Binance said on Wednesday that they would work closely with Terra on the recently approved block revival plan.
The world’s largest crypto exchange stated on Twitter that it aims to help users affected by the Terra collapse.
The Terra community just passed a vote to ‘Rebirth Terra Network’.
We are working closely with the Terra team on the recovery plan, aiming to provide impacted users on Binance with the best possible treatment. Stay tuned for further updates.
- Binance (@binance) May 25, 2022
The move was made shortly after the Terra community voted in favor of the recovery proposal. 65.5% of LUNA holders voted for the recovery plan to be implemented, while about 13% of the other voted against it.
Terra will now launch a new blockchain, Terra 2.0, and distribute LUNA 2.0 token airdrops to old LUNA token holders. The old Terra will be renamed to Terra Classic.
Binance had previously removed LUNA and UST from the trading list in early May for a short time in response to the Terra crash. UST has fallen sharply from its $ 1 peg, while LUNA lost nearly 99% of its value. The collapse of the system has wiped out about $ 30 billion worth of investor money.
So far there has been no clear statement on how Binance will support Terra, and will the exchange list new LUNA tokens?
Binance said, “We are working closely with the Terra team on the recovery plan. This is to provide support to the affected consumers ”.
Binance will likely provide data to Terra for their airdrop project. Terra Do Kwon founder previously said Terraform Labs was working with major crypto exchanges to collect data for the airdrop project.
Binance CEO Changpeng Zhao has criticized Terra over the incident .Zhao also called Terra's design flaws as absurd. Binance at the same time also received criticism for listing and promoting Terra.
Local media reports from South Korea on the other hand stated that major crypto exchanges in the country were still hesitant to list the new token, as it was subject to government investigation. In contrast to Upbit, South Korea’s largest exchange, is reportedly open to listing Terra 2.0.
