “extremely foolish” by Zhao, who said that minting more of an asset would raise its market capital.
Despite this, Binance had faced criticism for listing and promoting Terra.
Terra 2.0 Listing Gets Criticism
Most major exchanges have given little information about whether or not Terra 2.0 will be listed. According to local media sources in South Korea, major exchanges in the country are hesitant to list the new token since it is under investigation by the government.
However, South Korea’s largest exchange, Upbit, has shown some interest in listing Terra 2.0. HitBTC, a cryptocurrency exchange, also tweeted that it will support the new token.