According to Terraform Labs CEO Do Kwon, the Terraform blockchain went live on the mainnet at 6 a.m. UTC today and is already creating blocks.
The new chain tries to rebuild the Terra ecosystem after UST algorithmic stablecoin disintegrated a few weeks ago. Terra’s tokens collapsed, wiping down an estimated $40 billion in market capitalization.
Terraform Labs, the development business behind Terra, has suggested a new blockchain in the wake of the debacle. After the application was granted, Kwon quickly set up a new chain, which is now available for usage. Astroport, Prism, RandomEarth, Spectrum, Nebula, Terraswap, Edge Protocol, and more programmes have now moved to the new chain.
The Terra 2.0 network, which was just released today, was given the name “Terra Classic” by the governance, and its tokens are now known as LUNA Classic (LUNC). With a fixed supply of 1 billion tokens, the new Terra chain does not have an algorithmic stablecoin like its predecessor. Trade-in of these tokens will be distinct from the trading of the initial 6.5 trillion LUNA Classic tokens.
Airdropping fresh LUNA coins to Terra Classic chain holders is the most significant component of today’s launch. They will get 70 percent of the entire LUNA 2.0 token supply, or 700 million. According to an official notification, the quantity of LUNA 2.0 airdrop tokens each user receives differs based on whether those tokens were held before or after the depeg of UST.
A short time after Terra’s debut, the airdrop will be available for anybody who wants it, either via centralised exchanges or directly through Terra’s website. More than a dozen major cryptocurrency exchanges have confirmed that Terra backers would be able to obtain their allocated tokens from inside their platforms. Only 30 percent of the tokens that were airdropped at the start of the project may be instantly claimed. Stakes in validators totalling 30% of total airdrop funds have been made to safeguard the network’s security. These stakes will vest over a period of up to two years.
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