Things You Should Know, What is Terra Luna 2.0?

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On Saturday, the Terra team delivered the long-awaited news about the launch of Terra Luna 2.0.

By generating the first block on the blockchain network, the team activated the Terra 2.0 Pheonix-1 mainnet.

What is Terra 2.0?

Terra Classic users approved a governance proposal explaining the origins of the new Terra chain on May 25.

The proposal also outlines how Luna's genesis will be distributed to users.

Terra Classic chain users will get an airdrop based on pre-demo and post-mog snapshots, as expected.

By looking at the same wallet address that existed during the snapshot and switching their Terra station network to the phoenix-1 mainnet, the air-dropped Lunas can be found.

The Terra community views the launch of the phoenix-1 Terra mainnet as the start of a new era of development. Terra Classic will be the name of the original chain, while Terra will be the name of the new chain.

LUNA Airdrop Distribution

The number of LUNA users eligible to receive will be determined by the type of token you hold on the Terra Classic chain.

It also depends on the period of time you hold these tokens based on pre-depeg and post-depeg snapshots, and the number of tokens held.

In the genesis phase, Luna will have an allocated supply of 1 billion tokens. The distribution consists of the 30% community pool while the rest is governed by governance at stake.

As previously announced in the resurrection plan, 10% of tokens are allocated to developers.

Pre-depeg LUNA holders will get an airdrop from a pool that holds 35% of the total supply.

While pre-depeg aUST holders were given an airdrop capacity of 10%, post-attack LUNA holders' airdrops were also counted up to 10%. Post-attack UST holders will get an airdrop of 15% from supply.

The old Luna will be replaced by Luna 2.0, breaking all ties with failed stablecoins.

However, Luna is not long gone from the crypto space. The old Luna will co-exist with the new Luna 2.0.

How to Receive Terra Tokens To Terra Station Wallet

The first step involves creating a new Terra Station wallet. Users can purchase tokens using any exchange that supports Terra.

To receive tokens to the wallet, users can use their wallet address. The wallet address will appear at the top of the Terra station desktop app near the wallet name.

Once this is checked, users can send tokens from the exchange to their Terra Station wallet address.

Among the exchanges supporting Terra 2.0 are FTX, Bitfinex, GateIO, Huobi, Kucoin, Bitrue, Bybit and Binance. As per the Terra team, the new Terra network will inherit the existing developer pool.

It also aspires to “inherit the passionate LUNA community that made Terra Classic the second largest smart contract blockchain behind Ethereum.”

Conclusion

That's a little information about things you need to know about Terra Luna 2.0, whose launch has been eagerly awaited.

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