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Terra Community Prepares To Launch New Terra, Exchanges Show Interest To List New Token

Written by: Elena R

May 25, 2022

The inclusion of Terra’s fresh new currency, also known as LUNA, on crypto trading platforms is the first evidence of support for the slumped Terra network. 

On Wednesday, the HitBTC exchange announced on Twitter that Terra’s new chain token Luna will be accessible on its platform on May 27.

Terra Classic To Be Named As New Terra

The announcement comes as Terraform Labs prepares to relaunch its protocol on May 27 and replace the existing Terra Classic chain with the new Terra, or Terra 2.0, chain. Terraform Labs claimed on May 23 that the new chain would not be a fork because it will be built from the genesis block and will not share Terra Classic’s history.

Luna will be the name of the new Terra’s token, which will replace the previous Luna Classic token (LUNC).

In mid-May, Terraform Labs CEO Do Kwon suggested a new Terra chain sans Terra’s algorithmic stablecoin TerraUSD (UST), proposing LUNA airdrops to LUNC stakers and holders, UST holders, and Terra Classic app developers, as previously reported.

As of May 18, 91 percent of Terra validators supported the Terra “rebirth.” The community poll is still open at the time of writing, with around 67 percent of respondents in favour of Terra 2.0’s rebirth.

Terraform Labs paused the Terra blockchain on May 12 following a significant plunge of both LUNA and UST, with the Luna token falling as low as 99 percent.

Terra’s UST stablecoin lost its $1 price peg earlier this month, causing the price of the supporting LUNA token to plummet. $60 billion has gone missing, leaving people distraught. 

The unstable algorithmic pegging method was first blamed for the problem. However, claims of foul play have subsequently surfaced.

Elena R

Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing - accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.

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