'New Launch' Terra 2.0 Airdrop... 5 Major Exchanges Finally Decide to Support

[Image source=Reuters Yonhap News]

[Asia Economy Reporter Lee Jung-yoon] Terraform Labs, the issuer of Luna and TerraUSD (UST), which experienced a crash, announced on the 27th that it will launch a new blockchain ecosystem called 'Terra 2.0' and decided to airdrop new cryptocurrency tokens. In response, domestic cryptocurrency exchanges in Korea have decided to support the airdrop after careful consideration.

Terraform Labs announced through the Terra Research Forum that it will operate the new blockchain starting today. The blockchain named Terra 2.0 was approved for operation with 65.50% approval out of an 83.27% voter turnout in the Terra Revival Plan 2 vote. Upon launching Terra 2.0, Terraform Labs also announced an airdrop policy for the new cryptocurrency Luna. An airdrop means distributing new coins free of charge to investors holding existing cryptocurrencies. The newly issued cryptocurrency will be named Luna, while the existing Luna will be renamed Luna Classic.

Terraform Labs will conduct the airdrop targeting holders of Luna Classic and UST. Of the total Luna issuance, 10% will be allocated to the community pool, 35% will be distributed to Luna Classic holders before the crash, 10% to UST holders before the crash, and 10% and 15% respectively to Luna Classic and UST holders after the crash.

All five major domestic exchanges operating the KRW market have concluded to support the airdrop. However, they clarified that supporting the airdrop does not mean supporting trading of the newly issued Luna.

The first to decide to support the airdrop was Upbit. An Upbit official explained, "Trading support for Luna Classic has ended, but holders may remain," adding, "The entity conducting the airdrop is Terraform Labs, and since people holding existing Luna Classic need to receive the new Luna, we are only providing technical support."

Bithumb, Coinone, Korbit, and GOPAX initially stated that no decision had been made regarding airdrop support, but later posted support announcements on their websites in the afternoon. Additionally, the exchanges informed that to select airdrop recipients, they will record snapshots of cryptocurrency balances held at specific times and to avoid confusion, the newly issued Luna will be labeled as Luna2.

This content was produced with the assistance of AI translation services.