Terra Team Officially Activates Terra 2.0 Pheonix-1 mainnet, Here Are the Details

 Terra Team Officially Activates Terra 2.0 Pheonix-1 mainnet, Here Are the Details

The official announcement for Terra 2.0 launch is finally here as the team activates Terra 2.0 Pheonix-1 mainnet by generating the first block on the blockchain network. The official announcement from Terra reads:

Block 1 of the brand new Terra blockchain (with a chain_id of “Phoenix-1”) has officially been produced at 06:00 AM UTC on May 28th, 2022! Congratulations to the #LUNAtic community on this expeditious feat of collaboration

The announcement adds that people eligible for the LUNA tokens can check their wallet balances by selecting the new network Phoenix 1 via their Terra station browser extension. Terra founder Do Kwon wrote:

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

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

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

How to Check the Staked LUNA?

Terra explains that for the part of the LUNA airdrop that’s already staked and vesting, users need to follow a simple three-step process.

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

Users get the freedom to choose the validator of their choice and start earning staking rewards. Users can do this by either redelegating or undelegating and then delegating the stake again.

Users will continue to receive staking rewards even when their LUNA is staked and in the process 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.

Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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