The official Terra 2.0 launch announcement is finally here, as the team activates the Terra 2.0 Pheonix-1 mainnet by generating the first block on the blockchain network. The official announcement from Earth says:
Block 1 of the new Terra blockchain (with chain_id of "Phoenix-1") was officially produced at 06:00 UTC on May 28, 2022! Kudos to the #LUNAtic community for this quick collaboration.
The announcement adds that LUNA token qualifiers can check their wallet balances by selecting the new Phoenix 1 network via the Terra Station browser extension. Terra founder Do Kwon wrote:
To see your $LUNA (or $LUNA2 as some exchanges call them) token balances, you just need to login to the station and refresh the page For new users coming from IBC and others, create a station wallet with the same book and station guide you through the remaining steps
With their new liquid LUNA tokens, users can do a number of things, such as staking on Terra Station to earn rewards. Users can use them in dApps after launch, trade them, and even participate in governance decisions.
Terra 2.0 is a completely new blockchain and not a fork. As a result, dApps running on Terra Classic must be restarted 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 verify LUNA bet?
Terra explains that for the portion of the LUNA airdrop that is already staked and purchased, users need to follow a simple three-step process.
Open the Terra Station desktop app
Select Phoenix-1 network
Click on the "bet:" tab to see the coins wagered and the validator being wagered for.
Users are free to choose the validator of their choice and start earning staking rewards. Users can do this by redelegating or delegating and then delegating the share again.
Users will continue to receive staking rewards even when their LUNA is staking and in the process of being acquired.
“Today marks the beginning of the next chapter for the Terra community; one where our potential is limitless and our collective creativity can flourish,” says Terra.