Terra founder wants South Korean exchanges to list LUNA 2.0, but here’s the problem

Sahana Kiran
Source – Pixabay

The entire world witnessed the downfall of Terra and its native assets LUNA and UST. South Korea, in particular, has been making a lot of noise about the latest crash. While prominent exchanges in the country have already dropped support, regulators have been probing Terraform Labs and Do Kwon. Despite this regulatory heat, Kwon is all set to unveil Terra 2.0 or Terra. The old chain would reportedly be called Terra Classic and the altcoin, LUNA Classic.

Terra 2.0 would go for a toss if crypto exchanges refuse to show support for LUNA. As a result, Kwon seemed to be untethered by the regulatory pressure in South Korea and went on to urge five exchanges to relist LUNA.

However, with Terra currently under the radar of top South Korean regulators, exchanges are likely to maintain their distance.

Terra 2.0 finds shelter even before its launch

Amidst the chaos it caused in the market, the Terraform Labs along with its founder Do Kwon were brewing revival plans. While some suggested that the entire network be shut down a few others were asking for the funds they lost during the crash. Kwon, however, stuck to the idea of rolling out a brand new blockchain.

This proposal, however, was obligated to get a nod from the community. LUNA holders rushed in and a majority of them voted in favor of the fork. With still several minutes left to vote, prominent cryptocurrency exchange, HitBTC affirmed that it would support Terra Classic.

Terra 2.0 is expected to go live in the next two days and the voting results, at press time looked like this.


With about 20 minutes left for the voting to end, 65.50 percent of LUNA holders voted in favor of a new blockchain. Only 0.33 percent were against this while 20.98 percent refrained from voting.

Additionally, the entire community speculates that Terra 2.0 would garner minimum support following the recent crash and the resurfacing of Kwon’s previous comments.