The cryptocurrency world is still reeling from the dramatic collapse of Terra’s algorithmic stablecoin, UST, and its sister token, LUNA. The aftermath left countless crypto traders in shock, and the future of the Terra network hanging in the balance. But amidst the uncertainty, a spark of hope has emerged. Leading cryptocurrency exchanges, including industry giants like Huobi, Binance, and Bybit, have stepped forward, signaling their willingness to support Terra’s ambitious plan for a new blockchain. Let’s dive into what this means for the future of Terra and the broader crypto market.
Crypto Giants Show Terra 2.0 Support: A Sign of Revival?
In a surprising turn of events, just days after the catastrophic downfall, prominent crypto exchanges have publicly expressed their interest in collaborating with the Terra team. Their mission? To launch a brand-new Terra blockchain, this time strategically designed without the controversial algorithmic stablecoin that triggered the initial crisis. This move has injected a fresh wave of optimism into the crypto community, suggesting a potential path to recovery for the battered Terra ecosystem.
Let’s take a look at the exchanges that are publicly backing Terra’s next chapter:
- Huobi: A major player in the crypto exchange arena, Huobi Global was among the first to voice support. Their tweet clearly indicates their openness to working with the Terra team on the new chain.
- Binance: Changpeng Zhao (CZ), CEO of Binance, the world’s largest crypto exchange, also confirmed their engagement in discussions with Terra. This is a significant endorsement, given Binance’s influence in the crypto market.
- Bybit: Another prominent exchange, Bybit, has also signaled its support, further strengthening the industry’s backing for Terra’s revival efforts.
It’s worth noting that Huobi has a pre-existing relationship with Terra, having listed LUNA late last year. This existing connection might facilitate smoother collaboration in the development of the new chain.
Binance, on the other hand, had previously taken decisive action during the crisis by halting LUNA trades when validators paused the Terra blockchain. This move, while necessary to protect users, underscores the severity of the situation at the time.
What’s the Plan for the New Terra Token Airdrop? Bybit and Bitrue to Assist
The core of Terra’s revival strategy revolves around creating a new blockchain and a new token, while acknowledging the legacy of the old. Founder Do Kwon has proposed a plan that involves:
- New Blockchain, New LUNA: Launching a brand-new blockchain that will operate without an algorithmic stablecoin. The token on this new chain will be called LUNA.
- LUNA Classic (LUNAC): The existing Luna token will be rebranded as LUNA Classic (LUNAC) and will continue to exist on the original Terra Classic blockchain.
- UST Classic: The original UST stablecoin will also remain on the Terra Classic blockchain.
A crucial aspect of this plan is the airdrop of the new LUNA tokens. Here’s how the distribution is proposed:
| Recipient Category | Percentage of New LUNA Airdrop |
|---|---|
| Community Pool (regulated by staked LUNA Classic tokens) | 30% |
| Pre-attack LUNA Holders | 35% |
| Pre-attack UST Holders | 10% |
| Post-attack LUNA Holders | 10% |
| Post-attack UST Holders | 15% |
To determine eligibility for the airdrop, two critical snapshots will be taken:
- Pre-attack Snapshot: Terra Classic block 7544910
- Post-attack Snapshot: Terra Classic block 7790000
Adding to the growing list of supportive exchanges, Bybit and Bitrue have stepped up to co-host the LUNA airdrop. This collaboration will likely streamline the distribution process and ensure wider accessibility for token holders.
More Exchanges Join the Chorus of Support
The support for Terra’s new direction isn’t limited to just Huobi, Binance, Bybit, and Bitrue. Other exchanges are also publicly demonstrating their backing, further solidifying the industry’s collective effort to aid Terra’s recovery.
- Gate.io: Gate.io has also tweeted showing their support for the new Terra chain.
- Bitfinex: Bitfinex has also added their voice to the growing chorus of support via Twitter.
Can Terra Rise Again?
The crypto market is known for its volatility and its capacity for surprising comebacks. The strong support from major cryptocurrency exchanges is undoubtedly a positive signal for Terra’s prospects. However, the road to recovery is likely to be long and challenging. Trust needs to be rebuilt, and the new blockchain must demonstrate its robustness and resilience, especially in the absence of an algorithmic stablecoin.
The willingness of these exchanges to engage with Terra 2.0 suggests a belief in the underlying technology and the potential for a future beyond the UST debacle. For crypto traders and investors, this development offers a glimmer of hope amidst the recent market turmoil. Whether Terra can truly rise from the ashes and regain its former prominence remains to be seen, but the backing of these influential exchanges is a crucial first step in that journey.
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