Terra 2.0 is live and producing blocks. Here are the exchanges that will support the LUNA airdrop.
The much-anticipated launch of Terra’s new blockchain took place on Saturday, May 28th 2022, as planned. The network has produced its first block, and additional services are expected to go live soon.
The most glaring difference between Terra 2.0 and the previous chain — renamed Terra Classic — is that Terra 2.0 will not include an algorithmic stablecoin. This makes total sense, of course. Since UST’s collapse, many people in the industry are calling the technology into question as a viable stablecoin model. Rather, it will operate solely with a new LUNA crypto. The old LUNA will rebrand into LUNA Classic(LUNC).
A prominent validator on Terra, Orbital Command says that 70% of the new LUNA tokens will be airdropped. All holders of LUNA or UST will receive tokens in this airdrop, though holders who owned their LUNA and UST before the collapse of the network will be receiving a greater ratio of tokens.
Moreover, they share that the Terra 2.0 chain already has a robust product offering, with 11 projects confirmed for the new ecosystem. The hope is that Terra 2.0 will assume Terra’s previous role as the centerpiece of the Cosmos blockchain ecosystem.
Terra’s team took to Twitter to reveal that the new chain has officially gone live and is already producing blocks.
- The team also revealed that users are currently able to do “multiple things” with their liquid LUNA, such as staking it to preferred validators, earning rewards, participating in government decisions, and so forth.
- It’s also worth noting that this is a new blockchain and not a fork, therefore, decentralized apps from the classic chain would need to relaunch on the new one.
- With that said, one of the most pressing questions that many people are wondering is if centralized exchanges and service providers will support the airdrop.
- There are numerous platforms that have already announced they will, and these include, but are not limited to: Huobi, Binance, KuCoin, Bitrue, FTX, Bitfinex, GateIO, ByBit, Nexo, and so forth.
- It’s worth noting that holders will receive a portion of their airdrop now, and the rest over will be vested over a certain period of time.
Nexo Finance Supports Terra 2.0 On Reddit – To List New LUNA For Trading
In a Reddit Announcement, Nexo Finance team said –
Nexo will support and distribute the Terra 2.0 airdrop to UST & LUNA holders. Here’s how we intend to do it.
We will top up the tokens directly into all eligible Nexo accounts based on their UST & LUNA balances at both snapshot times for each asset. We will replicate the original airdrop and its vesting schedule to make sure every user is made whole and gets their fair share.
The new LUNA will be listed on Nexo and available for trading soon after our major exchange partners proceed with the listing. At launch, the Earn and Borrow functionalities will not be enabled.
Similar to other major exchanges and platforms, the Nexo team will need some time to process the airdrop. Listing the asset for trading, collection, and attribution will be on top of our priorities but we cannot commit to a specific release date yet.
No action is required from users at this time. Once you login following the airdrop distribution, your balance will be available for trading. We are looking forward to making the transition to Luna 2.0. Stay tuned for updates from the Nexo team.
Will the new Terra be able to redeem itself with Luna 2.0 and airdrops?
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Chris Munch is a professional cryptocurrency and blockchain writer with a background in software businesses, and has been involved in marketing within the cryptocurrency space. With a passion for innovation, Chris brings a unique and insightful perspective to the world of crypto and blockchain. Chris has a deep understanding of the economic, psychological, marketing and financial forces that drive the crypto market, and has made a number of accurate calls of major shifts in market trends. He is constantly researching and studying the latest trends and technologies, ensuring that he is always up-to-date on the latest developments in the industry. Chris’ writing is characterized by his ability to explain complex concepts in a clear and concise manner, making it accessible to a wide audience of readers.
