According to Do Kwon, CEO of Terraform Labs, the new blockchain deployed on the mainnet at 6 a.m. UTC today is currently creating blocks. After the Terra Ecosystem’s UST algorithmic stablecoin broke down a few weeks ago, the new chain seeks to revive it. Terra’s token collapsed, wiping out nearly $40 billion in market cap.
After the collapse of Terra, TerraForm Labs, the maker of Terra, has suggested a new blockchain. After that request was approved, it only took a few days for Do Kwon to install another series, which is currently in use. Astroport, Prism, RandomEarth, Spectrum, Nebula, TeraSwap, Edge Protocol, and more programs have been moved to the new series.
Terra is an ongoing project. Terraswap announced on Twitter that it has completed the deployment of the Terra Chain and that the exchange will activate the feature once the network stabilizes.
In order to position the newly issued Terra 2.0 as the main network, the firm chose to change the name of the previous network to “Terra Classic”, whose coins are now referred to as Luna Classic (LUNC).
The new Terra Chain lacks an algorithmic stablecoin and instead relies only on the LUNA token with a total supply of 1 billion tokens. These LUNA 2.0 tokens will be traded independently of the original LUNA Classic token, which has a supply of approximately $6.5 trillion.
LUNA Coins for Terra Classic Chain Stakeholders
The most interesting thing in today’s launch is the airdrop of fresh Luna coins to the stakeholders of the Terra Classic series. They will receive 70% of the total LUNA 2.0 token supply, or 700 million tokens. According to an official notification, the number of LUNA 2.0 airdrops each user will receive depends on whether the tokens were placed before or after the UST depeg.
It is anticipated that the airdrop will begin shortly after launch, either through centralized exchanges or through Terra’s own website. Several major cryptocurrency exchanges including Binance, Huobi, Kraken, Bitfinex, Bitrue, Kucoin and Bybit have announced that Terra backers will be able to receive their tokens through their platform.
Even though the airdrop is expected to start soon after the launch, not all airdropped tokens can be claimed immediately. Only 30% of the original supply can be claimed immediately. To guarantee network security, the remaining 70% of airdrops are placed directly with validators, and will remain in place for two years.