According to Terraform Labs CEO Do Kwon, Terra’s new blockchain was launched at 9 am today. The new chain aims to revive the Terra ecosystem after the UST algorithmic stablecoin crashed a few weeks ago.
Following the fiasco, Terraform Labs, the core development firm behind Terra, proposed a new blockchain. Ahead of today’s launch, management voted to rename the original network to “Terra Classic” to position the newly launched Terra 2.0 as the mainnet.
Pheonix-1 mainnet is now live and producing blocks – public node services, wallets and explorers should be going live shortly. pic.twitter.com/cpxiNKl6aX
— Do Kwon 🌕 (@stablekwon) May 28, 2022
The most notable aspect of today’s launch is the airdrop of the new LUNA crypto bus to Terra stakeholders on the Classic chain to be. According to the official announcement, the amount of LUNA 2.0 airdrop that people will receive depends on whether these tokens are held before or after the depeg of UST.
Several central crypto exchanges including Binance, Huobi, Kraken, Bitfinex, Bitrue, Kucoin and Bybit said they will support the airdrop.
