Luna relaunch kicks crypto hype machine back into gear - Aliens: AI Crypto News & Markets Updates
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Luna relaunch kicks crypto hype machine back into gear

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The Straits Times

Thu, May 26, 2022

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NEW YORK (BLOOMBERG) - If you need a reminder that memories are short in the world of crypto, look no further than the relaunch of the Luna token that played a key role in the collapse of the Terra blockchain ecosystem that cost investors billions little more than two weeks ago.

Under the approved measure, developers will create a new Terra blockchain with a revived Luna token.

Crypto exchange Huobi said they would support the launch of Luna 2.0, while OKX said it would support the air drop of the new Luna tokens.

Binance, meanwhile, said it is "working closely with the Terra team" to provide impacted Binance users with the "best possible treatment." Despite the exuberance, blockchain data firm Nansen points out that flows of wrapped Luna tokens, a version of Luna on the Ethereum blockchain, have shown "no evidence" of actual widespread support yet.

Trading volume of wrapped Luna tokens on Ethereum and Luna token's flow going from Ethereum to Cosmos, the network where Terra's built on, have been "scant" since the pass of the new proposal, according to Andrew Thurman, who's in charge of content at Nansen.

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