Binance Luna 2.0 support is now confirmed with the exchange having listed Luna 2.0 and participated in the airdrop.
Following the Terra Luna vote result that saw 65% vote in favour of a new chain, Binance first announced it would support the new chain. Now that Luna 2.0 has launched, it has confirmed the timings of this listing.
With the Luna crypto crash seeing Binance temporarily pause Luna trading, here’s the latest on Binance Luna 2.0.
Binance Luna 2.0 Listing
Following the airdrop, Binance said it will list Luna 2.0 in its Innovation Zone from May 31.
In a blog post, the CEX said it will add LUNA/USDT and LUNA/BUSD pairings to this area from 5:30 AM UTC on May 31. In a separate post, it noted that withdrawals for Luna 2.0 will open on June 1 at 6 AM UTC. Luna 2.0 deposits are now live, however.
As this listing date drew closer, the Luna 2.0 price soared ahead of the Binance listing. It is now up 38% in 24 hours, following the listing.
The listing is rather late compared to several other exchanges. Many on the Luna 2.0 crypto exchange list have already added the new Luna to their trading offerings.
Binance describes the Innovation Zone as an area where "users are able to trade new tokens that may have increased volatility and pose a higher risk."
It also added: "Terra 2.0 (LUNA) is a new token that may pose a higher-than-normal risk, and as such may be subject to price volatility."
Binance has also said it will continue to support Luna Classic as part of the Terra Classic chain. This will be the existing Luna coin, left behind after the migration to Terra 2.0. The Luna Classic listing does not yet seem to have the desired impact many holders hoped for. The Luna Classic price is now down 22% in the last 24 hours, as of May 31.
Binance did, however, warn Luna holders about the disappearance of coins from their accounts, telling them not to be alarmed.
"Current Luna (old) holders may be noticing that coins are disappearing from wallets," Binance tweeted. "Please do not be alarmed. This is preparation for the switch to LUNC and upcoming airdrop of the new Terra 2.0."
Since then, Binance has slowly added further Luna support. This includes various additions to Binance Convert, Isolated Margins, and the Binance Recurring Buy.
Binance Luna 2.0 Airdrop
Prior to the Luna 2.0 launch, Binance also confirmed it would support the Luna airdrop. It has now successfully distributed these tokens to the relevant users.
Going further than the airdrop post first created by Terra, Binance released exactly how it planned to allocate the new Luna to previous Luna and UST holders. This is as follows.
- Pre-Attack 1 LUNC = 1.034735071 LUNA
- Post-Attack 1 LUNC = 0.000015307927 LUNA
- Pre-Attack 1 aUST = 0.01827712143 LUNA
- Post-Attack 1 USTC = 0.02354800084 LUNA
Users can confirm their token allocations via the Binance Distribution page.
Explaining why the airdrop happened at Binance later than elsewhere, Binance CEO CZ said: "We have a big user base, so please bear with us as we process the airdrop. Need a bit of time to execute."
Since launch, several exchanges have already completed the airdrop and transition to Luna 2.0 ahead of Binance. There remains no Coinbase Luna listing, however.
Given Binance is the largest Luna exchange, its support for the chain and airdrop will be a relief to Terra. This is especially true following comments from Binance CEO CZ relating to the plans for a Luna fork.
Shortly after the recovery proposals were first discussed, CZ weighed in on the options. “Reducing supply should be done via burn, not fork at an old date, and abandon everyone who tried to rescue the coin,” he said.
Some Luna burn supporters are holding out for Binance to follow crypto exchanges supporting Luna burning via transaction fees. However, there has been no evidence of this being the case.