Do Kwon, the co-founder and Chief executive officer of Terraform Labs, confirmed the relaunch of Terra’s new chain, Terra 2., which aims to bring back the fallen Terra (LUNA) and TerraUSD (UST) ecosystem.
Kwon’s revival arrange for Terra involves hard forking the present blockchain and reissuing LUNA tokens to existing investors with different snapshot prior to the dying spiral bled the LUNA and UST markets — effectively leading to unrecoverable losses for investors.
Pheonix-1 mainnet has become live and producing blocks – public node services, wallets and explorers ought to be going live shortly. pic.twitter.com/cpxiNKl6aX
— Do Kwon (@stablekwon) May 28, 2022
Dubbed Phoenix-1, the Terra 2. mainnet went live today, May 28, as reported by the original timeline set by Terra developers and began producing blocks. Kwon also informed that public node services, wallets and explorers would stick to the mainnet to visit live right after.
Following a plan in the original proposal, which suggested issuing the brand new LUNA tokens to existing investors, Kown mentioned that users should now have the ability to begin to see the recently issued LUNA tokens balances:
“To view your $LUNA (or $LUNA2 as some exchanges give them a call) token balances, you simply need to sign in to station and refresh the page.”
Furthermore, investors which are moving within the inter‐blockchain communication protocol (IBC) are needed to produce a station wallet with similar ledger and do as instructed provided upon wallet creation.
Kown also shared the official portal link in which users can observe their Terra wallet balances. As Cointelegraph formerly reported, numerous crypto exchanges have became a member of Terra’s relaunch by helping with airdrops.
Based on the revival plan, users formerly holding Terra Luna Classic (LUNC), TerraUSD Classic (USTC) and Anchor Protocol UST (aUST) are qualified to get new tokens.
Related: BNB Chain offers another lifeline to Terra ecosystem projects
Among the many crypto environments that was as much as help Terra projects return to existence, Binance’s BNB Chain (BNB) dedicated to supplying investment and support to projects which are thinking about moving in the Terra ecosystem.
Talking with Cointelegraph, Gwendolyn Regina, BNB Chain’s investment director confirmed their intent to onboard prominent builders in the Terra ecosystem:
“The Terra ecosystem provides extensive gifted creators and developers, and our support targets helping individuals builders and teams, building new projects around the BNB Chain. Hence, we’re simply thinking about supporting developers and projects so they don’t lose out on future potential.”