Binance said last week that it’d list the newly released LUNA coin after a successful airdrop. There’s an innovation zone at Binance for tokens with a high degree of risk, but this one isn’t one of them. On 31st May, traders will be able to trade the tokens.
The LUNA 2.0 price fell by 80% on Saturday morning, which was not uncommon for a new coin’s initial public offering. For the time being, the coin appears to have steadied and is currently selling at roughly $5. They airdropped about 1B fresh LUNA coins to holders on the old Terra network. Binance and the majority of other exchanges endorsed the airdrop.
Binance Considers LUNA 2.0 High-risk
Binance said the tokens in its “Innovation Zone” are more volatile than other cryptos. KAVA, ERD, and Sandbox are among the other tokens offered. LUNA is a new coin that may have a higher-than-average risk. As a result, may experience price volatility.
Traders must complete a questionnaire before starting trading in Binance’s Innovation Zone. Other exchanges didn’t seem to be taking the same precautions as Binance. Some major crypto exchanges are OKX, Huobi, Kucoin, and Bybit. They said they’d authorized spot trading for crypto after obtaining enough liquidity. Binance’s stance is under Changpeng Zhao and Do Kwon’s influence.
The New LUNA Launches Less Than 1-Month After the Terra Disaster
Terra Classic’s value plummeted to historic lows in May, prompting the release of the brand-new LUNA just a few weeks later. De-pegging UST mostly caused this. Do Kwon’s LFG and Terraform Labs’s private wallet addresses have been omitted from Terra 2.0. It wouldn’t include any of the 3 entities frequently blamed for the crash. UST and LUNC prices, however, increased following the airdrop.
Terra 2.0 and LUNA Airdrops Supported by Top Cryptocurrency Exchanges
Crypto exchanges have conflicting feelings about the new Terra chain. It is set to release on 27th May. LUNA and UST trade will be suspended on 26th May by FTX, Gate.io, Bitfinix, and others. All exchanges assist the Terra 2.0 airdrop and migration.
They will be renaming the tickers UST and LUNA, respectively, to USTC and LUNC to reflect the changes. At the snapshot, people who owned LUNA or UST will get the new LUNA via airdrops from crypto exchanges.
FTX appears to suspend LUNA and UST trading at noon UTC, with perpetual orders canceled. Also, UST and LUNA spot borrow and lending positions will automatically cancel. There will no longer be support for it.
As of 8 am UTC, Gate.io has banned trading in LUNA and UST, margin lending and loaning, and perpetual contracts. All crypto exchanges that accept Terra 2.0 and the LUNA airdrop have made similar declarations, suspending all LUNA and UST trading pairs.
Due to UST and LUNA probes, south Korean crypto exchanges avoid Terra’s relaunch and airdrop. But, Upbit has declared that it will assist the LUNA airdrop. It wouldn’t help the trade of new LUNA tokens. Coinbase, Gemini, and Kraken refuse to support Terra’s new digital asset. It is surprising. On 22nd May, Coinbase Cloud said it would no longer support the Terra blockchain.