Terra’s new blockchain successfully launched on mainnet and started generating blocks over the weekend. The new blockchain is aiming to revive the Terra ecosystem without the UST algorithmic stablecoin after its fall from grace.
Following the collapse of both LUNA and UST, the core development firm behind Terra, Terraform Labs, proposed a new blockchain that was quickly approved by the wider community.
Several decentralized applications including Prism, RandomEarth, Nebula, Terraswap, Edge Protocol, and others have now migrated to the new chain. After the launch of the new chain, the original network is now called Terra Classic, with its tokens being LUNA Classic (LUNC).
The new chain’s LUNA has a fixed total supply of 1 billion tokens, which trade separately from the original LUNA Classic, which saw its supply balloon to 6.5 trillion after UST’s collapse.
Terra stakeholders on the Classic chain can now claim 30% of the LUNA 2.0 token supply, with the amount each entity gets depending on whether their tokens were held before or after the crash. Up to 70% of LUNA 2.0’s supply will be airdropped over time to holders of the classic token.
The remaining 30% of the tokens will be allocated to Terra’s community pool, an on-chain treasury fund controlled by Terra governance to fund development activities.