Do Kwon’s bold plan to rescue Terra from the ashes after a catastrophic collapse earlier in the month is being supported by crypto exchanges.
Huobi Bitfinex, Bitrue and Huobi all tweeted in the last hour their intentions to support Terra and its native token LUNA.
Do Kwon, Terraform Labs CEO, retweeted each post from each exchange on his Twitter as proof of support for Terra 2.0. Also he retweeted a post by Sam Bankman-Fried at FTX — which was later deleted.
A tweet by Binance on May 25 stated that Binance is working closely to the Terra team to recover and “aims to provide impacted users” with the best treatment. However, it has not yet committed to the relaunch.
After its algorithmic stablecoin UST collapsed a few weeks back, the Terra ecosystem was in chaos. LUNA was also affected. The market value of Terra’s tokens fell to $40 billion after the collapse. Mike Novogratz (the billionaire CEO of Galaxy Digital, a crypto investment manager, and a prominent LUNA supporter) told shareholders in a recent email that recent events had “dented trust in crypto and DeFi.”
Kwon, who is well-known for his brash social media style, has devised a plan to revive and revitalize the ecosystem. He will airdrop LUNA 2.0 tokens and a Terra blockchain to all those who have been affected by recent events. On May 25, Kwon’s proposal was approved by 65% of those voting. The plan is to launch the network on Friday.
FTX was contacted by the press to comment on Terra 2.0, but they did not respond.
