The Terra (LUNA) recovery plan has just been approved. Several exchange platforms, including FTX, Huobi and Bitfinex, have already pledged to support Do Kwon’s proposed blockchain fork. On a more measured note, Binance says it is working closely with Terra’s team on the issue.
FTX, Huobi and Bitfinex announce support for the return of LUNA
Just hours after the Terra blockchain fork (LUNA) was accepted by the community, several cryptocurrency exchange platforms have announced their support for the recovery plan. Proud to have received the endorsement of the validators, Do Kwon, co-founder of Terra, shared the exchanges’ stance on his personal Twitter account.
The proposed fork first received support from Huobi, the Chinese exchange. The platform pledged to “support the launch of LUNA 2.0 from May 27”. A few minutes later, Bitfinex also expressed its support for Do Kwon’s recovery plan. The firm promised to provide more information on the matter as soon as possible.
Singaporean platform Bitrue said it was pleased to “continue its historic support of Terra by being the first platform to launch LUNA V2 trading”. Very enthusiastic, the exchange believes that the fork of the Terra blockchain will allow LUNA to rise from the ashes. As a reminder, Bitrue was the first platform to list the cryptocurrency in 2019.
The wave of support did not stop there. The KuCoin platform quickly came out in support of LUNA’s revival. This is also the case for Bybit. Most exchanges have published a statement explaining the changes brought about by the fork on their website.
FTX will support new LUNA airdrop and suspend LUNA and UST markets.
Details here: https://t.co/1tTdM4q4li pic.twitter.com/ElU7gKSJar– FTX (@FTX_Official) May 26, 2022
Finally, Do Kwon also shared a tweet from FTX, the platform founded by Sam Bankman-Fried. Mirroring Huobi, Bitfinex and others, the exchange will support the new version of LUNA.
Binance says it is collaborating with Terra
For its part, Binance has refrained from announcing the arrival of the new LUNA on its platform. The company was more coy than its competitors, saying it was working “closely with the Terra team on the recovery plan, aiming to provide affected users on Binance with the best possible treatment. “
The Terra community just passed a vote to ‘Rebirth Terra Network’.
We are working closely with the Terra team on the recovery plan, aiming to provide impacted users on Binance with the best possible treatment. Stay tuned for further updates.
– Binance (@binance) May 25, 2022
For the record, Changpeng Zhao, CEO and founder of Binance, was particularly critical of Do Kwon’s stimulus plan. He said that the project will not work because “forking does not give any value to the new fork”.
Terra’s recovery plan includes splitting the network into two separate branches and paying a portion of the total token supply to LUNA and UST holders before the attack.
