Terra’s LUNA Recovery Fork is being Supported by Various Exchanges; Here’s How You Can Get Ready

Table of Contents

  • Terra’s LUNA fork proposal was approved with 65.5 percent of the vote, putting Revival Plan 2 into motion without the need of an algorithmic stable coin UST.
  • According to the Korean Herald Do Kwon claims to have contacted the top five Korean cryptocurrency exchanges about listing LUNA 2.0, but he denies it.
  • Three legal firms have offered to contribute more than $15 million to a community litigation fund in anticipation of a possible class-action lawsuit against Terraform Labs.

The following is a list of cryptocurrency exchanges that will support Terra’s LUNA hard fork

Binance recently stated that they are “closely” collaborating with Terra on the LUNA 2.0 recovery plan. Binance CEO, Changpeng Zhao (CZ), has already condemned the collapse of stable coin UST and its harmful influence on the crypto ecosystem. However, in the best interests of the LUNA and UST holders, the exchange has stepped forward and welcomed the LUNA 2.0 chain and token.

Huobi, Bitfinex, Bitrue, HitBTC, and FTX have all stated their desire to embrace Terra’s LUNA 2.0 and support the new blockchain version in the last 24 hours.

Despite South Korean authorities’ pressure on Do Kwon, Terra’s LUNA rehabilitation effort continues

Terraform Labs is working on its Ecosystem Revival Plan 2, which is set to be finished on Friday, May 27th. Terra’s LUNA 2.0 testnet is already operational, and the resuscitation of the native coin as a genesis chain will be completed once the new LUNA mainnet is launched.

Do Kwon and Terraform Labs are opposed to the event being labeled as a hard fork because the new blockchain will begin with block 0 and discard LUNA Classic. A predetermined percentage of the new LUNA tokens will be distributed to both pre- and post-collapse LUNA and UST holders.

Despite the indignation expressed by many investors affected by the Terra crisis two weeks ago, the vote for the LUNA recovery plan passed with 65 percent of affirmative votes within the Terra community.

Terra’s LUNA 2.0 testnet is currently operational; the snapshot is planned for May 26, and the mainnet launch is expected on Friday, May 27, completing the LUNA fork. The launch of Terra’s mainnet will be accompanied by an airdrop for qualifying LUNA and UST holders. Whistleblowers from the Terra community have banded together to bring a lawsuit against Terraform Labs and its co-founders.

Terra’s LUNA 2.0 has arrived, and the testnet is now operational

Voting on Do Kwon‘s Terra Ecosystem Revival Plan 2 is now closed, with the majority of the community supporting Terra’s revival and the birth of LUNA 2.0. The idea to resuscitate LUNA and distribute the new token to “pre-attack” and “post-attack” LUNA and UST holders, as well as the development community, received 65.5 percent of the votes.

The LUNA 2.0 testnet is currently operational, according to Orbital Command, a validator dedicated to educating the Terra community. The validator declared that a mainnet launch will take place on May 27, completing Terra’s LUNA hard fork.

The LUNA 2.0 native asset is LUNA, and community members who held LUNA and UST before and after “the attack” are eligible for the first airdrop, which includes 30% of all tokens. The “pre-attack” snapshot was taken on May 7, and the “post-attack” snapshot is set for May 27.

LUNA 2.0 Terra

To clarify, a user who has 1000 UST on May 27 (“post-attack” snapshot) is entitled for 0.013 times 1000, or 13 additional LUNA tokens. Each category is eligible to get new LUNA in the following order:

  • Pre-attack LUNA – 1 : ~1.1
  • Pre-attack aUST – 1 : 0.033
  • Post-attack LUNA – 1 : 0.000015
  • Post-attack UST – 1 : 0.013

Whatever group a user falls into, 30 percent of the LUNA 2.0 airdrop will be unlocked at the genesis on May 27 and the rest will be vested linearly over two years with a six-month cliff. This interval ensures that token holders with small amounts have comparable initial liquidity characteristics. The airdropped tokens will be bonded, and users will have to wait 21 days for them to un-bond before they can be transferred. Un-bonding is the action of informing the LUNA 2.0 network that you wish to unlock your tokens.

A genesis chain, not a hard fork

Do Kwon’s final LUNA recovery plan eliminates the algorithmic stablecoin UST and recommends the creation of a new blockchain, however the LUNA asset name remains unchanged. In the Terra community, this is referred to as a hard fork.

Terraform Labs clarified the terminology and stated that the revival of LUNA as a genesis chain is not a hard fork. Unlike a traditional hard fork, LUNA 2.0 would not share all of its history with the preceding chain. As a result, the blockchain of LUNA 2.0 begins with block 0 and abandons LUNA traditional.

This means that programs that ran on LUNA classic (LUNC) will not work on the new chain and will need to be moved to LUNA 2.0.

Several LUNC protocols have announced support for LUNA 2.0. Phoenix Finance, Spectrum Protocol, Astroport, Terra Name Service, and Falcon wallet are among the essential applications ready to transition to LUNA 2.0 and support Terraform Labs.

Do Kwon denies approaching Korean exchanges about listing LUNA 2.0

According to Heraldcorp, a South Korean media organization, Do Kwon, co-founder of Terraform Labs, asked Korea’s top five cryptocurrency exchanges for a LUNA 2.0 listing.

Following their massive drop, the South Korean police force’s financial investigation branch is currently examining Terraform Labs and their two sister tokens, LUNA and algorithmic stablecoin UST. Authorities contacted exchanges, requesting that accounts associated with Terraform Labs’ defunct tokens be frozen. As a result, exchanges have discontinued their support for LUNA (LUNC).

Do Kwon responded to the story on Twitter, denying the charges. The incident was reported by Heraldcorp after an industry insider shared specifics about how contact was made and the contents of the Telegram conversation received by Do Kwon’s Terraform Labs executive.

On AMA, Binance CEO, CZ, discloses critical information about the LUNA and UST crashes.

Users contacted Binance CEO, Changpeng Zhao, via Reddit and posed various questions about the massive UST crash and de-peg, as well as the imminent LUNA hard fork – or genesis chain, as Terraform Labs calls to it.

Binance’s CZ stated that Terraform Labs’ algorithmic stablecoin UST had been staked in the Anchor protocol by the world’s largest exchange. However, it was part of the exchange’s earn program and was accompanied by substantial disclosures and user education.

Binance was open about how staking UST on the Anchor protocol works and the risks involved. CZ allayed the fears of Binance UST and LUNA holders by explaining why the exchange froze trade of the assets while the network was unstable and the tokens’ blockchain was halted due to the catastrophe.

Whistleblower teams together with three law firms to take on Terraform Labs

Terra community member and whistleblower “FatMan” has enlisted the help of three major law firms to obtain funds for legal action. He intends to sue Terraform Labs and Do Kwon et al. in a class action lawsuit.

On his Twitter account, @FatManTerra has posted regular updates and insights from whistleblowers regarding the UST and LUNA crashes and the institutions involved.

Meme coins break into rally as LUNA 2.0 prepares for rebirth

The mainnet launch of Terraform Labs’ LUNA 2.0 is imminent, and the crypto market is on track to rebound from the recent massacre. The price of Shiba-Inu-themed meme coin SHIB skyrocketed, fuelling investor optimism.

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