The much-anticipated launch of Terra’s new blockchain took place today, as planned. The network produced its first block and other services are planned to be live soon.
Terra’s team took it to Twitter, we are able to announce that the new chain is now live and has begun producing blocks.
Block 1 of the brand new Terra blockchain (with a chain_id of “Phoenix-1”) has officially been produced at 06:00 AM UTC on May 28th, 2022!
The team also revealed that users are currently able to do “multiple things” with their liquid LUNA, such as staking it to preferred validators, earning rewards, participating in government decisions, and so forth.
It’s also worth noting that this is a new blockchain and not a fork, therefore, decentralized apps from the classic chain would need to relaunch on the new one.
Many are now asking the question: “Will centralized exchanges and service provider support the airdrop?”
Numerous platforms have already stated that they will. These include Huobi, Binance and KuCoin, Bitrue and Bitfinex. GateIO, ByBit and Nexo are just a few of the many.
It’s worth noting that holders will receive a portion of their airdrop now, and the rest over will be vested over a certain period of time.