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Remember Terra network, of course, you would have; the network seems to revive from its fall that it has seen in the past several days.
CEO of Terraform Labs, Do Kwon, recently announced that Terra Blockchain mainnet launched today and is now starting to generate blocks. The new chain aims to give Terra ecosystem second life reviving from its collapse, followed by its UST algorithmic stablecoin implosion several weeks ago. The impact of the collapse of Terra blockchain network resulted in the wiping out of about $40 billion in its market value.
The core development company behind Terra network, Terraform Labs, has proposed a new blockchain after the network’s disaster. Only a few days after the value destruction Terra network experienced, the new proposal got approved by Kwon, and it deployed to another chain that opened for use today itself. Along with the deployment, several features and applications from the Terra network blockchain have shifted to the new chain, including Astroport, Prism, Spectrum, RandonEarth, Nebula, Edge Protocol, and Terraswap, and several others.
The newly launched Terra 2.0 will be treated as the main network. The original network will be called ‘Terra Classic’ while its tokens will be called as LUNA Classic (LUNC) as decided after the governance vote before the launch today. The new Terra blockchain will be different from its predecessor. It will have no algorithmic stablecoin and only its native token LUNA, whose overall supply will only be limited to one billion tokens.
The new LUNA 2.0 tokens will be traded separately from LUNA Classic tokens, which are tokens of a traditional blockchain network whose supply is more than 6.5 trillion. As per the official announcement, the launch will have the airdrop of new LUNA coins for stakeholders on the Classic chain of Terra network. It further explained that those stakeholders accounted for receiving up to 70% of the total supply of LUNA 2.0 token, which is about 700 million.
The announcement also stated that the amount of airdrop of LUNA 2.0 received by each person will vary and will be dependent on whether holders have tokens holding before the depegging of UST or after it. Expectations are that airdrop might be claimed soon after the launch itself, and it can choose any mode either through centralized exchanges or through its own official website of, Terra.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
