Terra Launches New Blockchain After Turbulent Phase; This Is How Market Might ReactFacebook

According to the Terra official Twitter handle, "Block 1 of the brand new Terra blockchain has officially been produced at 06:00 AM UTC on May 28, 2022." It states that holders eligible for the LUNA airdrop can now view their wallet balances on the new chain.

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

Celebrating the milestone, Terra wrote, "Today marks the beginning of the next chapter for the Terra community; one in which our potential knows no bounds and our collective creativity can flourish."

While Terra appears to be hopeful about the success of this new chain, not many share its optimism.

As U.Today previously reported, billionaire investor Mark Cuban poured cold water on the new Terra blockchain ahead of its launch. Efforts to restore the failed blockchain have also been slammed by Billy Markus, the Dogecoin creator, who claims it will only attract "dumb gamblers."