- The official Terra 2.0 is finally live.
- The team generated the first block on the blockchain network by activating Terra 2.0 Phoenix-1 mainnet.
Since launching the ‘new and improved’ blockchain, the team has shared the same with the crypto community. Part of an official statement from Terra reads, “we have officially generated the first block on the new Terra blockchain. It was generated on May 28, 2022, at 06:00 am UTC. Its chain_id is Phoenix-1. We congratulate the LUNA community on this remarkable achievement.”
1/ Block 1 of the brand new Terra blockchain (with a chain_id of “Phoenix-1”) has officially been produced at 06:00 AM UTC on May 28th, 2022!
Congratulations to the #LUNAtic community on this expeditious feat of collaboration 🎉
— Terra 🌍 Powered by LUNA 🌕 (@terra_money) May 28, 2022
What users should know about wallet balances
The official statement further said the LUNA tokens will now be available on the wallet balances of those eligible for it. Those who are eligible should confirm by checking their wallet balances. They should select the Phoenix 1 network on their Terra station browser extension.
Terra CEO, Do Kwon, further explained how users could check their wallet balances. “Log into your station and refresh the page. It should display your LUNA token balances. Note: some exchanges refer to it as LUNA2 tokens.”
He also said, “if you are a new user, whether from IBC or others, use the same ledger to create a solution wallet. The station would guide you to complete the steps.” Holders of the new liquid LUNA tokens can swap, stake, or do any other they wish with it.
Staking their holdings earns them rewards. Also, users can use these tokens in any DApps. Additionally, they can also use their tokens to vote or perform other functions in the decentralized community.
Kwon further clarified that the Terra 2.0 isn’t a fork of the previous blockchain. Instead, it is a blockchain built from scratch. Consequently, DApps running on the Terra 1.0 blockchain (Terra classic) need to relaunch on this new one. Some DApps from the Terra classic that are now on the new chain include nebula, Astroport, RandomEarth, TerraSwap, Spectrum, and Prism.
Checking And vesting staked LUNA airdrop
The announcement also stated three simple steps users must follow to check their staked and vested LUNA tokens.
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- Launch the Terra station desktop app.
- Choose Phoenix-1 network.
- Click on the “stake: tab.” this tab will display the staked coins.
Users can choose their preferred validators to become eligible for staking rewards. Users can switch validators through redelegation and un-delegation of the staked coins. The user whose LUNA tokens are still in the vesting process can keep earning staking rewards so long their LUNA is staked.
Terra added that “today is the start of a new era for the Terra ecosystem. We can flourish with it through our collective community because we have unlimited potential.” The Terra community would hope to recover the majority (if not all) of their losses from the catastrophic collapse of the previous blockchain.
Will the new launch lessen the allegations against Do Kwon?
Terra founder, Do Kwon, has been facing various lawsuits and assaults from investors in the tokens of the Terra classic. He is even facing an investigation from South Korea’s ruling party over his role in the collapse of the Terra classic network.
However, it is unclear whether these investors will suspend their lawsuit against Kwon following the launch of the Terra 2.0 blockchain. Also, the nation’s ruling party is yet to issue any statement on whether it will no longer investigate Kwon’s role in the collapse of the previous network.