MEXC Global has pledged to carry out a month-long buyback-and-burn to reduce the circulating supply of the old Terra markets.
The fall of Terra shook the entire crypto market. However, the project has no plans to stay down, having secured backing from crypto exchanges to help it rebuild.
In an announcement on Thursday, Terra provided details on an upcoming airdrop of the new native token for its new blockchain dubbed Terra 2.0. The distribution of tokens will proceed on Friday, and holders of Terra Luna Classic (LUNC), TerraUSD Classic (USTC) and Anchor Protocol UST (aUST) who are eligible will receive new tokens
Crypto exchanges Binance and FTX noted that they are working closely with the Terra team regarding the upcoming airdrop. Binance stated that it aims to help affected users on the platform by helping Terra with the recovery plan.
FTX announced that it will support the airdrop and temporarily halt LUNA and UST markets during the migration. The Terra team said that in addition to Binance and FTX, it’s also working closely with more partner exchanges that will support the airdrop.
Apart from the airdrop, many crypto exchanges, like KuCoin, also expressed support for Terra 2.0 by supporting the migration, listing and trading of the new Terra tokens on their platforms.
However, not all exchanges are eager to list the new tokens. In a statement, a spokesperson from crypto exchange BitMEX told Cointelegraph that there are currently no plans to list the new Terra tokens. They explained:
“We list tokens for spot trading based on numerous factors, including that we have a custody solution for that particular token. As such, we have no plans at this stage to list LUNA for spot.”
As for derivatives contracts, the spokesperson said that the exchange needs to ensure there is a “reliable reference index” before it can consider contracts on the new LUNA token.
Related: Terra fallout: Stablegains lawsuit, Hashed loses billions, Finder wrong and more
Meanwhile, not everyone is ready to fully move on to the new chain. Despite Terra founder Do Kwon’s position against burning LUNA’s circulating supply, users of the crypto trading platform MEXC Global voted to initiate buybacks and burning in Terra’s secondary market. Using the trading fees collected from the new LUNA/USDT spot trading pair within its platform, MEXC committed to a month-long buyback-and-burn process.
