The crash the Terra network faced in May is still not so old. Only around 20 days have passed since the issue took place and became the catalyst in crashing the entire cryptocurrency market.
The issue took place back on Monday and from that point until May 12, more than $900 billion were liquidated from the cryptocurrency market.
When Terra was launched as a blockchain protocol, it came into being with the launch of the TerraUSD (UST). TerraUSD is the fiat-pegged stablecoin that became the reason for earning a huge amount of growth for the entire Terra blockchain protocol.
The platform also went on to launch its own cryptocurrency to compete with Bitcoin, Ethereum, and other major cryptocurrencies. As the de-pegging occurred, UST lost its $1 pegging causing a huge demise for UST.
Just when UST’s trading price went down, the trading price of Terra (LUNA) also experienced a huge dip. Since then, efforts are being made by the developers of the Terra network to help recover the trading price of UST and LUNA.
Terraform Labs’ Efforts to Help Bring Up LUNA
Ever since the issue began, the Terraform Labs’ teams have been actively working on coming up with a solution to the problem.
For LUNA, Terraform Labs announced that they will be launching LUNA 2.0 and will be replacing it with LUNA Classic.
However, the major issue for Terraform Labs was whether people and exchanges would accept LUNA 2.0 or not. To their surprise, almost every major cryptocurrency exchange has gone onto supporting LUNA 2.0
The outcome of the Support
With constant support coming in favor of LUNA, it is only a matter of time and investments before LUNA grows near its pre-crash value. So far, Binance, KuCoin, and many more exchanges have adopted and shown their support for LUNA.
HitBTC is the Latest Backing Exchange
While many exchanges are supporting LUNA, another major exchange, HitBTC has also announced its support for the digital asset. The exchange has confirmed that they have listed the new LUNA token by the end of May.
The exchange has announced that it has paired the new LUNA with major cryptocurrencies that are ETH and BTC. It has also listed it with USDT as a trading pair. HitBTC has also launched LUNA with the leverage margin pairs that include LUNA-USDT and LUNA-BTC.
Although it may seem like a mere listing through an exchange it means that LUNA is gaining global recognition as a newly launched token. With exchanges enlisting HitBTC, it is becoming clear that the exchanges are confident LUNA would prevail.
The exchanges are also confident that the investors will keep investing in LUNA. As the trust keeps rising, so will the trading price of LUNA, making it a lucrative investment.