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Team Terra officially activates the Terra 2.0 Pheonix-1 mainnet

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.

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Tether Launches Mexican Peso Tokens on Ethereum, Tron, and Polygon

Stablecoin issuer Tether Operations Limited announced that the company has launched a new token pegged to the value of the Mexican peso. According to the team, the newly launched MXNT tokens will initially be hosted on Ethereum, Polygon, and Tron.

Stablecoin MXNT is pegged 1:1 to the Mexican peso

Stablecoin and blockchain firm Tether has revealed that it has launched a new fiat-backed token that will join the company’s pool of stablecoins. Tether launched MXNT, a stablecoin pegged to the value of the Mexican peso.

Tether’s other fiat token offerings include the popular USDT, which is pegged to the US dollar, and EURT, which is pegged to the value of the euro. The company also offers CNHT, a token pegged to the offshore Chinese yuan, and Tether gold XAUT, a token pegged to the value of an ounce of fine gold.

Tether USDT is the largest stablecoin in existence today as it currently has a market valuation of around $73.2 billion. The token’s market cap represents 5.77% of the $1.27 trillion crypto economy.

Of the $86.43 billion in digital currency trading volume on Thursday, the connection volume is around $45.42 billion, or 52.55% of today’s global trading volume. In terms of bitcoin (BTC) trading pairs, USDT is the top pair with bitcoin, capturing 55% of today’s BTC trading volumes. Tether says that the launch of MXNT will be a “testing ground for the integration of new users in the Latin American market.”

Paolo Ardoino, CTO of Tether, detailed during the announcement that the company has seen the popularity of digital currencies increase in Latin America. “We have seen an increase in the use of cryptocurrencies in Latin America in the last year, which has made it clear that we need to expand our offerings,” Ardoino said in a note sent to Bitcoin.com News.

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Is Terra LUNA 2.0 a good long-term investment?

The Earth ecosystem is gearing up for a relaunch after this month’s spectacular collapse that caused losses of more than $40 billion. While this is happening, the current LUNA token has dropped to $0.00018, which is a remarkable drop considering it was trading at $120 a few months ago.

How will Terra be relaunched?

Earth’s revival plan has several important parts. The purpose of this revival will be to ensure that the strong community that existed before the collapse continues. The same goes for some of the larger projects that were built on Earth, like Astroport, Station and Stader.

First, the current Terra will change its name to Terra Classic, while its token will be known as LUNC. The new blockchain and token will be known as Terra and LUNA, respectively.

Second, the network will kill TerraUSD, the stablecoin that caused this problem. Therefore, it is still unclear whether the developers will release a new stablecoin or not. Furthermore, it is still unclear whether they will create a new guaranteed stablecoin or whether they will adopt existing coins like USD Coin and Tether.

Third, to encourage essential developers to stay on the network, 0.5% of the total supply will be allocated to them. They will also receive 1.5% of total assets as part of the developer alignment program and 8% of total supply for the mining program. The remaining coins will be rewarded to LUNA and UST holders before and after the attack.

Some of the holders that will not be eligible for allocation include UST or LUNA protocols with the Terra and LUNA bridge that cannot be verified. Terra 2.0 will be released on Thursday of this week.

Is Terra 2.0 a good investment?

The collapse of Terra has caused a lot of people a lot of pain and there is a possibility that most of them have no incentive to buy the currency again.

While South Korean prosecutors are making a case against Do Kwon, it’s too early to determine whether he was responsible for her collapse. In my opinion, UST was a brilliant idea that failed.

As such, there is a chance that Terra 2.0 will address the loopholes that existed in the previous version. Due to its strong name recognition, we cannot rule out a situation where the price of Terra rebounds in the short term.

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Central African Republic to Launch Bitcoin, Crypto Hub

After adopting bitcoin as legal tender, the Central African Republic now wants to create a cryptocurrency economic zone: Sango.

