Terra (LUNA) 2.0 relaunches according to Do Kwon's revival plan
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
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:
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
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