- Binance will be renaming the current Terra network as Terra Classic network.
- The exchange will also be supporting the network for the airdrop.
- Old LUNA and UST deposits and withdrawals will be suspended on 26 May at 14:00 (UTC).
Binance has announced that it will rename the current Terra network as Terra Classic network and support the Terra network airdrop. The exchange revealed this information through a release on their website, wherein they referred to the LUNA and UST tokens of the Terra Classic network as LUNA (old) and UST (old).
The statement elaborates that the LUNA (old) and UST (old) deposits and withdrawals will be suspended on May 26, 2022 at 14:00 (UTC). Additionally, LUNA/BUSD and UST/BUSD spot trading pairs will be suspended and all pending spot orders will be canceled on May 26, 2022 at 15:00 (UTC).
Further, the post reads that the ticker for the LUNA (old) token will be renamed LUNC. Also, the ticker for the UST (old) token will be renamed USTC.
The team states: “We will distribute the new Terra 2.0 token (LUNA) to all eligible users based on Terra project team’s token distribution plan. The distribution ratio per account will be announced in a separate announcement.” The detailed airdrop rules are featured on the site.
Binance had posted a Tweet yesterday saying they would work closely with the Terra team on their recovery plan aiming to provide impacted users on Binance with the best possible treatment.
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
Earlier this week, the crypto exchange had indicated its willingness to cooperate with the Terra team to launch its new chain without an algorithmic stablecoin. Huobi and Bybit were other exchanges that backed Terra in this crisis situation.