Despite the controversies surrounding the Terra ecosystem founded by Do Kwon and TerraForm Labs, this top crypto exchange, Poloniex, is gearing up to onboard Terra (LUNA) and Terra Classic (LUNC) for customers to commence trading activities.
According to Tuesday’s announcement, Poloniex, the legendary cryptocurrency exchange, disclosed that it will list both the collapsed Terra Classic token (LUNC) and the newly created Terra token (LUNA), on its trading platform for users.
As revealed in the update, LUNA and LUNC trading will be enabled on the Poloniex exchange on August 17, 2022. Then, users can also deposit, withdraw, buy and/or sell both Terra-related tokens using the marketplace.
The available trading pairs will be LUNA/USDT, LUNA/USDD, LUNC/USDT, and LUNC/USDD. The exchange has not revealed whether more pairs will be introduced for these new listings.
📅 Wallets open: August 17, 2022 at 04:00 AM UTC
📈 Trading starts: August 17, 2022 at 06:00 AM UTC
🔄 Trading pairs:
— Poloniex Exchange (@Poloniex) August 16, 2022
Part of the announcement read;
“We’re excited to welcome Terra (LUNA) and Terra Luna Classic (LUNC) to Poloniex.”
“Launching soon, the wallets will be open on August 17, 2022, at 04:00 AM UTC and you can begin depositing LUNA, LUNC into your Poloniex account. Full trading for LUNA, LUNC with USDT and USDD pairs: LUNA/USDT, LUNA/USDD, and LUNC/USDT, LUNC/USDD will be enabled on August 17, 2022, at 06:00 AM UTC, “ it added.
Following the collapse of Do Kwon’s Terra ecosystem tokens LUNC and TerraUSD (UST) in May, several top exchanges like Binance delisted the old native token of the Terra chain, LUNC (formerly called Luna). A new blockchain was later launched, which gave birth to a new token known as LUNA.
Back then, both Terra Classic (LUNC) and TerraUSD (UST), the ecosystem’s stablecoin, declined over 90% in price to fractions of a cent in less than 72 hours. As revealed in a recent interview, the inventor of Terra blockchain, Do Kwon, has expressed disappointment in the downfall of his algorithmic stablecoin project, TerraUSD (UST).