After the collapse of the stablecoin UST and the cryptocurrency LUNA sent the cryptocurrency market to a low, pushing BTC to $25,000, the Terra blockchain recovery proposal begins to take shape.
As reported by Cryptheory, the LUNA recovery proposal, presented by Do Know, was approved. Now, exchanges have started moving around and announcing support for the new cryptocurrency.
HitBTC announced support for Terra 2.0
One of the first global companies to announce support for the LUNA proposal was Hitbtc. According to a company post on Twitter, the new LUNA 2.0 token will be available on its platform on May 27.
Thus, the exchange will allow the purchase, sale, deposits and withdrawals of the “new” LUNA. The proposal presented by Do Kwon foresees a fork of the network. That is, the old network will be called Terra Classic, with the LUNA Classic (LUNC) cryptocurrency. And the new network will continue with the name of Terra (LUNA).
In the announcement, the exchange stated that in addition to support, it will adopt the new name of the tokens. Thus, it will exchange the “old” LUNA for LUNC, reserving LUNA for the new blockchain.
Also announcing support and support for Luna 2.0 was Binance. The exchange said it is working closely with the Terra team on the recovery plan. In this way, the platform intends to help impacted users.
Coinbase also recently announced that it would withdraw the Wrapped Luna (WLUNA) token on May 27. It is an ETH token that represents LUNA. With this, Coinbase will likely support the new blockchain.
Recovery plan starts May 26
Terra’s rebirth plan is due to begin on May 26th. On this day, investors who held more than 10,000 LUNA before the UST implosion will receive the new tokens.
However, to avoid immediate sale, only about 30% of the tokens will be distributed. The remaining 70% will be released over two years.
Meanwhile, wallets with more than 1 million LUNA or UST prior to UST removal will have to wait more than one year before receiving any tokens and the total tokens these investors have direct will be distributed in up to 4 years.