The head of Terraform Labs, Do Kwon, announced the launch of the main network Terra 2.0, which received the identifier Phoenix-1. According to him, the participants of the LUNA airdrop have already been credited with tokens – to see the balance, you need to connect to the Terra Station system.
To view your $LUNA (or $LUNA2 as some exchanges call them) token balances, you only need to log into station and refresh the page
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
— Do Kwon 🌕 (@stablekwon) May 28, 2022
Kwon added that new members from the ecosystem Inter-Blockchain Communication Protocol need to connect to Terra Station using the same network that they previously used with Terra Classic.
Block Explorer Terra Finder added Phoenix-1 support. According to the service, the network has produced over 330 blocks at the time of writing.
Terraform Labs said that users can transact with liquid LUNAs, including staking, trading, and transactions with decentralized applications after their launch.
3/ Users can do multiple things with their liquid $LUNAincluding staking it on Terra Station to their preferred validator(s) to earn rewards & participate in governance decisions, using it on dApps upon launch, or trading it on an exchange.
— Terra 🌍 Powered by LUNA 🌕 (@terra_money) May 28, 2022
“Because Terra 2.0 is other chainnot fork, dapps from Terra Classic will have to be restarted on a new blockchain,” the developers reminded.
Located in vesting LUNA are automatically staked. Users can choose a validator through re-delegation or through de-delegation. In the latter case, you will have to wait 21 days.
According to Terra Station, the total supply of LUNA is fixed at 1 billion tokens – of which over 328 million coins are in the community pool. The rest of the cryptocurrency is distributed during the airdrop process.
Launch of Terra 2.0 supported many centralized exchanges, including Binance, Huobi and Kraken. Most platforms have yet to make announcements regarding the launch of LUNA trading. However, some industry participants have already disclosed the opening time of the relevant spot market.
Cryptocurrency exchange Bybit has opened access to the LUNA/USDT market. Trading started at $0.5, and in less than an hour, asset quotes have grown significantly – at the time of writing, the price is $17.55.
Access to LUNA was also opened by cryptocurrency exchanges OKX, Gate.io, Bitrue and KuCoin.
For example, the MEXC exchange will open access to LUNA paired with USDT on May 28 at 13:00 (Kyiv / Moscow time). The pair will trade within the “innovation zone” of the platform.
— MEXC Global (@MEXC_Global) May 28, 2022
As a reminder, on May 26, the Terra Classic community approved proposal for burning TerraUSD (UST)which are in the community pool, as well as stablecoins issued as part of the last stage of stimulating liquidity on the Ethereum blockchain.
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