Binance among top exchanges declaring support for Luna 2.0 

It is no longer news that Luna and UST have crashed to unprecedented levels recently. The news is that Luna 2.0, a second version of the project, is gathering so much momentum ahead of its launch. 

Several exchanges have indicated support for the new project, including the world’s leading crypto exchange, Binance. The exchange has indicated support for the project’s launch and its airdrop which will both be coming up soon. 

LUNA and UST experienced phenomenal crashes as the entire crypto market tumbled. The stablecoin, UST which is not expected to drop significantly from $1 crashed below 1 cent and even much lower as the market failed to recover. 

As a result, many have questioned the reliability of programmable stablecoins. The incident has also drawn the attention of regulators to stablecoins with several calls to regulate them to prevent another stablecoin crash like UST. 

Terra’s CEO Do Kwon however seems determined to revamp the project after the tragic crash, so Binance has expressed interest to support it. An announcement by Binance today 26 May 2022, shows that Terra’s tokens, LUNA and UST will be renamed as LUNA Classic ($LUNC) and UST Classic ($USTC), respectively. 

“Binance will support the rebranding of the Terra network to the Terra Classic network and its airdrop program. In the announcement, LUNA and UST tokens on the Terra Classic network will be referred to as LUNA (Old Token), and UST (Old Token),” the announcement said.

The process begins with the suspension of LUNA and UST deposit and withdrawal on the 26 May. Trading of all LUNA and UST pairs will thereafter be suspended on the same day prior to changing the codes for LUNA and UST, after which trading of the tokens will resume.

The new LUNA and UST will then be distributed to eligible Binance users based on the distribution plans of the project. Generally, the new tokens will be distributed to those who already hold the old tokens. 

Other exchanges that are supporting Terra 2.0 launch are FTX, Bybit Kucoin and crypto.com. 

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