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.
