The official announcement for Terra 2.0 launch is lastly right here as the workforce prompts Terra 2.0 Pheonix-1 mainnet by producing the first block on the blockchain community. The official announcement from Terra reads:
Block 1 of the model new Terra blockchain (with a chain_id of “Phoenix-1”) has formally been produced at 06:00 AM UTC on May twenty eighth, 2022! Congratulations to the #LUNAtic group on this expeditious feat of collaboration
The announcement provides that individuals eligible for the LUNA tokens can test their pockets balances by choosing the new community Phoenix 1 by way of their Terra station browser extension. Terra founder Do Kwon wrote:
To view your $LUNA (or $LUNA2 as some exchanges name them) token balances, you solely must log into station and refresh the web page For new customers coming in from IBC et all, create a station pockets with the similar ledger and station ought to stroll you thru the remaining steps
With their new liquid LUNA tokens, customers can do a number of issues corresponding to staking on Terra Station to earn rewards. Users can use them in the dApps after their launch, commerce them and even take part in governance choices.
The Terra 2.0 is a very new blockchain and never a fork. As a end result, dApps operating on Terra Classic must relaunch on the new chain. Some of the dApps have already migrated to the new chain together with RandomEarth, Astroport, Spectrum, Prism, Nebula, EdgeProtocol, TerraSwap, and others.
How to Check the Staked LUNA?
Terra explains that for the a part of the LUNA airdrop that’s already staked and vesting, customers must observe a easy three-step course of.
- Open the Terra Station Desktop App
- Select the Phoenix-1 Network
- Click the “stake: tab to view the staked cash and the validator to whom it’s staked.
Users get the freedom to decide on the validator of their selection and begin incomes staking rewards. Users can do that by both redelegating or undelegating after which delegating the stake once more.
Users will proceed to obtain staking rewards even when their LUNA is staked and in the strategy of vesting.
“Today marks the beginning of the next chapter for the Terra community; one in which our potential knows no bounds & our collective creativity can flourish,” says Terra.
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