SN 2022wpy, is a Type Ia extra galactic supernova in host galaxy NGC 1659 in Eridanus. Type Ia supernovas occur in binary systems (two stars orbiting one another) in which one of the stars is a white dwarf. Type Ia produces a fairly consistent peak luminosity because of this fixed critical mass at which a white dwarf will explode. Their consistent peak luminosity allows them to be used as standard candles to measure the distance to their host galaxies. The methodology, however, is far more complicated than measuring peak brightness and plugging that in a formula to get the distance. For one the first observation may happen only after the SN has peaked, and second some light may have been absorbed between the SN and the telescope. A discussion on the exact methodology can be found here.
2022wpy also has designation: ATLAS22bhuw, ZTF22abkpgpa, PS22jwe and Gaia22ejg. It was reported on the Transient Name Server (TNS) on 2022/10/03.278 by ATLAS.
Moana is currently doing follow up imaging every 2 days (weather allowing) to obtain photometric data and derive a light curve.