The collapse of Terra (LUNA) shocked the crypto market. The project, however, has no intention of remaining down since it has received funding from cryptocurrency exchanges to assist in its rebuilding.
Terra disclosed specifics regarding the airdrop of the new native token within its new network, Terra 2.0, in a statement on Thursday. The token distribution will take place on May 27, 2022, with qualified holders of Terra Luna Classic (LUNC), TerraUSD Classic (USTC), and Anchor Protocol UST (aUST) receiving additional tokens.
Following the passing of a proposal to build “Terra 2.0,” major worldwide cryptocurrency exchanges have declared that they will support the imminent relaunch of Terra.
Binance, FTX, Crypto.com, Huobi, Bitfinex, Bybit, Gate io, Bitrue, and Kucoin are among the exchanges that have committed their support for the modified version of the recently defunct Terra network. FTX declared that it would support the “new LUNA airdrop and suspend LUNA and UST markets,” while Binance tweeted that it was “working closely with the Terra team on the recovery plan.”
The developments came after the Terra community approved “proposal 1623,” which Terraform Labs CEO Do Kwon proposed. Kwon’s suggestion was an attempt to resurrect the Luna ecosystem, which had failed earlier this month because its algorithmic stablecoin UST lost its peg to the US dollar.
The Terra team is collaborating with multiple centralized exchanges as part of the plan to facilitate an impending airdrop to its community. Pre-attack LUNA and UST holders will get 35% of the LUNA tokens as an airdrop. Terra dApp developers and the broader ecosystem will receive a significant portion of the token distribution.
