Do Kwon’s bold attempt for Terra’s rebirth from the ashes of a tragic collapse earlier this month is gaining traction among cryptocurrency exchanges.
Even in India, many native exchanges have de-listed LUNA as they consider it a dead project, but on the contrary BuyUcoin, which is one of the best and oldest cryptocurrency exchanges in India rather than de-listing it, offered LUNA vouchers to it’s users and the existing hodlers of the Terra to show some support the project as well as the Indian community of LUNA.
Terraform Labs CEO Do Kwon retweeted messages from each conversation on his personal Twitter account as proof of support for Terra 2.0. He also retweeted a post by FTX’s Sam Bankman-Fried, which has since been removed.
In a tweet on May 25, Binance stated that it is “working closely with the Terra team on their recovery strategy,” and that it is “aiming to give impacted Binance users with the best possible treatment.” However, it has not yet made an official commitment to back the relaunch.
“Terra’s Rebirth” In the recent news
Terra’s ecosystem was shattered a few weeks ago when its algorithmic stablecoin UST disintegrated, taking LUNA with it. Terra’s tokens collapsed, wiping approximately $40 billion in market value. In a recent letter to shareholders, Mike Novogratz, the billionaire CEO of crypto investment firm Galaxy Digital and a big LUNA backer, said that recent events had “dented confidence in crypto and DeFi.”
Despite this, Kwon, who is known for his abrasive social media behaviour, has spent no time in formulating a strategy to resurrect the ecosystem in the form of a new Terra blockchain and LUNA 2.0 tokens, which would be airdropped to individuals affected by recent events. On May 25, a governance vote on his idea succeeded with 65.5 percent in favour. The new network is currently scheduled to debut on Friday.
FTX was contacted for comment on its Terra 2.0 stance, but had not responded by the time of publication.
Source: The blockcrypto