The Terra disaster has resulted in the largest cryptocurrency exchanges removing the LUNA and UST tokens.

But DeFi exchange’s WOO network tried to go against the grain by relaunching LUNA, which it did on Monday. But the overwhelming number of transactions may have proved too much for the exchange as trading of the token was suspended shortly after.

Will LUNA revive?

Last week, the Crypto market saw a horror show that completely knocked Terra’s Luna down. The price of the token dropped by 100% in just a few days, raising some big questions about the Terra Foundation. This decision by WOO X comes as a big boost to the Terra community amid increased volatility.

Meanwhile, just after the big statement, WOO X reported that they have suspended trading in the LUNA/USDT pair. Trading may resume after some time. However, the deposits and withdrawals are still suspended due to network blocking.

The LUNA has fallen another 20% in the past 24 hours. After losing almost all of its values, the LUNA is trading at an average price of $0.000187. Terra token still has a total market value of over $1.22 billion. The WOO trading platform added that they just want to maintain a neutral stance by listening to the community’s demand.

Terra wants to rebuild his network

In support of the re-listing, the WOO has announced that after analyzing the signs of higher demand from traders and stability in the market, LUNA will be available for spot trading. It added that users can trade on WOO X at no cost. However, it also warned traders to exercise caution given the recent event. The WOO clarified that this step is not an endorsement and that they just provide an option for the users.

The Terra tokens have seen a massive takedown from all types of crypto platforms large and small. The crypto leaders have expressed deep concern over the de-pegging of Terra’s stablecoin UST. Meanwhile, Terra founder DO kwon has made some recommendations to rebuild his network and compensate his holders.

Ashish believes in decentralization and has a keen interest in evolving Blockchain technology, the cryptocurrency ecosystem and NFTs. He aims to create awareness around the growing Crypto industry through his writings and analysis. When he is not writing, he plays video games, watches a thriller or participates in outdoor sports. Reach me at [email protected]

The content 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 publication is not responsible for your personal financial loss.





This post WOO Network Stops Terra’s LUNA Trading Hours After It’s Relisted

was published first on https://coingape.com/woo-network-halts-terras-luna-trading-just-hours-after-relisting-it/

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