Terra 2.0 launched! – The second version of Terra Network officially went live yesterday. The official announcement of Terra reads:
Block1 of the brand new Terra blockchain (with a chain_id of “Phoenix-1″) has officially been produced at 6:00 AM UTC on May 28th, 2022! Congratulations to the #LUNAtic community on this expedition’s feat of collaboration.”
As mentioned earlier, the goal of the new chain is to revive the Terra ecosystem, which collapsed after the instability of UST. It should be noted that the collapse of terra blockchain and its native coin (Luna) reduced the market value of this ecosystem by $40 billion. Before yesterday’s launch, the governance voted to change the name of the original network to “Terra Classic,” whose tokens are now called LUNA Classic (LUNC), in order to position the newly launched Terra 2.0 as the main network.
New Terra chain exists without an algorithmic stablecoin and comes only with LUNA that have a fixed total supply of 1 billion tokens. With the launch of the new network, new tokens were distributed to holders using the AirDrop method. According to the Terra development team, users need to follow a simple three-step process for part of the compromised Luna airdrop.
These steps are as follows:
1- Open the Terra Station Desktop app
2- Select Phoenix-1 Network
3- Click on the “stake” tab to see available coins
Source: The Pipsafe Team
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