The Central African Republic (CAR), the second country in the world to adopt bitcoin as a legal tender after El Salvador, plans to develop a hub to attract cryptocurrency businesses and enthusiasts to the country.

The initiative, called Sango, was initiated by the National Assembly of the Central African Republic with the support of President Faustin-Archange Touadéra, according to a 24-page document detailing the project’s objectives. Sango seeks to “pave the way for a digital future of infinite possibilities,” according to its website. Touadéra tweeted in support of Sango on Tuesday.

In addition to building a legal Bitcoin and cryptocurrency hub recognized by its parliament, Sango intends to take “the legacy of Bitcoin to the next level” and institute a “cryptocurrency economic zone” on Sango Island where users will be able to propose, view and contribute to its future development.

According to the document, CAR’s plans include “facilitating bitcoin land acquisition for investors around the world” and creating a National Digital Bank. The government said in the document that it would also “fully support” access to the country’s natural resources such as gold, diamonds, uranium, lithium and oil.

Sango’s legal framework will include an electronic residency program, citizenship by investment, online business registration and no income or corporate taxes, according to the document. CAR plans to design this specific legal framework before the end of 2022.

The document also mentions the creation of a Bitcoin wallet to send, receive and store BTC that will be compatible with the Lightning Network, Bitcoin’s second layer protocol for cheaper and faster payments. The wallet will also support points of sale (PoS) for businesses to accept bitcoin payments and have an integrated accounting system.

CAR also plans to complete the Central African Backbone (CAB) Internet interconnection before the end of the year to drive its “total digital transformation,” it said in the document.

CAR last month became the second country in the world to adopt bitcoin as a legal tender after El Salvador pioneered the global stage with its Bitcoin Law in September 2021.

The news from downtown Sango comes to attract foreign investors to the country, likely in an attempt to further develop a nation that has one of the lowest GDPs, according to World Bank data.

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Second largest bank in Japan to launch institutional Bitcoin and cryptocurrency custody services

Sumitomo Mitsui Trust will partner with Bitbank to form a company focused on institutional custody services for bitcoin and other cryptocurrencies.

Japanese bank Sumitomo Mitsui Trust is launching a new company for institutional clients seeking custody services for bitcoin and other cryptocurrencies.

The new company will be called Japan Digital Asset Trust and is a joint venture with 85% owned by Bitbank and 15% owned by Mitsui Trust.

The company reportedly has $2.3 million in committed capital for the launch and expects to raise a total of $78 million.

Sumitomo Mitsui Trust, Japan’s second-largest bank, is creating a new company called the Japan Digital Asset Trust to offer custody services for bitcoin and other cryptocurrencies to institutional clients, according to a report by Nikkei Asia.

The new company will hold assets such as bitcoin and other cryptocurrencies for large investors and corporations because the company believes investors will feel more comfortable if custody of these assets can be held by trusted financial institutions.

The Japan Digital Asset Trust will be a majority-owned joint venture by Bitbank, a Tokyo-based cryptocurrency exchange, which will control 85% of the company. The remaining 15% of the property will be owned by Mitsui.

The new company is expected to have $2.3 million in equity at launch and hopes to raise enough capital from investors to reach a target of $78 million.

This announcement follows news that competing Japanese bank Nomura Holdings Inc. also recently announced that it would create a subsidiary to offer escrow services to institutional clients looking to acquire bitcoin and other cryptocurrencies.

When scaled down to the global scale, the adoption of bitcoin as an institutional asset class is on the rise as the Mitsui Trust joins other financial institutions such as BNY Mellon, which last year supported a cryptocurrency exchange. Likewise, Fidelity created Bitcoin First, which was a resource to show institutional investors why they should invest in bitcoin before any other cryptocurrency, and subsequently offered bitcoin-based products.

World banking leader Morgan Stanley also published a report on the viability of bitcoin as a currency following the events of Jack Maller’s Bitcoin 2022 announcement, where he announced that Strike, his Bitcoin infrastructure company, had integrated with the provider. the world.