Yet Another Crypto Exchange Delists LUNA Perpetual Swaps

Cryptocurrency exchange Bitfinex on Wednesday announced it will soon delist the LUNA perpetual swaps. The latest move adds Bitfinex to the list of exchanges that have already deslited LUNA swaps. In the last few days, Binance, BitMEX, OKX and FTX were among those exchanges which delisted the cryptocurrency.

The move comes following huge meltdown in the Terra network last week, which resulted in a widespread cryptocurrency market meltdown.

Luna Swap Delisting

The exchange cited the recent high levels of volatility and events affecting the Terra protocol as the reason behind the move.  According to a communication from the exchange, the LUNA perpetual swaps would be discontinued starting Friday, May 20.

“We would like to remind our users to cancel any open orders with LUNA perpetual swaps before 20/05/22 (Friday) as we will force-settle any remaining open positions. All remaining open orders will be canceled by the system. The mark price used to settle contracts will be a fair market value of the underlying spot market based on several leading exchanges.”

Terra’s Proposal Voting

Following a new revival plan recommendation by Terra founder Do Kwon, a voting is ongoing over the newly updated proposal. As of writing, close to 90% of the 74.95 million votes registered voted ‘Yes’ for creating a new Terra chain without the algorithmic stablecoin.

The vote, which determines consensus for the revival of Terra, will stay open for 7 days. A minimum of 40% quorum is required out of the 376.72 million for the vote to pass. And a minimum pass threshold of 40% is needed to determine the result.

As of writing, the Terra LUNA coin was trading at $0.0001832 with a 0.40% drop in price in 24 hours, according to CoinMarketCap.

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.

Anvesh is keen on writing about major announcements around crypto adoption by institutions and popular personalities. Having been associated with the cryptocurrency industry since 2016, his interest in this space helped pivot his journalism career to the blockchain ecosystem. Follow him on Twitter at @AnveshReddyEth and reach out to him at anvesh (at) coingape.com

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