Terra 2.0 restarts as per Do Kwon’s revival plan

According to the original timeframe given by Terra developers, the Terra 2.0 mainnet (Phoenix-1) went live yesterday and began creating blocks.

Terraform Labs co-founder and CEO Do Kwon announced the relaunch of Terra 2.0, the company’s new chain that intends to revive the Terra (LUNA) and TerraUSD (UST) ecosystems.

Kwon’s Terra revival plan included hard forking the current blockchain and reissuing LUNA tokens to current investors based on a snapshot taken before the downturn of the LUNA and UST markets, thus leaving investors with unrecoverable losses.

The Terra 2.0 mainnet, named Phoenix-1, went live on Saturday, as planned by Terra developers, and started creating blocks. Kwon also stated that public node services, wallets, and explorers would be launched shortly after the mainnet.

Kwon said that users should now be able to see the newly issued LUNA token balances, as per the original proposal’s plan, which proposed issuing the new LUNA tokens to current investors:

“To view your $LUNA (or $LUNA2 as some exchanges call them) token balances, you only need to log into station and refresh the page.”

Furthermore, investors transferring via the inter-blockchain communication protocol (IBC) must create a station wallet using the same ledger and follow the guidelines provided while creating the wallet.

Kwon also offered a link to an official portal where users can check the balances of their Terra wallets. As reported earlier, several crypto exchanges have joined Terra’s relaunch by assisting with airdrops.

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 several crypto ecosystems that stepped forward to assist Terra projects to revive, Binance’s BNB Chain provided funding and support to projects considering leaving the Terra ecosystem.

BNB Chain’s investment director, Gwendolyn Regina, acknowledged the company’s plan to engage renowned Terra builders.

Regina stated, “The Terra ecosystem has a lot of talented creators and developers, and our support is aimed at helping those builders and teams build 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. “

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