Terra blockchain is back again with a new life. The new chain was launched on the mainnet at exactly 6 am UTC and is now producing blocks, according to DO Kwon, the CEO of Terraform Labs.
DO Kwon tweeted, “Pheonix-1 mainnet is now live and producing blocks – public node services, wallets and explorers should be going live shortly.”
Pheonix-1 mainnet is now live and producing blocks – public node services, wallets and explorers should be going live shortly. pic.twitter.com/cpxiNKl6aX
— Do Kwon 🌕 (@stablekwon) May 28, 2022
The new chain aims to revive the Terra ecosystem after its algorithmic stablecoin TerraUSD (UST) and Terra (LUNA) imploded a few weeks ago. The massive crash of these tokens wiped out relatively $40 billion in the market, leaving teeming investors to lament.
Following the fiasco, the Terra team began to seek means for revival. Do Kwon later proposed the rebirth of the chain, which was massively supported via a governance vote. It took only a few days after the proposal was approved before another chain was deployed.
Now that the new blockchain has gone live, several applications have started to move there, including Astroport, Prism, RandomEarth, Spectrum, Nebula, Terraswap, Edge Protocol, and others.
LUNA 2.0 Tokens Airdrop
The most noteworthy aspect of the new chain is the much-awaited airdrop of LUNA 2.0 tokens to Terra stakeholders on the Classic (Old) chain.
According to the official announcement, stakeholders have been set aside to receive 70% of the total LUNA 2.0 token supply. The amount of LUNA 2.0 airdropped to each holder is vary depending on whether those tokens are held before or after UST’s depeg.
The airdrop is expected to be claimed shortly after the launch. Either via centralized exchanges or Terra’s official website.
It’s worth noting that lots of centralized crypto exchanges, including Binance, Huobi, Kraken, Bitfinex, Bitrue, Kucoin, and Bybit, have announced their support for the Terra chain rebirth.
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