Do Kwon, co-founder and CEO of TerraForm Labs, confirmed the relaunch of Terra’s new series, Terra 2.0, which aims to revive the fallen Terra (Luna) and TerraUSD (UST) ecosystems.
Kwon’s revival plan for Terra involves re-issuing the existing blockchain and LUNA tokens to existing investors, based on a snapshot before the death spiral affected the LUNA and UST markets – resulting in investors for irreversible damage.
Pheonix-1 mainnet is now live and building blocks – public node services, wallets and tracers should be live soon. pic.twitter.com/cpxiNKl6aX— do kwon (@stablekwon) 28 May 2022
Dubbed Phoenix-1, the Terra 2.0 mainnet went live today, May 28, and began production of the block, according to the original timeline set by Terra Developers. Kwon also pointed out that public node services, wallets and tracers will soon follow the mainnet to go live.
Following the plan from the original proposal, which recommended issuing new LUNA tokens to existing investors, Kown Having said Users should now be able to view the newly issued LUNA token balance:
“To view your $LUNA (or $LUNA2 as some exchanges call them) token balances, all you need to do is log into the station and refresh the page.”
In addition, investors who are migrating to the Inter-Blockchain Communication Protocol (IBC) will need to create a station wallet with the same ledger and follow the instructions on wallet creation.
Koen also shared an official portal link wherein users can view their Tera Wallet balance. As previously reported by Cointelegraph, several crypto exchanges have joined the relaunch of Terra with the help of the airdrop.
As per 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 Provides Another Lifeline for Terra Ecosystem Projects
Among the many crypto ecosystems standing to help bring Terra projects back to life, Binance’s BNB Chain (BNB) is committed to providing investment and support to projects that are considering migrating from the Terra ecosystem. Huh.
Speaking to Cointelegraph, BNB Chain Investment Director Gwendoline Regina confirmed the company’s intention to add major builders to the Terra ecosystem:
“There are a lot of talented creators and developers in the Terra ecosystem, and our support is aimed at helping builders and teams who build new projects on the BNB chain. Therefore, we are only interested in supporting developers and projects so that Let them not miss out on the possibilities of the future.”