The Terra disaster has prompted the largest cryptocurrency exchanges to delist the LUNA and UST tokens.
But DeFi exchange WOO Network sought to go against the grain by re-listing LUNA, which it did on Monday. But the sheer number of transactions could prove to be too much for the exchange, as it suspended trading of the token shortly after.
Will Luna revive?
Last week, the crypto market saw Terra’s Luna show an all-out horror. The coin has lost 100% in price in just a few days, raising some major questions about the Terra Foundation. This decision by WOO X comes as a big support for the Terra community amid increased volatility.
Meanwhile, right after the big announcement WOO X reported that they have suspended trading of the LUNA/USDT pair. Trading may resume after some time. However, deposits and withdrawals are still suspended due to network blockages.
Luna has declined further by 20% in the last 24 hours. After losing almost all of its value, LUNA is trading at an average price of $0.000187. Terra Token still has a total market valuation of over $1.22 billion. The WOO trading platform stated that they wish to maintain a neutral stance just by listening to the demands of the community.
Terra aims to rebuild its network
Supporting re-listing, WOO informed that LUNA will be available for spot trading after analyzing the signals of high trader demand and stability in the market. It states that users will be able to trade on WOO X with zero fees. However, it also cautioned traders to be cautious in view of the recent incident. WOO clarified that this move is not an endorsement and they are merely providing an option for the users.
Terra Token has seen a huge number of delistings from crypto platforms of all kinds, big and small. Crypto leaders have shown major concern over the de-pegging of Terra’s stablecoin UST. Meanwhile, Terra’s founder Dae Kwon has proposed some recommendations to rebuild his network and compensate its holders.
The material presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or the publication has no responsibility for your personal financial loss.