After a delay on Friday, the new Terra (LUNA) blockchain started making blocks on Saturday in an attempt to relaunch its ecosystem after a spectacular failure that wiped out billions of dollars’ worth of market value.
The team behind the project said, “Today is the start of the next chapter for the Terra community. This is a chapter in which our potential is limitless and our collective creativity can grow.
The old chain is now called Terra Classic, and the token that goes with it is called Luna Classic (LUNC). In the new Terra ecosystem, there is no algorithmic stablecoin like the terraUSD (UST) stablecoin, which failed in the old ecosystem. As was reported, some analysts aren’t sure what the new LUNA token’s value is without UST, with one saying, “The only value I can think of is exit liquidity.”
In either case, many of the original Terra chain’s decentralized applications (dapps) have already said they will move to the new chain.
The team also said that people who are eligible for the LUNA airdrop can check their wallet balances on the new chain by choosing the “Phoenix-1” network in the Terra Station browser extension.
“Users can do a number of things with their liquid LUNA,” they said. “They can stake it on Terra Station to their preferred validator(s) to earn rewards and take part in governance decisions, use it on dapps when they come out, or trade it on an exchange.”