While Terra’s LUNA 2.0 Goes Live, Here Is Why Coinbase Decides To Stay Away

While Terra’s LUNA 2.0 Goes Live, Here Is Why Coinbase Decides To Stay Away

terra 2.0

The post While Terra’s LUNA 2.0 Goes Live, Here Is Why Coinbase Decides To Stay Away appeared first on Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide

Following the majority of crypto exchanges’ support for the Luna 2.0 airdrop, Binance is the most supportive, Coinbase’s silence here is growing louder.

Coinbase said that trade in UST and WLUNA, an Ethereum token that represents LUNA, will be suspended on Friday, May 27, 2022, at or around 12 p.m. ET, in the midst of the Terra LUNA crash. 

This decision of suspension will be affected Coinbase, Coinbase Pro, and Coinbase Exchange which will be enacted today.

On Friday, May 20, Coinbase Cloud, the company’s infrastructure arm, announced the termination of support for Terra and all future Terra chains.

Despite other exchanges announcing preparations to welcome the new Luna 2.0 cryptocurrency, the US business has been silent and says it has no plans to list it.

Kraken to Support Luna 2.0 Airdrop

On the other hand, Kraken, a US-based cryptocurrency exchange, was the most recent to declare its support for the fresh airdrop. The new asset will be known as LUNA2, whereas the Terra classic will continue to be known as LUNA.

Existing LUNA deposit addresses for both assets will remain functional. Other cryptocurrency exchanges have issued similar remarks in the past, including Binance, HitBTC, Huobi, and Bitfinex.

Terraform Labs co-founder Do Kwon took to Twitter to respond to the news by tweeting his congratulations.

Terra LUNA Recovery Plan Is Live

Terraform Labs is working on the second phase of their Ecosystem Revival Plan, which will 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 object to the event being labelled a hard fork because the new blockchain will begin with block 0 and leave LUNA Classic in a predetermined manner, 30% of the new LUNA tokens will be distributed to both pre- and post-collapse LUNA and UST holders.

Despite the outrage shown by many investors affected by the Terra crisis two weeks ago, the Terra community voted 65% in favour of the LUNA recovery plan.

Terra’s LUNA 2.0 testnet is already operational, with the snapshot scheduled for May 26 and the mainnet launch set for May 27, completing the LUNA fork.

For qualifying LUNA and UST holders, Terra’s mainnet launch will be accompanied by an airdrop. Terraform Labs and its co-founders are being sued by whistleblowers from the Terra community, who have amassed legal support and a litigation fund.

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