Terra 2.0 mainnet officially started block production at around 9 o’clock today.
Terra CEO’s suggestion was accepted by the community and the new LUNA started to hit the market.
LUNA started trading on some cryptocurrency exchanges today. Currently, the highest volume is in Mexico-based crypto exchange MEXC with $ 17 million, while the lowest volume is in OKX.
LUNA is not yet listed on Binance, FTX and Huobi but is traded on ByBit, MEXC, KuCoin, Biture, Kraken and OKX.
Reaching $ 19.5 on the MEXC stock market, LUNA rose to $ 30 on the ByBit and Biture stock markets. According to CoinMarketCap data, the cryptocurrency, which has a supply of 1 billion, has 210 million in circulation.
The market value of LUNA, which was traded at $ 6.8 at the time of writing, is currently around $ 1.4 billion.
Cryptocurrency analysts and commentators on social media are highly reactionary to the launch of the new LUNA. Commentators think that this way the previous grievance will not be resolved.
While there is a lot of people who think that the new LUNA will collapse in price, there are also some who think that this crypto money will reach $ 120, the highest level of LUNA Classic.
Here is the Process for Terra Investors to Follow!
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.
Block 1 (Phoenix-1) of the brand new Terra Blockchain was officially produced on May 28, 2022, at 9 am Turkey time. 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 AS SOME EXCHANGES SAY) TOKEN BALANCES, YOU JUST HAVE TO LOG IN TO THE STATION AND REFRESH THE PAGE.
Users can do various things such as placing bets on Terra Station to earn rewards with new liquid LUNA tokens. Once published, users can use them in dApps, trade them and even participate in management decisions. As we also reported, Terra 2.0 is not a fork but an entirely new Blockchain. As a result, dApps running on Terra Classic need to be restarted on the new chain. Some 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 already 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
- Click the “stake:” tab to view staked coins and staked validator.
Users have the freedom to choose the 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.
Hello there! My name is Oktay from Tokensboss editors. I introduce myself as a business graduate and writer. I have been doing research on cryptocurrencies and new business lines for over 2 years.