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Terra launched new Blockchain with Luna 2.0

May 30, 2022

Terra launched new Blockchain with Luna 2.0
Terra’s new blockchain launch on mainnet today at 6 am UTC and is currently generating blocks, as per Terraform Labs CEO Do Kwon. The new chain aims to revive the Terra ecosystem after its UST algorithmic stable coin imploded a couple of days ago. The collapse of Terra’s tokens wiped out some $40 billion in market value.

Following the fiasco, Terraform Labs, the core development firm behind Terra, proposed a new blockchain. It took a couple of days after that proposition was approved for Kwon to deploy another chain, the one that is open for use today.

A few applications have now migrated to the new chain, including Astroport, Prism, RandomEarth, Spectrum, Nebula, Terraswap, Edge Protocol, and others.

Before today’s launch, the governance voted to change the name of the first organization to “Terra Classic,” whose tokens are currently called LUNA Classic (LUNC), to position the recently launched Terra 2.0 as the principal organization. In contrast to its ancestor, the new Terra chain exists without an algorithmic stable coin and comes just with LUNA which has a decent all-out supply of 1 billion tokens. These LUNA 2.0 tokens will trade separately from the first LUNA Classic tokens, whose supply amounts to more than 6.5 trillion.

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