Terra ‘Rebirth’ Is Being Supported By Crypto Exchanges

Do Kwon’s bold attempt to revive Terra from the ashes of a tragic collapse earlier this month is gaining traction among cryptocurrency exchanges.

In the last 12 hours, Huobi, Bitfinex and Bitrue have all tweeted their intention to support new versions of Terra and its native token LUNA.

On his own Twitter, Terraform Labs CEO Do Kwon retweeted posts from each exchange as evidence of support for Terra 2.0. He also retweeted a post from Sam Bankman-Fried’s FTX — which has subsequently been deleted.

Binance said in a tweet on May 25 that it is working closely with the Terra team on its recovery plan, and is “aiming to provide impacted users on Binance with the best possible treatment.” But it has not yet officially committed to supporting the relaunch.

Terra’s ecosystem was destroyed a few weeks ago when its algorithmic stablecoin UST disintegrated

LUNA’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 behavior, 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% in favor. The new network is currently scheduled to debut on Friday.

FTX was contacted for comment on its Terra 2.0 stance, but did not react by the time of publication.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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