Terra team launches Terra 2.0 Pheonix-1 mainnet by generating the first block on the blockchain network, making the official announcement for Terra 2.0 launch a reality.
As per the official announcement from Terra:
People who are eligible for LUNA tokens can check their wallet balances by using their Terra station browser extension and selecting the new network Phoenix 1. Do Kwon, the founder of Terra, wrote on Twitter
To view your $LUNA (or $LUNA2 as some exchanges call them) token balances, you only need to log into station and refresh the page— Do Kwon 🌕 (@stablekwon) May 28, 2022
For new users coming in from IBC et all, create a station wallet with the same ledger and station should walk you through the remaining steps https://t.co/1ZKmCGKLvp
Terra 2.0 is not a fork, but rather an entirely new blockchain. As a result, Terra Classic dApps must be relaunched on the new chain. RandomEarth, Astroport, Spectrum, Prism, Nebula, EdgeProtocol, TerraSwap, and more dApps have already made the switch to the new chain.
Users can perform a variety of things with the new LUNA tokens, such as stake on Terra Station to receive prizes. After the dApps are launched, users can use them in them, trade them, and even vote on governance issues.
The new blockchain is an attempt to save what’s left of the Terra community following the blockchain’s spectacular collapse earlier this month. On May 8, Terra’s algorithmic stablecoin UST depegged from the dollar, plunging its related token LUNA into a death spiral. Within days, UST had plummeted to a few pennies on the dollar, and LUNA had nearly vanished. The collapse wiped out approximately $40 billion in value and sowed havoc across the industry, as fears of stablecoins grew and other significant assets fell in value.
Along with the blockchain rollout, a new LUNA token airdrop went live this morning. According to the plan, prior LUNA, UST, and aUST holders will receive 70% of the new token allocation (aUST represented UST tokens placed in Anchor Protocol, Terra’s flagship DeFi protocol that guaranteed investors 20% payouts on their stablecoins). Terraform Labs did not get any tokens as a result of the drop. The airdrop was available to eligible addresses via the Terra website, and it was also supported on several major exchanges.
How to Check the Staked LUNA?
- Open the Terra Station Desktop App
- Select the Phoenix-1 Network
- Click the “stake: tab to view the staked coins and the validator to whom the coins are staked.
Users have the option to select their own validator and begin collecting staking rewards. Users can do this by redelegating or undelegating the stake and then redelegating it. Users will continue to receive staking rewards even when their LUNA is staked and in the process of vesting.
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