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Do Kwon, the co-founder and CEO of Terraform Labs, confirmed the relaunch of Terra’s new chain, Terra 2.0, which aims to revive the fallen Terra (LUNA) and TerraUSD (UST) ecosystem.
Kwon’s revival plan for Terra involves hard forking the existing blockchain and reissuing LUNA tokens to existing investors based on a snapshot before the death spiral bled the LUNA and UST markets — effectively resulting in unrecoverable losses for investors.
Pheonix-1 mainnet is now live and producing blocks – public node services, wallets and explorers should be going live shortly. pic.twitter.com/cpxiNKl6aX
— Do Kwon (@stablekwon) May 28, 2022
Dubbed Phoenix-1, the Terra 2.0 mainnet went live today, May 28, as per the original timeline set by Terra developers and started producing blocks. Kwon also informed that public node services, wallets and explorers would follow the mainnet to go live soon after.
Following the plan from the original proposal, which recommended issuing the new LUNA tokens to existing investors, Kown stated that users should now be able to see the newly issued LUNA tokens balances:
“To view your $LUNA (or $LUNA2 as some exchanges call them) token balances, you only need to log into station and refresh the page.”
Moreover, investors that are migrating over the inter‐blockchain communication protocol (IBC) are required to create a station wallet with the same ledger and follow the instructions provided upon wallet creation.
Kown also shared an official portal link wherein users can view their Terra wallet balances. As Cointelegraph previously reported, numerous crypto exchanges have joined Terra’s relaunch by helping with airdrops.
According to the revival plan, users previously holding Terra Luna Classic (LUNC), TerraUSD Classic (USTC) and Anchor Protocol UST (aUST) are eligible to receive new tokens.
Related: BNB Chain offers another lifeline to Terra ecosystem projects
Among the numerous crypto ecosystems that stood up to help Terra projects come back to life, Binance’s BNB Chain (BNB) committed to providing investment and support to projects that are considering migrating from the Terra ecosystem.
Speaking to Cointelegraph, Gwendolyn Regina, BNB Chain’s investment director confirmed the company’s intent to onboard prominent builders from the Terra ecosystem:
“The Terra ecosystem has a lot of talented creators and developers, and our support is aimed at helping those builders and teams, building new projects on the BNB Chain. Hence, we are simply interested in supporting developers and projects so that they do not miss out on future potential.”