Sunday, September 25, 2022

Terra 2.0 airdrop support does not guarantee support for trading, Upbit Warns

The largest cryptocurrency exchange in South Korea, Upbit, has announced that it will be supporting the Terra 2.0 airdrop that is expectedly to come up soon. However, the exchange has also warned that its lending support to the airdrop should not be translated to trading support. In other words, the new LUNA token may still not be supported to list or begin trading on the exchange.

Upbit To Support Terra 2.0 Airdrop

According to earlier reports, Terra’s upcoming airdrop will be made up of new LUNA tokens. This is part of the recently proposed revival plan for the platform, which will see it create a new chain. In addition, the plan will also see to it that token holders and developers from the previous LUNA chain will be the first beneficiaries of the airdrop.

In an announcement published on its website on Thursday, Upbit claims that it will be supporting the upcoming airdrop. The decision follows after the successful completion of the snapshot of LUNA holders before the crash. Furthermore, the exchange also claims that there will be another snapshot and airdrop. But this time, for holders who bought into LUNA after the crash. All things being equal, the second snapshot is expected to have been completed by May 27.

Despite all the support claims, however, Upbit is showing some reservations about Terra still. From all indications, the exchange, just as most other South Korean exchanges are, is unsure if it will allow the trading of the new LUNA token. A part of the announcement reads:

“Airdrop support does not guarantee Terra 2.0 trading.”

Growing Concerns Over Terra

Since the Terra crash, a lot of exchanges have severed ties with the platform for fears of a possible government investigation. In fact, local media reports are claiming that Terra has been making requests for exchanges to list its new token. However, the report has since been denied by Terra’s founder, Do Kwon. 

Nonetheless, it seems that just like Upbit, many of the major exchanges are also willing to support the airdrop. For example, major exchanges such as Huobi, Bitfinex, and FTX, have all indicated interests. However, it remains to be seen, if any of them would dare list the new LUNA token.

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