Terra reveals that a Terra station desktop app must be opened to access the Phoenix-1 network.
The official Terra 2.0 launch announcement has arrived, as the team activates the Terra 2.0 Pheonix-1 manner by generating the first block on the blockchain network. The official announcement reads:
People who are eligible for the LUNA tokens can check their wallet balances by selecting the new network Phoenix 1 via their station browser extension, according to the announcement. Do Kwon, founder of Terra wrote:
Users can use their new liquid LUNA tokens to do things like stake on the station to earn rewards. Users can use them in dApps after they are released, trade them, and even vote on governance decisions.
Terra 2.0 is an entirely new blockchain, not a fork. As a result, Terra Classic dApps must be relaunched on the new chain. RandomEarth, Astroport, Spectrum, Prism, Nebula, EdgeProtocol, TerraSwap, and other dApps have already migrated to the new chain.
Users can select the validator of their choice and begin earning staking rewards. Users can accomplish this by redelegating or undelegating and then redelegating the stake.
Even if their LUNA is staked and in the process of vesting, users will continue to receive staking rewards.
“Today marks the beginning of the next chapter for the
community; one in which our collective creativity can flourish,” Terra says.