New Terra Blockchain Goes Live

UST algorithmic stablecoin

May 29, 2022

Reading Time: 2 minutes

Terra’s new blockchain has been launched on mainnet today and is generating blocks after a delay on Friday. The launch has revived the Terra ecosystem after its UST algorithmic stablecoin imploded a couple of weeks ago.

The team behind the project was happy to announce the relaunch, stating that the revival of the new Terra blockchain marks the beginning of a new chapter in the Terra community in which their potential will know no bounds & their creativity will flourish.

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New Terra’s Efficiency

The team also said those eligible for the LUNA airdrop could view their wallet balances on the new chain by selecting the “Phoenix-1” network in their Terra Station browser extension.

Liquid LUNA will enable customers to do many things like staking on Terra Station to their preferred validators, earning and participating in governance decisions, earning rewards, and many more.

Before today’s launch, the governance voted to change the name of the original network to “Terra Classic,” and tokens are now called LUNA Classic (LUNC) to position the newly launched Terra 2.0 as the leading 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. These LUNA 2.0 tokens will trade separately from the original LUNA Classic tokens, whose supply amounts to more than 6.5 trillion.

Some analysts have questioned the value proposition for the new LUNA token without UST, proposing that the only value they can think of is the exit liquidity. They have observed that most of the decentralized applications from the original Terra chain are turning to the new chain.

Cryptocurrency exchange platforms support New Terra

Despite the unanswered question, the launch of the new Terra blockchain and the corresponding airdrop have already received the support of many major crypto exchanges, including Binance, Bybit, KuCoin, Huobi Bitfinex, OKX, and FTX.

The US-based exchange Coinbase now remains one of just a few big exchanges that have yet to signal support for the airdrop.

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