Terra 2.0 Overview
A month ago we already published the Terra overview — but a lot has changed since then. You can still find in that article a lot of interesting information about the Terra Classic network, the project team and the $LUNC token, but today we publish an overview of the renewed Terra 2.0 with all information that is relevant now.
Terra is a decentralized, open-source blockchain protocol that hosts a vibrant community of decentralized applications. Using proof-of-stake consensus and ground-breaking technologies like Mantlemint and Terra Station, the Terra blockchain is one of the fastest chains in existence, giving users an unparalleled defi experience.
Terra 2.0 Development
This May the crypto world was shaken by the sudden collapse of the Terra ecosystem. After its algorithmic stablecoin (UST) lost its dollar parity, everything came crashing down, and LUNA quite literally went to $0.
On May 25th, 2022, Terra Classic users passed governance proposal 1623, which outlined the genesis of a new Terra chain. This proposal also described a genesis distribution of LUNA which would be airdropped to users of the Terra Classic chain based on pre-depeg and post-depeg snapshots. Users can find their airdropped LUNA by viewing the same wallet address that was present during either snapshot and switching their Terra Station network to the phoenix-1 mainnet.
On May 27th, 2022 the phoenix-1 Terra mainnet launched, ushering in a new era of development by the Terra community.
$LUNA
The old LUNA coin was part of a dual-token system along with Terra’s US dollar-pegged stablecoin Terra USD (UST).
Terra Ecosystem Revival Plan 2 aims to see the creation of a new Terra chain that won’t have an algorithmic stablecoin. The old chain is called Terra Classic now, and its LUNA carries the ticker LUNC. The new chain’s token is called LUNA.
Upon Genesis on May 27th, 2022, eligible holders of LUNC, USTC and aUST will be airdropped LUNA on the new chain.
The Pre-Attack and Post-Attack snapshots are as follows:
LUNA Token Distribution
Terra 2.0 — LUNA Airdrop Calculation Logic
About Terra 2.0
The new Terra network will inherit the deep developer pool and passionate LUNAtic community that made Terra Classic the 2nd largest smart contract blockchain behind Ethereum. As the community migrates to the new chain, most of the popular Terra Classic projects will be joining them, including:
- Astroport
- Prism
- RandomEarth
- Spectrum
- Nebula
- and many others
Built with interoperability in mind, Terra will be the gateway to the wider Cosmos ecosystem and beyond.
Terra Station, Terra Finder, the project’s block explorer, and Terra Observer, the project’s feeder for dApps, will all have full functionality under the new network, according to Terra’s team.
Learn how to install Terra Station for PC and for smartphones.
To learn more about the Terra 2.0 project visit their official website.
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