Wednesday, June 29, 2022
HomeCryptocurrencyBinance Announces Support for Terra Network Rebirth: Details

Binance Announces Support for Terra Network Rebirth: Details

Binance, the world’s largest crypto exchange by trading volume, has recently stated that it’s working with the Terra team on the recovery of the embattled network.

Earlier today, TimesTabloid reported that the Terra community has approved the rebirth of the blockchain, which will result in the airdrop of LUNA 2.0 tokens to the affected Terra (LUNA) holders. The approval came through a governance vote.

Read Also: Do Kwon to LUNA Holders: Losing Your Tokens Forever via Burn May Have No Effect on LUNA Price

In a tweet that has since gone viral, Binance assured the crypto community that it’s working closely with the Terra team on the recovery plan.

The exchange added that it aims to provide users that the collapse affected with the best possible treatment.

Binance tweeted, “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 likely shared this information to assure its users that it will fully support the upcoming LUNA 2.0 tokens airdrop.

Read Also: CZ Explains Why Binance Resumes Terra (LUNA) Trading Despite Collapse

New Blockchain to Go Live On Friday

Following the collapse of the Terra ecosystem, the co-founder and CEO of Terraform Labs, Do Kwon, suggested the creation of an entirely new blockchain, which was initially described as a fork. However, the Terra team later corrected the misconception.

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Going by the details provided in the proposal, Terra 2.0 is slated to go live on Friday. After the launch, LUNA tokens will be made available for trading.

As earlier reported, these tokens will be airdropped to existing stakeholders at a pre-decided percentage. Also, many of the tokens will be subject to vesting periods to avoid instant selloffs.


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Solomon Odunayo
Solomon Odunayo
Solomon Odunayo is a cryptocurrency journalist with over 3 years of experience in the crypto industry. He's sternly interested in covering developments of emerging and established blockchain projects.
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