The collapse of the Terra (LUNA) ecosystem’s algorithmic mechanism supporting stablecoin UST due to excessive selling pressure had hit the entire market hard. The Binance team, which has been following the event closely, shares that they are working closely with the Terra team for Terra 2.0, which was approved recently. New tokens will be airdropped back to investors…
Binance announces “Terra Rebirth” support
Binance, the world’s largest crypto exchange by trading volume, shortly First, he announced that he was working with the Terra team to recover the ailing network. Earlier today, it was reported that the Terra community has approved the reconfiguration of Terra Blockchain, which will airdrop LUNA 2.0 tokens to affected LUNA investors. The new Blockchain was released after a management vote went in favour. The Binance team, which has been making statements about the crash for a while, assured the crypto community that it is working closely with the Terra team on the recovery plan. The related tweet said:
The Terra community has just approved the “Terra rebirth” proposal. We have been working closely with the Terra team on the recovery plan, which aims to offer Binance users the best possible compensation. Stay tuned for more updates.
The Terra community just passed a vote to ‘Rebirth Terra Network’.
We are working closely with the Terra team on the recovery plan, aiming to provide impacted users on Binance with the best possible treatment. Stay tuned for further updates.
— Binance (@binance) May 25, 2022
Binance also provides users with the aim of compensating for the collapse with the best possible treatment. he adds.
New Blockchain to be released on Friday
Following the collapse of the Terra ecosystem, Do Kwon, co-founder and CEO of Terraform Labs, initially hard forked He proposed the creation of an entirely new Blockchain, described as However, the Terra team later corrected the misunderstanding.
According to the details provided in the proposal, Terra 2.0 is scheduled to go live on Friday. After launch, the LUNA will be made available for trading. As Kriptokoin.com , these tokens will be airdropped to existing stakeholders with a predetermined percentage. Also, most tokens will be subject to vesting periods to avoid immediate disposals.
LUNA price jumped after the announcement
Terra (LUNA) rose more than 15% from the daily low of $0.0001548 after the announcement. At the time of writing, it is trading at $0.0001864.
