Do Kwon’s rebirth plan garnered significant support and passed the governance vote on Wednesday.
Major exchanges announced support for Terra v2.
Binance, FTX, Huobi, Bitfinex, and others plan to work with the team and allow users to receive the airdrop.
Some protocols like Phoenix Finance from the so-called Terra Classic chain also announced migration plans.
Other projects like Lido will not build on the new chain following a community vote against the move.
Major exchanges across the crypto ecosystem have signaled intentions to onboard the new Terra chain scheduled to launch on Friday, May 27. The testnet for the genesis chain went live this week ahead of the mainnet launch and the upcoming token airdrop.
Binance, Bitfinex, ByBit, Crypto.com, FTX, Gate.io, Huobi, and KuCoin to name a few have publicly announced that they will support the launch of Terra 2.0.
Rebirth of Terra
Following the crash of LUNC (formerly LUNA) and the algorithmic stablecoin UST, Terraforms Labs CEO Do Kwon addressed the community with a proposal dubbed “Rebirth of Terra”. The plan suggested ditching the current blockchain and starting a new chain with the same name.
As EWN reported, the revival plan gained steam as 65% of the voters favored the idea and proposal 1623 ultimately passed the governance vote. A crucial part of the plan also proposed an airdrop of new coins for previous holders of Terra’s tokens.
According to the details of Terra’s supposed rebirth, 35% of the supply has been earmarked for investors who held LUNA before the price crash started. Allocations were also made for developers in the ecosystem and UST holders as well.
Developers Migrate To LUNA 2.0 New Chain
Projects building on Terra Classic have also announced plans to migrate their protocols to the new Terra chain. Key names like Phoenix Finance, the flagship decentralized exchange on Terra, said it would continue development on Terra 2.0.
Notably, projects like Phoenix are set to receive an allocation of the new LUNA token to support their decision.
However, not all previous protocols plan to build on the new chain. Lido, a well-known DeFi staking and lending platform said it would not move to Terra v2 following a community vote against migrating.