Terra 2.0 is live and it is producing blocks so here are the changes that it will bring with the LUNA airdrop as we are reading further in our blockchain news.
The much-anticipated launch of the Terra new blockchain took place today and the network produced the first block more services are expected to go live soon. Terra’s team announced on Twitter revealing the new chain going live and producing blocks. Block 1 of the new Terra blockchain officially was produced at 06:00 AM UTC on May 18th, 2022.
The team revealed that users are now able to do multiple things with their liquid LUNA like staking to the preferred validators, participating in government decisions, earning rewards, and so forth. It is also worth noting that this is a new blockcahin and it is now a fork so the decentralized apps from the classic chain will have to relaunch on the new one. With that said, one of the most pressing questions that most people are wondering is whether the centralized exchanges and service providers will support the airdrop.
Pheonix-1 mainnet is now live and producing blocks – public node services, wallets and explorers should be going live shortly. pic.twitter.com/cpxiNKl6aX
— Do Kwon 🌕 (@stablekwon) May 28, 2022
There are plenty of platforms which already announced they will and these include but are not limited to Bitfinex, FTX, Bitrue, KuCoin, Binance, Huobi, ByBit, Nexo, and more. It is also worth noting that the holders will receive a chunk of the airdrop now with the rest will be vested in a certain period of time.
The wallets with more than a million LUNA or UST prior to the UST de-pegging from the US dollar will have to wait a year before receiving any tokens with a four-year vesting period so the new tokens will be automatically distributed to existing user wallets. The popular applications from the blockchain will continue as Terra classics after Terra 2.0 migrates to the new blockchain.
As earlier reported, The governance vote on the Terra proposal 1747 to burn 1.388 billion UST stablecoins was passed after the Terra community unanimously voted to burn the tokens. The burn process will reduce UST’s supply by 11% of its total supply of 11.28 billion tokens. About 99% of the 154 million votes supported the burn proposal and less than 1% abstained. The main objective behind the proposal is to reduce the debt in the Terra economy will help to restore the stablecoin dollar peg by burning UST tokens from the community pool. Out of the total 1.388 billion UST to be burned, the Terra community pool has about 1.017 billion UST with the remaining 371 million coming from Ethereum cross-chain bridges. Terra’s community pool funds can only be used upon approval from the community.
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