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Phoenix Launching First Decentralized Exchange on Terra 2.0.
More developers are preparing to make Terra 2.0 work, as a new decentralized exchange has announced that it will be launching on the new Terra chain soon after it goes live.
TerraForm Labs’ willingness to fork a new chain out of the existing one as part of efforts to make investors whole again has been widely accepted by many, including investors, validators, and decentralized application (dApp) developers.
Following the team’s announcement of Terra 2.0, Phoenix Finance, a decentralized exchange, announced that it would be launching the new Terra chain shortly after the network is live.
Phoenix Finance noted on Twitter that following Terra’s rise from the ashes to one of the god’s realms, Nirvana, it would make its debut on the new network.
“Rising from the ashes and entering the realm of Nirvana. We’re thrilled to announce that we will be bringing the first and the best DEX to the Terra 2.0 ecosystem very shortly,” Phoenix said in a tweet today.
Rising from the ashes and entering the realm of Nirvana.
We’re thrilled to announce that we will be bringing the first and the best DEX to the Terra 2.0 ecosystem very shortly.
Follow us for more updates.#LUNAtics #TerraIsMoreThanUST #terraluna pic.twitter.com/bSrhYrrmFW
— Phoenix Finance (@PhoenixFinan) May 18, 2022
Terra’s Willingness to Rise From the Dust
Meanwhile, the development comes less than 48 hours after the Terra team disclosed that they will be forking a new chain out of the existing one, as they prepare to rebuild quickly in order to make investors whole.
Since the announcement was made, Terra has received positive responses from the community, especially validators, who have committed to building on the new Terra chain once it eventually goes live.
Although Terra has suffered a few losses this period, with its in-house legal counsel resigning from their positions, the firm is prepared to rise from the dust via the launch of Terra 2.0.
Phoenix Features
Phoenix Finance is a decentralized exchange nicknamed the decentralized derivatives marketplace. Users can add liquidity to the platform in order to earn passive income in the form of PHX rewards.
In addition, users can also hedge and leverage various cryptocurrencies like Bitcoin, Ethereum, and other Ethereum-based tokens on the Phoenix platform.
According to the Phoenix team, users can also trade decentralized leverage tokens on the DEX with up to 3x leverage on either short or long positions.