Binance is one of the top exchange protocols that has continued to support the Terra ecosystem by trading new LUNA on its trading platform. However, the token is currently listed in the innovation zone.
Binance Competes Terra 2.0 Airdrop
Binance has rounded off the planned Terra LUNA airdrops to LUNC and UST holders who lost in the recent price crash. The top crypto exchange made this update in a tweet.
Binance conducted the airdrop after Terra 2.0 launched on 27 May. Before the airdrop sharing, the platform took pre-attack and post-attack snapshots of users’ accounts on the exchange. Then, the photos were used to determine the number of new LUNA tokens distributed to each user.
Users Now Able to Deposit LUNA Tokens
According to Binance, users can now deposit their LUNA token on the exchange, and withdrawals will open on 1 June. So far, LUNA and UST transactions are suspended due to the tokens’ crash price. However, Terra 2.0 is a breath of fresh air for investors who have lost all confidence in the ecosystem.
Nevertheless, Binance stated that the LUNA airdrop would be unavailable to U.S. residents and other sanctioned countries. In addition, the exchange is currently facing legal issues keeping them out of the U.S. market, which is why U.S. investors are yet to receive their compensation.
However, Terra had advised users to transfer their token to the Terra station and await the airdrop.
LUNA Token Surges 40%
The newly minted LUNA token increased by 39.41% on Tuesday after Binance listed the token.
According to CoinMarketCap, Luna 2.0 is trading at $9.68 with a circulating supply of 210 million, giving it a market capitalisation of $1.8 billion. Terra 2.0 launched the token following the de-peg of algorithmic stablecoin, UST.
Several exchanges supported the airdrop of the new token over the weekend, including Binance, KuCoin and ByBit. Consequently, Luna 2.0 initially rose to as high as $30 on ByBit before losing more than 80% of its value in less than two hours.