{"id":28219,"date":"2022-05-28T06:06:18","date_gmt":"2022-05-28T10:06:18","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=28219"},"modified":"2024-07-28T07:38:20","modified_gmt":"2024-07-28T11:38:20","slug":"terra-goes-live-with-new-blockchain-luna-airdrop","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/terra-goes-live-with-new-blockchain-luna-airdrop\/","title":{"rendered":"Terra Goes Live With New Blockchain, LUNA Airdrop"},"content":{"rendered":"\n<p>After the crash of <a href=\"https:\/\/coinscreed.com\/staging\/luna-ust-stablecoin-price-crash-explained.html\">Terra earlier this month<\/a> Terra's new blockchain has successfully launched. The blockchain went live with a LUNA airdrop<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img fetchpriority=\"high\" decoding=\"async\" width=\"900\" height=\"500\" src=\"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2022\/05\/Terra-LUNA-Team-Says-No-Dapps-Launched-On-Terra-2.0.webp\" alt=\"Terra Goes Live With New Blockchain, LUNA Airdrop\" class=\"wp-image-27548\" srcset=\"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2022\/05\/Terra-LUNA-Team-Says-No-Dapps-Launched-On-Terra-2.0.webp 900w, https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2022\/05\/Terra-LUNA-Team-Says-No-Dapps-Launched-On-Terra-2.0-300x167.webp 300w, https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2022\/05\/Terra-LUNA-Team-Says-No-Dapps-Launched-On-Terra-2.0-768x427.webp 768w, https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2022\/05\/Terra-LUNA-Team-Says-No-Dapps-Launched-On-Terra-2.0-150x83.webp 150w, https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2022\/05\/Terra-LUNA-Team-Says-No-Dapps-Launched-On-Terra-2.0-750x417.webp 750w\" sizes=\"(max-width: 900px) 100vw, 900px\" \/><figcaption>Terra Goes Live With New Blockchain, LUNA Airdrop<\/figcaption><\/figure>\n\n\n\n<div class=\"wp-block-rank-math-toc-block\"><ul><li><a href=\"#h-finally-here\" >Finally Here!<\/a><\/li><li><a href=\"#h-do-kwon-plan-to-split-terra\" >Do Kwon Plan To Split Terra<\/a><\/li><li><a href=\"#h-luna-airdrop-is-also-live\" >LUNA Airdrop Is Also Live<\/a><\/li><li><a href=\"#h-terra-s-new-blockchain-is-risky\" >Terra's New Blockchain Is Risky<\/a><\/li><\/nav><\/ul><\/div>\n\n\n\n<p>This morning, new LUNA tokens were given away for free through the blockchain.<\/p>\n\n\n\n<p>The new blockchain for Terra is now live.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-finally-here\">Finally Here!<\/h2>\n\n\n\n<p>Today, <a href=\"https:\/\/coinscreed.com\/staging\/terraform-labs-korea-dissolved-days-before-luna-crash.html\">Terraform Labs<\/a> confirmed on Twitter that the new network had started making blocks. It started at 6:00 UTC, and people who already owned LUNA or UST got free tokens.<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"><div class=\"wp-block-embed__wrapper\">\n<div class=\"embed-twitter\"><blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">1\/ Block 1 of the brand new Terra blockchain (with a chain_id of \u201cPhoenix-1\u201d) has officially been produced at 06:00 AM UTC on May 28th, 2022! <br><br>Congratulations to the <a href=\"https:\/\/twitter.com\/hashtag\/LUNAtic?src=hash&ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener\">#LUNAtic<span class=\"wpil-link-icon\" title=\"Link goes to external site.\" style=\"margin: 0 0 0 5px;\"><svg width=\"24\" height=\"24\" style=\"height:16px; width:16px; fill:#000000; stroke:#000000; display:inline-block;\" viewBox=\"0 0 24 24\" version=\"1.1\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" xmlns:svg=\"http:\/\/www.w3.org\/2000\/svg\"><g id=\"wpil-svg-outbound-7-icon-path\" fill=\"none\" clip-path=\"url(#clip0_31_188)\">\r\n                            <path d=\"M9.16724 14.8891L20.1672 3.88908\" stroke-linecap=\"round\"\/>\r\n                            <path d=\"M13.4497 3.53554L20.5208 3.53554L20.5208 10.6066\" stroke-linecap=\"round\" stroke-linejoin=\"round\"\/>\r\n                            <path d=\"M17.5 13.5L17.5 16.26C17.5 17.4179 17.5 17.9968 17.2675 18.4359C17.0799 18.7902 16.7902 19.0799 16.4359 19.2675C15.9968 19.5 15.4179 19.5 14.26 19.5L7.74 19.5C6.58213 19.5 6.0032 19.5 5.56414 19.2675C5.20983 19.0799 4.92007 18.7902 4.73247 18.4359C4.5 17.9968 4.5 17.4179 4.5 16.26L4.5 9.74C4.5 8.58213 4.5 8.0032 4.73247 7.56414C4.92007 7.20983 5.20982 6.92007 5.56414 6.73247C6.0032 6.5 6.58213 6.5 7.74 6.5L11 6.5\" stroke-linecap=\"round\"\/>\r\n                        <\/g>\r\n                        <defs>\r\n                            <clipPath id=\"clip0_31_188\">\r\n                                <rect fill=\"white\" height=\"24\" width=\"24\"\/>\r\n                            <\/clipPath>\r\n                        <\/defs><\/svg><\/span><\/a> community on this expeditious feat of collaboration \ud83c\udf89<\/p>&mdash; Terra \ud83c\udf0d Powered by LUNA \ud83c\udf15 (@terra_money) <a href=\"https:\/\/twitter.com\/terra_money\/status\/1530432065585528834?ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener\">May 28, 2022<span class=\"wpil-link-icon\" title=\"Link goes to external site.\" style=\"margin: 0 0 0 5px;\"><svg width=\"24\" height=\"24\" style=\"height:16px; width:16px; fill:#000000; stroke:#000000; display:inline-block;\" viewBox=\"0 0 24 24\" version=\"1.1\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" xmlns:svg=\"http:\/\/www.w3.org\/2000\/svg\"><use href=\"#wpil-svg-outbound-7-icon-path\"><\/use><\/svg><\/span><\/a><\/blockquote><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/div>\n<\/div><figcaption>\u2014 Terra \ud83c\udf0d Powered by LUNA \ud83c\udf15 (@terra_money)\u00a0<a href=\"https:\/\/twitter.com\/terra_money\/status\/1530432065585528834?ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noreferrer noopener\">May 28, 2022<span class=\"wpil-link-icon\" title=\"Link goes to external site.\" style=\"margin: 0 0 0 5px;\"><svg width=\"24\" height=\"24\" style=\"height:16px; width:16px; fill:#000000; stroke:#000000; display:inline-block;\" viewBox=\"0 0 24 24\" version=\"1.1\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" xmlns:svg=\"http:\/\/www.w3.org\/2000\/svg\"><use href=\"#wpil-svg-outbound-7-icon-path\"><\/use><\/svg><\/span><\/a><\/figcaption><\/figure>\n\n\n\n<p>The new blockchain is an attempt to save what's left of the <a href=\"https:\/\/coinscreed.com\/staging\/terra-activates-terra-2-0-phoenix-1-mainnet.html\">Terra<\/a> community after the shocking collapse of the blockchain earlier this month. <\/p>\n\n\n\n<p>The algorithmic stablecoin UST from Terra was first unlinked from the dollar on May 8, which sent the LUNA token into a death spiral. <\/p>\n\n\n\n<p>Within a few days, UST was only worth a few cents on the dollar, and LUNA had dropped to almost nothing. <\/p>\n\n\n\n<p>About $40 billion worth of value was lost, and the implosion caused chaos in the industry as fears of stablecoins grew and other major assets went down.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-do-kwon-plan-to-split-terra\">Do Kwon Plan To Split Terra<\/h2>\n\n\n\n<p><a href=\"https:\/\/coinscreed.com\/staging\/terra-founder-do-kwon-charged-with-tax-evasion-in-south-korea.html\">Do Kwon<\/a>, the outspoken co-founder, and CEO of Terraform Labs, suggested splitting Terra on May 16. He said, &#8220;The Terra ecosystem and its community are worth keeping.&#8221; <\/p>\n\n\n\n<p>Kwon laid out a plan to bring the network back to life without using an algorithmic <a href=\"https:\/\/coinscreed.com\/staging\/tether-enters-latin-america-with-this-new-stablecoin.html\">stablecoin<\/a>. He suggested that a new token be given out to Terra investors to make them whole. <\/p>\n\n\n\n<p>At first, most people in the community were skeptical about the plan. However, its chances improved dramatically after more than a dozen major validators said they would back it the next day.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-luna-airdrop-is-also-live\">LUNA Airdrop Is Also Live<\/h2>\n\n\n\n<p>Along with the launch of the blockchain, a new LUNA token was given away for free this morning. <\/p>\n\n\n\n<p>According to the plan, 70% of the new tokens will be airdropped to previous <a href=\"https:\/\/coinscreed.com\/staging\/terra-luna-price-increases-by-40.html\">LUNA<\/a>, UST, and aUST holders. aUST stood for UST tokens staked in Terra's flagship DeFi protocol, Anchor Protocol, which gave investors a 20% return on their stablecoins. <\/p>\n\n\n\n<p>The drop did not give any tokens to Terraform Labs. The airdrop could be claimed by addresses that were eligible through the Terra website, and it was also supported on a number of major exchanges. <\/p>\n\n\n\n<p>At press time, <a href=\"https:\/\/coinscreed.com\/staging\/bybit-announces-price-for-world-series-of-trading-2022.html\">Bybit<\/a> says that the price of LUNA is around $16. Now that the new Terra blockchain and LUNA token are up and running, the original LUNA and UST have been renamed LUNA Classic and UST Classic, respectively, and the original network is now called Terra Classic.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-terra-s-new-blockchain-is-risky\">Terra's New Blockchain Is Risky<\/h2>\n\n\n\n<p>Kwon's new blockchain launch is a risky move, and he is now getting into more legal trouble. Several investors are planning to file fraud charges against Kwon, and he may also face criminal charges. <\/p>\n\n\n\n<p>According to local reports, South Korean authorities are looking into whether or not Kwon ran a Ponzi scheme, and South Korea's National Tax Service allegedly fined him $78 million for tax evasion. <\/p>\n\n\n\n<p>Since Terra's collapse, Kwon has been unusually quiet in his online communications, but he has said that Terraform Labs doesn't owe any taxes in South Korea.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>After the crash of Terra earlier this month Terra&#8217;s new blockchain has successfully launched. The blockchain went live with a LUNA airdrop This morning, new LUNA tokens were given away for free through the blockchain. The new blockchain for Terra is now live. Finally Here! Today, Terraform Labs confirmed on Twitter that the new network [&hellip;]<\/p>\n","protected":false},"author":29,"featured_media":27548,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[8815,7300],"class_list":["post-28219","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-breaking","tag-terra-luna-2","tag-terraform-labs"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2022\/05\/Terra-LUNA-Team-Says-No-Dapps-Launched-On-Terra-2.0.webp","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/28219","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/29"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=28219"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/28219\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/27548"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=28219"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=28219"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=28219"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}