Crypto news

The Terra 2.0 core network is launched

The head of Terraform Labs Do Kwon announced the launch of the core Terra 2.0 network, which received the Phoenix-1 identifier. According to him, LUNA aydrop participants have already been credited with tokens – to see the balance, you need to connect to the Terra Station system.

Kwon added that new participants in the Inter-Blockchain Communication Protocol ecosystem need to connect to Terra Station using the same network through which they previously worked with Terra Classic.

The Terra Finder blockchain reviewer has added support for Phoenix-1. According to the service, the network has produced more than 330 blocks as of this writing.

Terraform Labs said users can make liquid LUNA transactions, including stacking, trading and transactions with decentralized apps once they launch.

“Since Terra 2.0 is a different blockchain and not a fork, dapps from Terra Classic will have to be restarted on the new blockchain,” the developers reminded.

Those in the LUNA vesting are automatically entered into the stack. Users can select a validator by re-delegating or via revocation of delegation. In the latter case, users will have to wait 21 days.

According to Terra Station, LUNA’s total supply is fixed at 1 billion tokens – of which over 328 million coins are in the community pool. The rest of the cryptocurrency is distributed in the airdrop process.

The launch of Terra 2.0 has been supported by many centralized exchanges, including Binance, Huobi and Kraken. Most platforms have not yet made announcements regarding the launch of LUNA trading. However, some industry participants have already revealed when the respective spot market will open.

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