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Exchange Shows Initial Support for Terra Revival by Listing New LUNA Token
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The crypto trading platform has expressed initial support for the recovery of the collapsed Terra network by listing Terra's brand new token, also known as LUNA.
The HitBTC exchange announced on Twitter on Wednesday that Terra’s new chain token, Luna, will be listed on its platform on May 27.
The news comes as Terraform Labs prepares to relaunch its protocol on May 27 and replace the old chain known as Terra Classic with a new one called Terra or Terra 2.0. Terraform Labs said on May 23 that the new chain will not be a fork, as it will be created from the genesis block and will not share history with Terra Classic.
The new Terra token will be named Luna, replacing the older token known as Luna Classic (LUNC).
According to previous reports, Terra Labs CEO Do Kwon proposed in mid-May to create a new Terra chain without the Terra algorithm stablecoin TerraUSD (UST), and proposed that LUNC stakers and holders, UST holders and Airdrop LUNA among Terra Classic application developers.
The proposal was immediately supported by the community, with 91% of Terra validators voting for Terra "revival" as of May 18. At the time of writing, the community vote is still ongoing, with approximately 67% of voters in favor of a Terra revival as Terra 2.0.
Terra Network Revival Voting Source: Terra Station
Terra’s revival comes after Terraform Labs suspended the Terra blockchain on May 12, following massive crashes in both LUNA and UST, with the LUNA token plummeting 99%.
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