The Terra UST token faced the axe from popular cryptocurrency exchanges like Binance, BitMEX, OKX and FTX in the last few days. In a latest move, another top exchange Gemini joins the list of exchanges that announced or already have Terra delisted.
Unprecedented meltdown witnessed in the Terra network on May 12 resulted in a widespread cryptocurrency market meltdown. After Terra founder Do Kwon announced a new revival plan for the network, a voting is ongoing over the newly updated proposal.
As of writing, 230.90 million votes have been registers out of the 365.07 million total voting capacity. Of those, around 142.41 million (62%) voted ‘Yes’ for creating a new Terra chain without the algorithmic stablecoin.
The plan involves renaming the old chain to Luna Classic (LUNC) and new chain as Terra (token Luna – LUNA). The company announced it will complete the essential app developer registration and launch the network on May 27.
Gemini For Terra Delisting
The Gemini exchange announced it will suspend trading for $UST and $MIR on May 27.
