Several cryptocurrency exchanges announced their support for the recovery plan just hours after the Terra (LUNA) blockchain fork was adopted by the community. Do Kwon, co-founder of Terra, was pleased to receive validator approval and publicized the exchanges’ viewpoints on his personal Twitter account.
Huobi, a Chinese exchange, was the first to promote the fork project. The platform has stated that it will “enable the launch of LUNA 2.0 as soon as May 27.” Bitfinex also expressed support for Do Kwon’s stimulus idea a few minutes later. The company has vowed to provide more details on the matter as soon as feasible.
Bitrue, a Singaporean platform, was thrilled to “continue its previous support of Terra by being the first platform to launch LUNA V2 trading”. The exchange is quite optimistic that the Terra blockchain fork would allow the LUNA to resurrect from the ashes. As a reminder, Bitrue was the first cryptocurrency exchange in 2019.
The outpouring of support didn’t end there. The KuCoin network was quick to support the rebirth of LUNA. This is likewise true in the case of By bit. On their websites, the majority of exchanges have posted a statement describing the fork’s modifications.
— FTX (@FTX_Official) May 26, 2022
Finally, Do Kwon shared a tweet from FTX, the platform that Sam Bankman-Fried developed. The exchange, like Huobi, Bitfinex, and others, will support the latest version of LUNA.
Binance claims to be affiliated with Terra.
Binance, for one, has been silent about the new LUNA’s launch on its platform. The company has acted with greater caution than its competitors, stating that it is “working closely with the Terra team on the recovery strategy, intended at providing affected Binance users with the best possible care”.
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, Binance’s CEO and founder, Changpeng Zhao, was highly critical of Do Kwon’s recovery strategy. He said that the initiative would fail because “forking does not give the new fork any value.”
Terra’s recovery strategy includes dividing the network into two branches and allocating a percentage of the total token supply to LUNA and UST holders before the attack.