Terra 2.0’s official announcement is made by the Terra team. The team activates Terra 2.0 Phoenix-1 mainnet by generating the first block on the blockchain network. Further, the official announcement of Terra reads:
“Block 1 of the brand new Terra blockchain (with a chain_id of “Phoenix-1”) was officially produced at 6:00 UTC on May 28, 2022! Congratulations to the #LUNAtic community for the collaborative feat of this expedition.
The Terra team makes an announcement to the people that are eligible for the LUNA tokens, that they can check their wallet balances by selecting the new network Phoenix 1 via their Terastation browser extension.
Adding to this Do Kwon The founder of Terra says:
“To view your $LUNA (or $LUNA2 as some exchanges call them) token balances, simply login to the station and refresh the page. For new users from IBC et al, create a wallet with the same ledger and same station should guide you through the remaining steps.
Users can do several things with their new liquid LUNA token, such as staking on Terra Station to earn rewards. Users can also use them in the dApps after their launch, they can even trade and participate in governance decisions.
Terra 2.0 is completely a new blockchain and not a fork so dApps running on Terra Classic must relaunch on the new chain. While some of the dApps have already migrated to the new channel including RandomEarch, Astroport, Spectrum, Prism, Nebula, EdgeProtocol, TerraSwap and others.
To check the Staked LUNA, already staked and vesting, Terra asks its users to follow these three simple steps for processing:
- Open the Terra Station desktop app
- Select the Phoenix-1 network
- Click on the “Stake:” tab to view stacked coins and the validator they are staked on.
Users can choose validators of their choice and start earning staking rewards. Users can do this by redelegating or undelegating and then delegating the stake again. Once the LUNA is staked and in the process of vesting, Users will further continue to receive staking rewards.
In addition to this Terra cited this:
“Today marks the start of a new chapter for the Terra community; one in which our potential knows no bounds and our collective creativity can flourish.
