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Binance to list LUNA Terra after the upgrade, but with a trick

Binance, one of the world’s largest cryptocurrency exchanges by trading volume, announced that it will list LUNA (LUNA), after the upgrade.
| CryptoPress
 | Last updated: July 30, 2023
| CryptoPress
Last updated: July 30, 2023

CryptoPress

After a successful airdrop last week, Binance, the world’s biggest cryptocurrency exchange, announced that it would list the LUNA coin. However, Binance’s “innovation zone,” a trading platform for new, high-risk tokens, will offer the token.

Binance, the world’s largest cryptocurrency exchange by trading volume, will list LUNA (LUNA) after the upgrade. The exchange plans to include LUNA in its upcoming Binance Chain decentralized exchange (DEX).

The exchange plans to include LUNA in its upcoming Binance Chain decentralized exchange (DEX).

Luna Exchange, which is also preparing to build its own decentralized exchange later this year, introduced the LUNA token. On top of its blockchain network, the business stated it will build an ecosystem of exchanges and other financial services.

LUNA tokens will be traded against BTC and ETH on Binance’s innovation zone after the listing. The date when the cryptocurrency will be accessible on the exchange’s main trading platform has yet to be disclosed.

The team behind LUNA said that it would launch airdrops for 33% of the total supply of tokens. About 1 billion new LUNA tokens were airdropped to holders on the old Terra blockchain, which is now called Terra Classic.

The launch

LUNA 2.0 had a wild debut, plummeting by as much as 80% in the first few hours of trading on Saturday. For the time being, the coin seems to have steadied and is now selling at roughly $5.

On the previous Terra network, which is now known as Terra Classic, almost 1 billion fresh LUNA coins were airdropped to holders. The airdrop was endorsed by Binance and the majority of other exchanges.

Less than a month after the Terra disaster

The stunning collapse that began in April and continued into May caused almost all of Terra Classic’s value to be lost. The unpegging of its stablecoin, known as UST, was a significant contributor to this development.

There is no stablecoin, and Terra 2.0 does not include the private wallets of Do Kwon, Terraform Labs, or the Luna Foundation Guard — the three companies that are widely considered to be responsible for the tragedy.

In spite of this, both the price of LUNA Classic (LUNC) and UST rose following the airdrop.

© 2024 Cryptopress. For informational purposes only, not offered as advice of any kind.

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