The new Terra LUNA token rose almost 54% on the news that it was listed on the world's largest cryptocurrency exchange, Binance.

After a sharp double-digit drop on its first day of the weekend, LUNA made up some losses. At the time of this writing, LUNA-2 has posted a parabolic gain of 53,78% over the past 24 hours and is trading at $9,78.

The rally happened after Binance, which fully supported the restart of the Terra network, listed the token for trading. Users can now buy, sell and transfer the new token MOON FABRIC on the global exchange.

Moreover, on Tuesday, Binance began its multi-year mailing list to the respective addresses. Investors who owned the old LUNA token (now renamed Luna Classic) or the UST stablecoin before the crash received newly minted tokens over the air at different distribution levels.

Terraform Labs CEO Do Kwon is determined to revive the Terra ecosystem, which collapsed earlier this month after its UST algorithmic stablecoin was pegged to the US dollar.

Terra collects data to troubleshoot issues

Notably, the Terra airdrop has experienced some hiccups. Some users took to Twitter to express their dissatisfaction with the Terra giveaway, with most complaining that they received fewer tokens than they were entitled to.

In response, the team Terra acknowledged that there have been some difficulties with airborne assaults so far. They said they were working on a solution and promised to provide more information once they had collected enough data.

Although Kwon has suggested that the updated Terra ecosystem will not include UST, some sources indicate that he is currently working on another stablecoin that will be built on top of the new Terra blockchain network.

Critics riot

Despite the support of crypto exchanges for the revived token, critics of Terra throughout the crypto ecosystem have been vocal about the restart of the network. Billy Marcus, co-founder Dogecoin, advised the founder of Terra to leave the entire cryptocurrency industry after the collapse of the network.

On the other side of the barricades are legislators calling for tighter regulation of stablecoins and the entire cryptocurrency space. Just days after the crash, South Korean regulators have launched “emergency” reviews of crypto firms and exchanges, while regulators in the US are making frantic calls for stablecoins to be regulated in the same way as banks.

Trust in algorithmic stablecoins is at an all-time low and Terra is operating without the collapsed UST token. As crypto investors flock to Terra, industry players are hoping that with the lessons learned, things will turn out differently for the blockchain this time around.

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