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 the request approval, in only few days Do Kwon installed another chain, the one that is currently in use. Astroport, Prism, RandomEarth, Spectrum, Nebula, Terraswap, Edge Protocol, and more programmes will be migrating to the new chain.
Terra is an ongoing project. Terraswap announced on Twitter that it has finished the Terra chain’s deployment. Now it will activate the exchange feature once the network is stable.
To place the newly released Terra 2.0 as the main network, the firm chose the alternate name “Terra Classic,” which is now known 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 trading independently on 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. As per an official release, the number of LUNA 2.0 airdrops, each user gets depends on tokens which were under staking before or after the UST depeg.
As per the anticipation airdrop will take place 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, will support Terra backers and allow them to get tokens through their platforms.
Even though the airdrop appears to begin soon after the launch, not all of the tokens that associates with the airdrop can be claimed right instantly. Just 30% of the original supply will be under redumption right away. To guarantee network security, the remaining 70% of the airdrop will be kept directly with validators, and these will remain in as long as two years.