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Terra Team Officially Releases Terra 2.0…Details Here

Terra Team Officially Releases Terra 2.0…Details Here

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Answer Terra Team Officially Releases Terra 2.0…Details Here

Terra 2.0 has officially been released.

The team activated the Terra 2.0 Pheonix-1 mainnet by creating the first block on the blockchain.

The official announcement for Terra stated:

The first block of the completely new Terra blockchain (with a chain_id of “Phoenix-1”) was officially produced at 06:00AM UTC on May 28, 2022!

Congratulations to the #LUNAtic community on this quick achievement and an outstanding collaboration.

The announcement adds that people eligible for LUNA coins can check their wallet balances by selecting the new Phoenix 1 network in a browser when visiting the “Terra station” platform and connecting to their wallet.

Wrote Terra founder on Twitter says:

Read:$1.4 billion worth of money laundered via cryptocurrency exchanges in 2020

To view your LUNA (or $LUNA2 as some exchanges call it) balances, simply log in to Terra station and refresh the page.

Owners of the new LUNA cryptocurrency can do many things like “staking” on “Terra Station” and earn rewards.

Users can also use them in dApps after they are launched, trade them and even participate in governance decisions.

It is worth noting that Terra 2.0 is a completely new blockchain and is not a split from the previous Terra blockchain.

As a result, dApps running on Terra Classic need to be restarted in the new network.

Some dApps have already been migrated to the new network including, an app:

RandomEarth, Astroport, Spectrum, Prism, Nebula, EdgeProtocol, TerraSwap, and others.

HOW TO CUSTOMIZE LUNA?

To redeem LUNA and benefit from the rewards users need to follow simple steps:

  • Open the Terra Station app on your ready desktop.
  • Select the Phoenix-1 grid.
  • Click on the “Staking” tab: to view the stakes or start stakes.

Users are free to choose the validator of their choice and start earning staking rewards.

Read:Study: 98% of hedge fund CFOs expect them to invest in cryptocurrency by 2026

Users can do this by either re-authorizing or de-authorizing and then delegating their coins again.

In conclusion, Terra’s new announcement statement reads:

Today marks the beginning of the next chapter for the Terra . community

The new Terra is where our potential knows no bounds and our collective creativity can thrive.

Will Terra return to its former glory, or will the new network not thrive as its predecessor did before the collapse?

Read also:

MetaMask announces partnership that will help users recover their stolen cryptocurrency

Bitcoin dominance rises as Ethereum and other altcoins underperform



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