Binance To List Terra (LUNA) 2.0, But There’s A Catch
Binance, the world’s largest crypto exchange, said it will list the recently launched new LUNA token after a successful airdrop last week.
But the token will be listed under Binance’s “innovation zone,” a trading platform for new, high-risk tokens. Trading in the tokens will open on May 31.
LUNA 2.0 had a fairly volatile launch, tumbling as much as 80% in the first few hours of trade on Saturday. The token appears to have stabilized for now, and is trading at around $5.
About 1 billion new LUNA tokens were airdropped to holders on the old Terra blockchain, which is now called Terra Classic. Binance and most other exchanges had supported the airdrop.
Binance lists LUNA 2.0 as high-risk asset
In its announcement of the listing, Binance reiterated that the Innovation Zone consists of tokens that pose a much higher risk than other cryptos. Other tokens listed on the platform include Elron Network (ERD), KAVA, and Sandbox (SAND).
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 requires traders to complete a questionnaire as part of the initial disclaimer for trading in the Innovation Zone.
Other exchanges did not appear to be as cautious as Binance. Communications from majors such as OKX, Huobi, Kucoin and Bybit suggest they have enabled regular spot trading for the token after raising enough liquidity.
Binance’s stance may also stem from CEO Changpeng Zhao, who had harshly criticized the Terra crash, as well as founder Do Kwon.
Launch comes in less than a month since Terra crash
The new LUNA comes less than a month after Terra Classic lost nearly all of its value in a historic crash through May. This was triggered largely by the depegging of its stablecoin UST.
Terra 2.0 does not include the stablecoin, and has also excluded the private wallets of Do Kwon, Terraform Labs and the Luna Foundation Guard- the three entities widely held responsible for the crash.
Still, LUNA Classic (LUNC) and UST prices rose after the airdrop.
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