Here’s Everything You Need to Know About Terra LUNA 2.0

On Saturday, the Terra team delivered the long-awaited news about the debut of Terra Luna 2.0. The Terra 2.0 Pheonix-1 mainnet was started by generating the first block on the blockchain network.

What Exactly Is Terra 2.0?

On May 25, Terra Classic users approved a governance proposal outlining the birth of a new Terra chain. The concept also detailed a Luna genesis distribution that would be airdropped to users. Terra Classic chain users would receive airdrops based on pre-depeg and post-depeg snapshots, according to the plan.

By viewing the same wallet address that was present during either snapshot and transferring their Terra station network to the Phoenix-1 mainnet, the airdropped Luna may be found. The Terra community saw the launch of the phoenix-1 Terra mainnet as ushering in a new age of development.

The original chain will be known as Terra Classic, and the new chain will be known as Terra.

Distribution of LUNA Airdrops

The number of LUNA users eligible for payment is based by the sort of tokens you held on the Terra Classic chain. It also relies on how long you kept these tokens based on pre- and post-attack snapshots, as well as the number of tokens retained.

Luna will have a supply of 1 billion tokens during the genesis phase. The distribution includes a community pool of 30%, with the remainder regulated by stakeholder governance. As previously stated in the restoration plan, 10% of the tokens are reserved for developers.