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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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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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Terra is attracting much of the DeFi market

LUNA’s 50% rise in the last week has made it one of the most popular cryptocurrencies. At $34 billion, Terra (LUNA) is currently ranked 7th on Coinmarketcap and moreover the headlines are making themselves known with this rise to fame. The token has not only overtaken Solana ($32 billion) but also Cardano ($31 billion), who are in 8th and 9th, respectively, now that their rankings have changed due to the LUNA hype.

LUNA is the token that powers the DeFi ecosystem. However, the real product is stablecoins, like UST, which peg their value to the dollar. It also protects against cryptocurrency price volatility, keeping your capital safe from fluctuations.

Related Reading | Terra (LUNA) outperforms popular Cryptos Ether, Dogecoin in the last 24 hours

The UST and LUNA markets are in a tug of war. The two stablecoins compete with each other for investors’ attention, but also affect each other’s prices. When dollar-based Terra gains more traction than its crypto counterpart, there is likely to be a rally on both sides due to its unique algorithmic mechanisms, which motivate market players (arbitrage opportunities)

There are many stablecoins, but UST is the only one with decentralization. The market capitalization of $13 billion makes it the fourth largest stablecoin. All the other big hitters are focused. Tether with a market cap of $79bn, followed by $53bn and Circles’ BUSD ($18bn)

The latest data from DefiLlama shows that 11.2% of all funds locked in the DeFi space belong to Earth nodes alone. Quite an impressive number considering its value at $23 billion, compared to other platforms like Solana or Fantom that have less than half the funding. Ethereum still rules supreme; they claim 55% of the domain when they include the total invested.

Terra (LUNA) Price Update

LUNA has been one of the most exciting coins to watch in recent months. However, since January, its price action has diverged from what most investors would expect in a highly correlated market like cryptocurrency trading.

LUNA is currently trading down 0.6% at $91.6 | Source: LUNA/USD chart at

LUNA is trading at $92.55, with a 24-hour high near $96.31 and a low of $89.21. With a market capitalization of $34.5 billion, the coin ranks seventh in the cryptocurrency market. However, if it were fully diluted, the market capitalization could reach $72 billion, which would be an incredible return on investment for anyone currently investing.

Related Reading | Market Update: Cryptocurrency Market Rebounds as Tech Firms Boycott Russia

LUNA is one of the most resilient coins in this cryptocurrency market, and according to Matt Hougan of Bitwise Asset Management, it has had an “absolutely spectacular run” thus far. It fell less than others during the recent volatility, while also recovering faster.

The price of LUNA is increasing rapidly. According to some analysts, it could reach $98 by the end of this month.