Terra’s new blockchain has launched on the mainnet and is currently generating blocks, according to Terraform Labs CEO Do Kwon. The new chain aims to revive the Terra ecosystem after its UST algorithmic stablecoin implosed a few weeks ago. The collapse of Terra tokens wiped out some $40 billion in market value.
Following this fiasco, Terraform Labs, the main development company behind Terra, came up with a new blockchain. It took only a few days after this proposal was approved for Kwon to roll out another channel, the one that is open for use today. Several applications have now migrated to the new channel, including Astroport, Prism, RandomEarth, Spectrum, Nebula, Terraswap, Edge Protocol and others.
Prior to launch, 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 new Terra 2.0 as the main network. Unlike its predecessor, the new Terra chain exists without an algorithmic stablecoin and only comes with LUNAs whose total fixed supply is 1 billion tokens. These LUNA 2.0 tokens will be traded separately from the original LUNA Classic tokens, which have a supply of over 6.5 trillion.
The most notable aspect of the launch is the airdrop of new LUNA coins to Terra stakeholders on the Classic Channel. They have been designated to receive 70% (700 million) of the total supply of LUNA 2.0 tokens. The amount of LUNA 2.0 tokens each person receives varies depending on whether those tokens were held before or after the UST withdrawal, according to an official announcement.
The airdrop should be claimed soon after launch, either through centralized exchanges or Terra’s own website. Several central cryptocurrency exchanges, including Binance, Huobi, Kraken, Bitfinex, Bitrue, Kucoin, and Bybit, said they allow holders of Terra to receive the tokens assigned to them from their platforms. However, not all tokens dropped can be claimed upon launch; only 30% of the initial offer can be claimed immediately. The remaining 70% was placed directly with validators to ensure network security and will be acquired within two years.
In addition to the 700 million LUNA tokens split between the above two categories of investors, the Terra Community Pool, an on-chain treasury fund, will receive 30% (300 million) of LUNA on the Terra 2.0 chain. The community pool is controlled by Terra governance to fund development activities. Of the total pool, 30 million is for developers who have decided to stay and rebuild on the new Terra Channel, according to an earlier announcement.
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Terra gets a second life with the commissioning of the new LUNA 2.0 blockchain | | Cryptocurrency
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