Terra is a decentralized financial payment network that rebuilds the traditional payment stack on the blockchain. Luna is the reserve currency of the Terra platform. It has three core functions: i) mine Terra transactions through staking, ii) ensure the price stability of Terra stablecoins and iii) provide incentives for the platform’s blockchain validators.
Some exchanges have expressed support the opposite of Resistance, it is a threshold that crypto’s price doesn’t fall below. for the new blockchain and its LUNA 2.0 token; but not all.
- The new version of Terra will distribute LUNA 2.0 tokens among holders.
- Binance and Huobi have hinted at the listing the addition of an asset or an asset pair to an exchange. of the new Terra 2.0 coin.
- Several of the most important exchanges South Koreans were reticent about the listing.
A new and improved version of the blockchain Earth will be launched later this week, after the long-awaited revival plan received majority approval.
This morning, we told that the chain vote for the reactivation plan for the Earth proposed by founder Do Kwon had closed with 65.5% of the votes in favor. . The favourable count will involve the implementation of proposal #1623, which involves the creation of a new blockchain, commonly called “ Earth 2.0 “.
The rebirth of the ecosystem Earth seeks to address a place where cryptocurrency can be sent to and from, in the form of a string of letters and numbers. the current crisis of the project following the disengagement of its stablecoin a cryptocurrency with extremely low volatility, sometimes used as a means of portfolio diversification. Examples include gold-backed cryptocurrency or fiat-pegged cryptocurrency. algorítmica TerraUSD (UST) and the collapse of its token a digital unit designed with utility in mind, providing access and use of a larger crypto economic system. native LUNA two weeks ago. The new Blockchain a distributed ledger system. A sequence of blocks, or units of digital information, stored consecutively in a public database. The basis for cryptocurrencies. which will leave behind the failed UST, will distribute LUNA 2.0 tokens to holders as a way to compensate for losses. It is expected to launch on May 27th.
Huobi and Binance back Terra 2.0
In the midst of expectations of what will clearly be a new opportunity for Earth The community and members of the crypto space are preparing for the arrival of the renewed network. Among them, some cryptocurrency cryptocurrencies are digital currencies that use cryptographic technologies to secure their operation. exchanges have already announced their support for the plan, as well as the listing of the new token of LUNA, which will keep its original name.
It’s worth noting that the new blockchain will be renamed the Earth while the old network a network refers to all nodes in the operation of a blockchain at any given moment in time. will be baptized as Terra Classic . The original LUNA tokens, corresponding to that chain, will be renamed as LUNA Classic (LUNC).
El exchange Huobi made it known Wednesday that it will list the LUNA 2.0 token once it launches with the new platform. “ Huobi supports the launch of #LUNA 2.0 May 27th Are you ready for the “Rebirth of LUNA”? “, wrote the exchange in a tweet .
Are you ready for “LUNA Rebirth”????? https://t.co/Vn1FFwlc4y
– Huobi (@HuobiGlobal) May 25, 2022
Binance the largest exchange businesses that allow customers to trade cryptocurrencies for fiat money or other cryptocurrencies. cryptocurrency token, has also announced its backing. While a listing has not been confirmed for the new token from Earth the company indicated that it is working “ working closely with the Terra team on the recovery plan, with the goal of providing affected Binance users with the best possible treatment. “. El intercambio recomendó a sus usuarios mantenerse al corriente de sus canales de información para conocer próximas actualizaciones.
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
Upbit a South Korea-based cryptocurrency trading platform, had also expressed its intention to list the new token if the proposal was approved. A spokesperson for the exchange, who spoke to local media outlet heraldcorp , dijo that if the new currency currency is a medium of exchange that defines value. is created according to the Kwon plan, the exchange would help provide the infrastructure to receive it.
Not all the exchanges se comprometen
However, not all exchanges came out in support of the plan by the CEO and founder of Terraform Labs. According to the local agency, Kwon had gone to five major South Korean platforms, namely, Upbit, Bithumb, Coinone, Korbit y Gopax to ask them to re-list LUNA 2.0 once the new blockchain is activated. Earth .
Reports suggest that, with the exception of Upbit The rest of the local exchanges were reluctant, noting that Kwon will have to make the appropriate requests for the new cryptocurrency to be included.
Following the dramatic fall of LUNA and UST, cryptocurrency exchanges proceeded to remove both of them tokens arguing measures to protect its users. Coinbase is an American company that operates a cryptocurrency exchange platform. y Binance were among those who announced the suspension at the time. Meanwhile, in South Korea, Kwon’s nation of origin and residence, the digital digital technologies are these electronic tools that have the ability to generate, store or even process data. asset platforms have been under the regulatory scrutiny following the collapse of Earth . Its founder also faces police investigations and legal action against you .
Commercial support for LUNA 2.0 from major cryptocurrencies exchanges seems to be of paramount importance to many of the project’s investors. According to the reactivation plan, the new currency will be distributed through a airdrop a marketing campaign that distributes a specific cryptocurrency or token to an audience. among the holders of Earth . The distribution will be made according to the amount of tokens for each LUNA and/or UST holder, depending on their ownership for pre-attack or post-attack.
LUNA 2.0 will have an initial supply of 116 million tokens with plans to grow to 182 million after one year.
- Proposal to reactivate Terra is close refers to the closing price; similar to the same term used in stock trading. to being approved, but there are still doubts: it won’t be a bifurcation
- More than 280 million LUNA burns in attempt to boost price, but Do Kwon advises against it
- South Korean authorities seek to freeze Luna Foundation’s assets
Article by Hannah Estefania Perez / DiarioBitcoin
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