According to the team that made the official announcement for the Terra (LUNA) 2.0 launch, the Terra 2.0 Pheonix-1 mainnet is finally live, creating the first block in the Blockchain network. Here are the details…
Things to know about LUNA 2.0
The 1st block of the brand new Terra Blockchain (Phoenix-1) is officially on May 28, 2022, Turkey time It was produced in 9. The team’s official announcement adds that those eligible to receive LUNA tokens will be able to check their wallet balances by selecting the new Phoenix 1 network via the Terra station browser extensions. Do Kwon, founder of Terra, wrote:
To view your LUNA (or LUNA2) token balances as some exchanges call it, you just have to log in to the station and refresh the page.
Users can do various things like staking in Terra Station to earn rewards with new liquid LUNA tokens. Once released, users can use them in dApps, trade them, and even participate in management decisions. As Kriptokoin.com also reported, Terra 2.0 is not a fork, it is a completely new Blockchain. As a result, dApps running on Terra Classic need to be restarted on the new chain. Some of the dApps have migrated to the new chain, including RandomEarth, Astroport, Spectrum, Prism, Nebula, EdgeProtocol, TerraSwap and others.
How are staked LUNAs controlled?
Terra explains that for the currently staked and qualifying portion of the LUNA airdrop, users must follow a simple three-step process.
- Open the Terra Station Desktop App
- Select Phoenix-1 Network
- “Stake” to view staked coins and staked validator Click the :” tab.
Users have the freedom to choose any validator they want and start earning staking rewards. Users can do this by re-authorizing or de-provisioning and then re-delegating the stake. Users will continue to receive staking rewards even when their LUNA is staked and in the process of qualifying. “Today marks the start of the next chapter for the Terra community: a place where our potential knows no bounds and where our collective creativity can flourish,” the team behind the Terra network says in their statement.
