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