Binance is most supportive after most crypto exchanges support for the Luna 2.0 airdrop, with Coinbase’s silence growing louder here.
Coinbase said that amid the Terra Luna crash, trading in UST and WLUNA, an Ethereum token that represents Luna, will be suspended at or around 12PM ET on Friday, May 27, 2022.
This suspension decision will affect Coinbase, Coinbase Pro and Coinbase Exchange which will go into effect today.
On Friday, May 20, the company’s infrastructure arm, Coinbase Cloud, announced the end of support for Terra and all future Terra chains.
Despite other exchanges announcing preparations to welcome the new Luna 2.0 cryptocurrency, US trading has remained silent and says it has no plans to list.
Kraken to support Luna 2.0 airdrop
On the other hand, US-based cryptocurrency exchange, Kraken, was the most recent to announce its support for the fresh airdrop. The new asset will be known as LUNA2, while the Terra Classic will continue to be known as LUNA.
The existing LUNA deposit addresses for both properties will remain functional. Other cryptocurrency exchanges that have issued similar comments in the past include Binance, HitBTC, Huobi, and Bitfinex.
Do Kwon, co-founder of Terraform Labs, took to Twitter to congratulate him for responding to the news.
Terra Luna Recovery Plan is Live
Terraform Labs is working on the second phase of its ecosystem revival plan, which ends on Friday, May 27.
Terra’s LUNA 2.0 testnet is already operational, and the revival of the native coin as a genesis chain will be complete once the new LUNA mainnet is launched.
Will Kwon and Terraform Labs object to the event being called a hard fork because the new blockchain will start at block 0 and leave LUNA Classic in a predetermined manner, with 30% of new LUNA tokens pre- and post-modern? Fall will be distributed in both. Luna and UST holders.
Despite the outcry shown by many investors affected by the Terra crisis two weeks ago, the Terra community voted 65% in favor of the LUNA recovery plan.
Terra’s LUNA 2.0 testnet is already operational, with snapshots scheduled for May 26 and mainnet launch set for May 27, completing the LUNA fork.
For LUNA and UST holders, the mainnet launch of Terra will be accompanied by an airdrop. TerraForm Labs and its co-founders are being sued by whistleblowers from the Terra community, who have collected legal backing and a litigation fund.