According to Terraform Labs CEO Do Kwon, the new blockchain deployed on mainnet today at 6 a.m. UTC and is presently creating blocks. 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.
After Terra’s collapse, Terraform Labs, the company that created Terra, has suggested a new blockchain. After that request was approved, it took only a few days for Do Kwon to install another chain, the one that is currently in use. Astroport, Prism, RandomEarth, Spectrum, Nebula, Terraswap, Edge Protocol, and more programmes have been migrated to the new chain.
Terra is an ongoing project. Terraswap announced on Twitter that it has finished the Terra chain’s deployment and will activate the exchange feature once the network is stable.
To position the newly released Terra 2.0 as the main network, the firm chose to alter the name of the previous network to “Terra Classic,” whose coins are now called LUNA Classic (LUNC).
The new Terra chain lacks an algorithmic stablecoin and instead depends only on LUNA tokens with a set total supply of 1 billion tokens. These LUNA 2.0 tokens will be traded independently of the original LUNA Classic tokens, which have a supply of around 6.5 trillion.
LUNA Coins To Terra Classic Chain Stakeholders
The most interesting thing in today’s launch is the airdrop of fresh LUNA coins to Terra Classic chain stakeholders. They will get 70% of the total LUNA 2.0 token supply, or 700 million tokens. According to an official notification, the number of LUNA 2.0 airdrops that each user receives depends on whether the tokens were held before or after the UST depeg.
It is anticipated that the airdrop will be commenced soon after the launch, either through centralized exchanges or Terra’s own website. Several major cryptocurrency exchanges, including Binance, Huobi, Kraken, Bitfinex, Bitrue, Kucoin, and Bybit, have announced that Terra backers would be able to obtain their tokens through their platforms.
Even though the airdrop is expected to begin soon after the launch,, not all of the airdropped tokens may be claimed right instantly. Just 30% of the original supply can be claimed right away. To guarantee network security, the remaining 70% of the airdrop has been staked directly with validators, and these will remain in as long as two years.