Terra Classic News: the U.S.-Based Exchange Poloniex to List LUNA and LUNC

 

Poloniex, a major U.S. cryptocurrency exchange, has declared that it will offer some tokens from the Terra ecosystem, despite the recent controversy surrounding the project.

This week, Poloniex said it would provide support for trading Terra (LUNA) and Luna Classic (LUNC) tokens.

On August 17, 2022, at 4:00 AM(UTC), Poloniex will begin accepting deposits of LUNC and LUNA tokens, as per the announcement.

On August 17, 2022, at 6:00 AM(UTC), trading will begin once the exchange has attracted enough participants and funds to get started . Tether (USDT) and Tron’s stablecoin (TRX) will join LUNA and LUNC on the exchange (USDD).

Poloniex issued a statement saying, “We are happy to welcome Terra (LUNA) and Terra Luna Classic (LUNC) to Poloniex.”

 

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Collision, Rebirth, and Disputes on Terra

Since the value of UST and LUNA plummeted substantially at the beginning of May, the Terra project has been mired in several issues.

Many cryptocurrency exchanges, including Poloniex, have suspended trading of LUNA tokens in the wake of the incident.

When the Terra token market crashed, the business behind it, TerraForm Labs (TFL), developed the LUNA token and blockchain to try to compensate investors.

The original LUNA tokens are now known as Luna Classic, while the updated tokens simply go by the name LUNA. TFL used a unique formula to choose who should receive airdrops of the new LUNA tokens from Terra.

However, not all shareholders received their allotted share. Of note, Terra is working on a fresh proposal to solve the problem right now.

Meanwhile, despite efforts to compensate holders, LUNA token prices have fallen dramatically since the token’s launch. Based on information found by Coingecko, LUNA is down over 90% from its ATH, while LUNC is down 100%.

Intriguingly, the Terra tokens’ listing on Poloniex may be a part of an initiative to make the coins available to a large number of traders, which may in turn increase their value.