Under the schedule set by Terra developers, the Terra 2.0 mainnet (Phoenix-1) went live today and began producing blocks.
Terraform Labs co-founder, and CEO Do Kwon announced the launch of Terra’s new chain, Terra 2.0, to revamp the Terra (LUNA) and TerraUSD (UST) ecosystems that collapsed after the 2008 economic downturn.
In his plan for Terra’s revival, Kwan proposes hard forking the existing blockchain and reissuing LUNA tokens to existing investors based on a snapshot taken before the markets were bled off – i.e., investors were left to recover losses that were not recoverable.
Pheonix-1 mainnet is now live and producing blocks – public node services, wallets and explorers should be going live shortly. pic.twitter.com/cpxiNKl6aX
— Do Kwon 🌕 (@stablekwon) May 28, 2022
According to the original timeline set by Terra developers, the mainnet, dubbed Phoenix-1, went live on Saturday. He said the mainnet would be followed soon by public node services, wallets, and explorers.
According to Kown, users should now be able to view the newly issued LUNA token balances as per the original proposal that recommended issuing the new tokens to existing investors:
Additionally, investors creating a station wallet must follow the instructions provided upon wallet creation and migrate over the inter-blockchain communication protocol (IBC).
The Terra wallet balance can be viewed via a link on Kown’s official portal. Several crypto exchanges have joined Terra’s relaunch with airdrops, as Cointelegraph previously reported.
Tokens are being reissued to LUNA holders, TerraUSD Classic (USTC) holders, and Anchor Protocol UST holders.
Binance’s BNB Chain was among the many crypto ecosystems that stepped up to help Terra projects resume their lifecycle. The reason was that these projects have considered moving away from Terra. BNB Chain’s investment director, Gwendolyn Regina, confirmed the company’s intention to partner with Terra ecosystem builders.
“The Terra ecosystem has an extensive community of talented developers and builders, and our help is intended to help them build upcoming BNB Chain projects. Regina explains, “We simply want to support developers to ensure they do not miss out on future “.