WOO Network Halts Terra’s LUNA Trading Just Hours After Relisting It

Source : coingape.com

https://cdn.coingape.com/wp-content/uploads/2022/03/28124954/terra-luna-logo.jpeg

The Terra disaster has led the largest cryptocurrency exchanges to delist the LUNA and UST tokens.

But DeFi exchange WOO network sought to go against the grain by relisting LUNA, which it did on Monday. But the overwhelming number of transactions may have proven too much for the exchange, as it suspended trading of the token shortly after.

Will LUNA revive?

Last week, the Crypto market saw a horror show Terra’s Luna complete crackdown. The token’s price shed down by 100% in just a couple of days raising some major questions over Terra foundation. WOO X’s this decision comes as a big support for the Terra community amid increased volatility.

Meanwhile, just after the big declaration WOO X reported that they have suspended trading of the LUNA/USDT pair. The trading may resume after some time. However, the deposits and withdrawals are still under suspension due to network blockage.

The LUNA is down by another 20% in the last 24 hours. After losing almost all of its values, the LUNA is trading at an average price of $0.000187. Terra token still holds a total market valuation of over $1.22 billion. The WOO trading platform added that they just want to maintain a neutral stance by listening to the demand of the community.

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Terra aims to rebuild its network

Backing the re-listing, the WOO informed that after analyzing the signs of higher trader demand and stability in the market LUNA will be available for spot trading. It added that users will be able to trade with zero fees on WOO X. However, it also cautioned the traders to be careful considering the recent event. The WOO clarified that this step is not an endorsement and they are just providing an option for the users.

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The Terra tokens have seen a huge delisting from all kinds of big and small crypto platforms. The crypto leaders have shown major concern over the de-pegging of Terra’s stablecoin UST. Meanwhile, DO kwon, founder of Terra, has proposed some recommendations to rebuild its network and compensate its holders.

Ashish believes in Decentralisation and has a keen interest in evolving Blockchain technology, Cryptocurrency ecosystem, and NFTs. He aims to create awareness around the growing Crypto industry through his writings and analysis. When he is not writing, he is playing video games, watching some thriller movie, or is out for some outdoor sports. Reach me at [email protected]
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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