The Terra team has stated that the Terra 2.0 network will go live on Friday, May 27, 2022, with LUNA being airdropped to qualifying LUNC, USTC, and UST holders at the time of genesis.

The Terra team announced in a Medium post dated May 26 that it planned to distribute 30% of the LUNA airdrop "immediately" at Genesis to pre-attack users who had fewer than 10,000 LUNA in their wallets or who had deposited UST in Anchor, a lending and borrowing protocol. Before distributing LUNA to other eligible users, it will airdrop the stated assets to post-attack users with any quantity of LUNA and or UST.

Terra further announced that the new chain will support all assets, chains, bridges, and centralized exchanges (CEXs), allowing users to transact immediately after receiving their tokens. Crypto exchanges have responded to the announcement.
<blockquote>Terra's rebranding and airdrops will be supported by Upbit, South Korea's largest crypto exchange by traded volume. <em>"Existing LUNA will be renamed to Luna classic (LUNC) and new LUNA tokens will be airdropped to existing LUNA holders,"</em> the exchange said in a Thursday announcement. To ensure a seamless distribution, the exchange announced that the withdrawal of LUNC (previously Luna) would be suspended starting at 19:00 Korean time on May 26.</blockquote>
FTX has said that it will assist with the LUNA airdrop and that LUNA and UST deposits and withdrawals would be suspended today. Details, such as scheduling, implementation, and amounts, would be published separately, according to the exchange.

Gate.io also expressed its support for the migration, emphasizing that the original LUNA and UST would be renamed LUNC and USTC, respectively, as per the Terra team's governance proposal 1623. As of this writing, Gate.io has turned perpetual contracts into reduce-only mode and discontinued LUNA margin borrowing and lending services.
<blockquote>Binance, the world's largest cryptocurrency exchange, later made a statement supporting Terra's "rebirth" plan, stating that it <em>"will support the rebranding of the Terra network to the Terra Classic network and its airdrop programme."</em> The exchange then stated that all LUNA and UST transactions would be halted today before restarting on Monday, May 30.</blockquote>
Binance tweeted on Wednesday that it was "working closely with the Terra team on the recovery strategy, seeking to serve impacted users on Binance with the best possible care," which explains the lengthy wait for trading to resume compared to other exchanges. The airdrop has also received support from Kucoin, Bitfinex, Bitrue, Huobi, and Bybit, among others.

Meanwhile, Terraform Labs founder Do Kwon denied contacting Korea's top five exchanges to request a LUNC and USTC listing on Wednesday.

LUNA Eyes Gigantic Comeback As Crypto Exchanges Throw Their Weight Behind “Terra’s Rebirth”

Before distributing LUNA to other eligible users, it will airdrop the stated assets to post-attack users with any quantity of LUNA and or UST.

Prabhjeet Bhatla is a cryptocurrency writer covering startups and a researcher since 2020. She has authored many articles for Entrepreneur India and APAC (digital and print) on cryptocurrency and ever-evolving Blockchain, the technology behind Bitcoin, and other cryptocurrencies. She specializes in applied cryptography, privacy-enhanced information storage systems, anonymous cryptocurrencies, elliptic curve crypto-systems, and satellite television piracy.

LUNA Eyes Gigantic Comeback As Crypto Exchanges Throw Their Weight Behind “Terra’s Rebirth”

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