Huobi announced through Twitter on May 25, joining other cryptocurrency exchanges committed to saving the Terra network.
LUNA 2.0, which will go live on May 27, has been called the Luna rebirth after Terraform Labs founder Do Kwon revealed a proposal to replace the current Terra network with a new chain.
LUNA 2.0 will be released to replace the current version of Luna, meaning it will cut ties with the UST stablecoin that initiated the crash after losing its dollar peg.
Kwon’s Plea to list LUNA 2.0
Kwon had requested major cryptocurrency exchanges to relist LUNA 2.0 once launched. In response to the crash, leading exchanges such as Binance and Coinbase have decided to remove Terra coins from their platforms.
However, Binance has pledged to support the revitalisation through LUNA 2.0. The platform also confirmed it had established a working relationship with Terra after approving Kwon’s request.
According to Terra, LUNA 2.0 supply has been capped at 1 billion, and it will be released through an airdrop. The airdrop allocation will be divided into pre-attack Luna holders, post-attack Luna holders, pre-attack aUST holders, post-attack UST holders and the community pool.
“LUNA will be airdropped across LUNA Classic speakers, LUNA Classic holders, residual UST holders, and essential app developers of Terra Classic,” Terra announced.
Interest in LUNA 2.0 spikes
In addition, the TerraForm Labs wallet will be removed from the airdrop event’s whitelist. Terra claims that this move will help ensure Terra is a “fully owned community chain.”
While the Terra coin collapse resulted in massive losses for investors, there is huge interest in LUNA 2.0. According to Finbold’s report, interest in the keyword ‘LUNA 2.0’ on Google Search has increased from a popularity score of 8 in the week starting on May 1 to 100 on May 15.