Cryptocurrency exchanges are demonstrating preliminary support for the recovery of the collapsed Terra network by listing its newly relaunched token, LUNA.
HitBTC to List Terra's Relaunched LUNA Token on May 27
HitBTC announced via Twitter on Wednesday that the new Terra chain token, LUNA, will be listed on its platform starting May 27.
This development coincides with Terraform Labs' preparations to reboot its protocol on May 27, replacing the old chain (now called Terra Classic) with a new chain named Terra or Terra 2.0. According to a May 23 statement from Terraform Labs, the new chain will not be a fork but will instead be created from a genesis block without sharing history with Terra Classic.
The new Terra token will be named Luna, replacing the old token now known as Luna Classic (LUNC).
Background: Terra's Collapse and Revival Plan
The move follows Terra Labs CEO Do Kwon's mid-May proposal to create a new Terra chain without the algorithmic stablecoin TerraUSD (UST). The plan included an airdrop of LUNA tokens to:
- LUNC stakers and holders
- UST holders
- Terra Classic application developers
The proposal gained immediate community support, with 91% of Terra validators voting in favor of the revival by May 18. At the time of writing, the community vote continues with approximately 67% supporting the revival as Terra 2.0.
This revival comes after Terraform Labs paused the Terra blockchain on May 12 following catastrophic crashes of both LUNA and UST, with LUNA losing 99% of its value.
Key Takeaways
- Multiple exchanges now signaling confidence in Terra's reboot
- New chain represents a clean start rather than a fork
- Community governance plays central role in recovery process
👉 Explore the latest developments in blockchain recovery stories
FAQ: Understanding Terra's Relaunch
Q: What is the difference between LUNA and LUNC?
A: LUNA is the new token on Terra 2.0, while LUNC represents the original token on the Terra Classic chain.
Q: When will the new Terra chain go live?
A: The scheduled launch is May 27, 2025.
Q: How are tokens being distributed to existing holders?
A: Through an airdrop to qualifying LUNC stakers, UST holders, and Terra Classic developers.
👉 Learn more about token migrations and chain upgrades
Industry Implications
The crypto industry continues to demonstrate resilience through:
- Community-driven recovery mechanisms
- Exchange support for rebooted projects
- Governance models that enable rapid response to crises
Market observers will be watching Terra 2.0's launch closely as a case study in blockchain network recovery.