Today, the Terra 2.0 mainnet (Phoenix-1) went live and began creating blocks, as planned by Terra developers.
Terra 2.0 is relaunched following Do Kwon’s strategy for a comeback. Do Kwon, Terraform Labs’ co-founder and CEO, confirmed the debut of Terra’s new chain, Terra 2.0, which intends to resurrect the Terra (LUNA) and TerraUSD (UST) ecosystems.
Kwon’s Terra recovery plan includes hard forking the existing blockchain and issuing new LUNA tokens to existing investors based on a snapshot taken before the slow decline devastated the LUNA and UST markets, effectively leaving investors with unrecoverable losses.
The Terra 2.0 main net, dubbed Phoenix-1, went live on Saturday, as planned by Terra engineers, and began creating blocks. Kwon also stated that public node services, wallets, and explorers would be launched soon after the mainnet. Kown indicated that users should now be able to see the newly issued LUNA tokens balances, as per the original proposal’s strategy, which proposed issuing the new LUNA tokens to existing investors:
“All you have to do is log into the station and refresh the website to see your $LUNA (or $LUNA2, as some exchanges refer to them) token balances,” he said.
However, investors transferring via the inter-blockchain communication protocol (IBC) must create a station wallet with the same ledger and follow the instructions provided while creating the wallet.
Kown also provided a link to an official portal where users can check the balances of their Terra wallets. Numerous crypto exchanges have supported Terra’s relaunch by assisting with airdrops, as Cointelegraph previously reported. Users who previously held Terra Classic (LUNC), TerraUSD Classic (USTC), or Anchor Protocol UST (aUST) are eligible to obtain fresh tokens under the revival plan.
Among the many crypto ecosystems that have stepped up to help Terra projects resurrect, Binance’s BNB Chain has pledged to invest in and support projects who are considering leaving the Terra environment.
BNB Chain’s investment director, Gwendolyn Regina, confirmed to Cointelegraph that the company intends to onboard notable Terra ecosystem builders.
“Our support is focused on assisting Terra’s great creators and developers in developing new ventures on the BNB Chain. As a result, we’re just interested in assisting developers and projects to ensure that they don’t miss out on future opportunities,” Regina explained.