Exchanges In Support Of Terra 2.0 But Critics Voice Their Concerns Against The Resurrection

• Terra 2.0 has amassed the support of several cryptocurrency exchanges against all odds.
• Exchanges like OKX, KuCoin, FTX, and BitFinex have announced their support for the asset.
• Critics of the project are amplifying their concerns for the rebirth of Terra’s ecosystem and have warned investors to tread carefully. 

Crypto exchanges have rallied around Terra 2.0, pledging their support for the relaunch of the network. Despite their support, a cross-section of crypto critics is eying the rebirth with a great deal of suspicion.

Exchanges are in love with Terra

After Terra’s community passed the vote to “rebirth” the network through Proposal 1623, a wave of cryptocurrency exchanges signaled support for the network immediately. The elaborate proposal involved creating a new blockchain and airdropping new tokens to the holders of LUNA.

Binance, the largest exchange in the world voiced its support for the network by stating that it is “working closely” with the team on a recovery plan. The renewed support comes after the exchange previously suspended trading and withdrawals on the network following the instability that rocked it after TerraUSD (UST) de-pegging.

FTX, another exchange with affiliations to the Terra network said in a post that it will support the new LUNA airdrop. “Users who have UST and LUNA balances on FTX  during the snapshot time will be eligible to receive the new LUNA airdrop,” said the exchange in a statement. FTX has also implemented the tickers for the new asset with Terra 2.0’s new LUNA being represented as LUNA2.

“Our team has been monitoring the Terra Ecosystem Revival Plan 2, and is in contact with the Terra team on the upcoming airdrop,” said Crypto.com via Twitter. The exchange indicated support for the airdrop, updated tickers, and announced that “LUNA2 will be listed in the App and Exchange” with trading, deposits, and withdrawals enabled simultaneously.

Bybit, KuCoin, Huobi, GateIO, Kraken, and Nexo are some of the platforms that have indicated their willingness to list the new token. Kwon debunked claims that he reached out to the top 5 exchanges in South Korea asking for a listing, suggesting that the exchanges’ support is wholly organic.

Critics run riot

Across the crypto ecosystem, Terra’s critics have been vocal about the network’s relaunch. Billy Markus, co-founder of Dogecoin stated that “Luna 2.0 will show the world just how truly dumb crypto gamblers really are.” He previously advised Terra’s founder to leave the entire cryptocurrency industry after the network’s implosion.

On the other side of the fence are lawmakers calling for tighter regulations for stablecoins and the entire cryptocurrency space. Merely days after the crash, South Korean regulators launched “emergency” inspections on crypto firms and exchanges while regulators in the US are making frantic calls for stablecoins to be regulated like banks.

Trust in algorithmic stablecoins are at an all-time low and Terra is proceeding without the beleaguered UST stablecoin, As crypto investors flock to Terra, industry players are hoping that things turn out differently for the blockchain with the lessons learned.