LUNA 2.0 Airdrop Gives Terra A New Lease On Life As A New Blockchain Goes Online

LUNA 2.0 Airdrop Gives Terra A New Lease On Life As A New Blockchain Goes Online. According to Terraform Labs CEO Do Kwon, the new blockchain called Phoenix-1 mainnet started today at 6 a.m. UTC and is presently creating blocks.

LUNA 2.0 Airdrop Gives Terra A New Lease On Life As A New Blockchain Goes Online

After the Terra ecosystem’s UST algorithmic stablecoin crumbled a few weeks ago, the new chain tries to resurrect it. Terra’s tokens collapsed, wiping approximately $40 billion in market value.

Terraform Labs, the company behind Terra, proposed a new blockchain in the wake of the debacle. After that request was approved, it took only a few days for Kwon to deploy another chain, the one that is currently in use. Astroport, Prism, RandomEarth, Spectrum, Nebula, Terraswap, Edge Protocol, and other programs have been migrated to the new chain.

Before today’s  launch, the 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 newly launched Terra 2.0 as the main network. Unlike its predecessor, the new Terra chain exists without an algorithmic stablecoin and comes only with LUNA that have a fixed total supply of 1 billion tokens.

LUNA 2.0 tokens will trade separately from the original LUNA Classic tokens

LUNA 2.0 Airdrop Gives Terra A New Lease On Life As A New Blockchain Goes Online

The most noteworthy aspect of today’s launch is the airdrop of new LUNA coins to Terra stakeholders on the Classic chain. They have been earmarked to receive 70% or (700 million) of the total LUNA 2.0 token supply. The amount of LUNA 2.0 airdrop each person gets varies depending on whether those tokens were held before or after UST’s depeg, according to an official announcement

The airdrop is expected to be claimed shortly after launch, either through centralized exchanges or Terra’s own website. Several central crypto exchanges including Binance, Huobi, Kraken, Bitfinex, Bitrue, Kucoin and Bybit said they are letting Terra supporters receive their allotted tokens from within their platforms. Still, not all of the airdropped tokens are claimable at launch; only 30% of the initial supply can be immediately claimed. The remaining 70% airdrop amount has been staked directly with validators to ensure network security and those will vest in as long as two years. 

Besides 70% divided among the two investor categories, Terra’s community pool, an on-chain treasury fund, is set to 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 amount, 30 million are assigned for developers who have decided to remain and rebuild on the new Terra chain, according to earlier announcement.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join CoinCu Telegram to keep track of news: https://t.me/coincunews

Follow CoinCu Youtube Channel | Follow CoinCu Facebook page

Annie

CoinCu News

Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.

Recent Posts

Solana memecoins crash while DTX Exchange hits 100,000 TPS on layer-1 blockchain

Discover how DTX Exchange's historic achievement of 100,000 transactions per second on a layer-1 blockchain…

25 minutes ago

Strategic Bitcoin Reserve Expected to Cut 35% of US National Debt by 2049

VanEck suggests the U.S. could reduce its national debt by 35% by 2050 through a…

31 minutes ago

The New Lead of Presidential Crypto Council Appointed by Trump Is Bo Hines

President-elect Donald Trump named Bo Hines as the executive director of the presidential crypto council.

56 minutes ago

Best New Meme Coins with 1000X Potential: BTFD Coin’s Hot BIG50 Discount As Baby Doge Coin, Dogs Takes Gaming to the Next Level

Explore the best new meme coins with 1000X potential. Learn how BTFD Coin leads with…

2 hours ago

BlockDAG Surges Past $170M as BDAG250 Bonus End Countdown Begins – Aave Targets $400 & Solana Shines with Scalability

BlockDAG crosses $170.5M in presale success with BDAG250 bonus and Whitepaper V3 launch! Solana grows…

3 hours ago

Qubetics Presale Price Surge Approaches: The Best Coins to Invest in Right Now While Toncoin, and XRP Gain Traction

Discover why Qubetics, Toncoin, and XRP are the best coins to invest in right now.…

4 hours ago

This website uses cookies.