The blockchain went live with an airdrop of new LUNA tokens earlier this morning.
Terra Attempts Revival
The new Terra blockchain is live.
Terraform Labs took to Twitter today to confirm that Terra had started producing blocks on the newly-named “Phoenix-1” mainnet. It launched at 06:00 UTC, accompanied by a token airdrop for previous LUNA and UST holders.
1/ 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!
Congratulations to the #LUNAtic community on this expeditious feat of collaboration
— Terra Powered by LUNA (@terra_money) May 28, 2022
The new blockchain launch is an attempt to salvage what remains of the Terra community in the wake of the blockchain’s stunning collapse earlier this month. Terra’s algorithmic stablecoin UST initially depegged from the dollar on May 8, sending its associated token LUNA into a death spiral. Within days, UST was trading at only a few cents on the dollar,...
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