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While Terra’s LUNA 2.0 Airdrop Goes Live, Here Is Why Coinbase Decides To Stay Away

Written by: Delma Wilson

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Delma Wilson

Delma is a B2B Content Marketer, Consultant, Blogger in the field of Blockchain, and Cryptocurrency. In her spare time, she loves to blog, play badminton and watch out ted talks. She likes pets and shares her free time with NGO.

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May 28, 2022

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According to social media sources, LUNA 2.0 will cost $50 when it launches. According to some accounts, it might cost anything from $30 to $60. The launch pricing of LUNA 2.0 still needs to be flashed on Terraform Labs’ internet channels. No one can guarantee the pricing of LUNA 2.0 until the team sends out an official confirmation

Following the majority of crypto exchanges’ support for the Luna 2.0 airdrop, Binance is the most supportive, Coinbase’s silence here is growing louder.

Why is Coinbase Not Supporting LUNA 2.0 Airdrop?

According to Coinbase the trade in UST and WLUNA, an Ethereum token that represents LUNA, will discontinue on Friday, May 27, 2022, at or around 12 p.m. ET, in the midst of the Terra LUNA crash. 

This decision of suspension will affect Coinbase, Coinbase Pro, and Coinbase Exchange which will be enacted today.

On Friday, May 20, Coinbase Cloud, the company’s infrastructure arm, announced the termination of support for Terra and all future Terra chains.

Despite other exchanges announcing preparations to welcome the new Luna 2.0 cryptocurrency, the US business has been silent and says it has no plans to list it.

Kraken to Support Luna 2.0 Airdrop

On the other hand, Kraken, a US-based cryptocurrency exchange, was the most recent to declare its support for the fresh airdrop. The new asset will be known as LUNA2, whereas the Terra classic will continue to be known as LUNA.

Existing LUNA deposit addresses for both assets will remain functional. Other cryptocurrency exchanges have issued similar remarks in the past, including Binance, HitBTC, Huobi, and Bitfinex.

Terraform Labs co-founder Do Kwon took to Twitter to respond to the news by tweeting his congratulations.

Terra LUNA Recovery Plan Is Live

Terraform Labs is working on the second phase of their Ecosystem Revival Plan, which saw an end on Friday, May 27th.

Terra’s LUNA 2.0 testnet is already operational, and the resuscitation of the native coin as a genesis chain will conclude once the new LUNA mainnet gets going.

Do Kwon and Terraform Labs object to the event being labelled a hard fork because the new blockchain will begin with block 0 and leave LUNA Classic in a predetermined manner, 30% of the new LUNA tokens will be distributed to both pre- and post-collapse LUNA and UST holders.

Despite the outrage shown by many investors affected by the Terra crisis two weeks ago, the Terra community voted 65% in favour of the LUNA recovery plan.

Terra’s LUNA 2.0 testnet is already operational, with the snapshot scheduled for May 26 and the mainnet launch set for May 27, completing the LUNA fork.

For qualifying LUNA and UST holders, Terra’s mainnet launch will be accompanied by an airdrop. Terraform Labs and its co-founders are being sued by whistleblowers from the Terra community, who have amassed legal support and a litigation fund.

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Delma Wilson

Delma is a B2B Content Marketer, Consultant, Blogger in the field of Blockchain, and Cryptocurrency. In her spare time, she loves to blog, play badminton and watch out ted talks. She likes pets and shares her free time with NGO.

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