Terra 2.0 Is Now Live! Phoenix-1 Mainnet Activated, What’s Next For LUNC Price?

Author: Sohrab Khawas

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    Terra 2.0’s official announcement is made by the Terra team. The team activates Terra 2.0 Phoenix-1 mainnet by generating the first block on the blockchain network. Further, the official announcement of Terra reads: 

    “Block1 of the brand new Terra blockchain(with a chain_id of “Phoenix-1″) has officially been produced at 6:00 AM UTC on May 28th, 2022.! Congratulations to the #LUNAtic community on this expedition’s feat of collaboration.”

    The Terra team makes an announcement to the people that are eligible for the LUNA tokens, that they can check their wallet balances by selecting the new network Phoenix 1 via their Terastation browser extension.

    Adding to this Do Kwon Terra founder says:

    “To view your $LUNA (or $LUNA2 as some exchnages call them) token balances, you only need to log into station and refresh the page For new users coming in from IBC et al, create a station wallet with the same ledger and station should walk you through the remaining steps.”

    Users can do several things with their new liquid LUNA token, such as staking on Terra Station to earn rewards. Users can also use them in the dApps after their launch, they can even trade and participate in governance decisions.

    The Terra 2.0 is completely a new blockchain and not a fork thus, dApps running on Terra Classic need to relaunch on the new chain. Whereas some of the dApps have already migrated to the new chain including RandomEarch, Astroport, Spectrum, Prism, Nebula, EdgeProtocol, TerraSwap, and others. 

    To check the Staked LUNA, already staked and vesting, Terra asks its users to follow these three simple steps for processing: 

    • Open the Terra Station Desktop App
    • Select the Phoenix-1 Network
    • Click the “STake: tab to view the stacked coins and the validator to whom it is staked.

    Users can choose validators of their choice and start earning staking rewards. Users can do this by redelegating or undelegating and then delegating the stake again. Once the LUNA is staked and in the process of vesting, Users will further continue to receive staking rewards.

    In addition to this Terra quoted that:

    “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.” 

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