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.

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:

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

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 crypto ecosystems that stood up to help Terra projects come back to life, Binance’s BNB Chain (BNB) committed to providing investment and support to projects that are considering migrating from the Terra ecosystem.

Speaking to Cointelegraph, Gwendolyn Regina, BNB Chain’s investment director confirmed the company’s intent to onboard prominent builders from the Terra ecosystem:

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

All Dutch and English crypto news!

Bitcoin network power demand falls to 10.65GW as hash rate sees 14% drop

The overall power consumption of the Bitcoin (BTC) network recorded a drastic drop after mimicking the two-week-long fall in the mining hash rate, which reduced...

It seems NFT-themed Bored & Hungry restaurant no longer accepts crypto

The Los Angeles Times reported Friday that recently opened NFT-themed burger joint Bored & Hungry no longer accepts cryptocurrency as a form of payment for...

Celsius Network hires advisers ahead of potential bankruptcy: Report

Crypto lending platform Celsius Network has reportedly onboarded advisers from a management consulting firm in advance of the company possibly facing bankruptcy. According to a Friday...

Crypto Stories: YouTuber Paco de la India explains his travels using Bitcoin

A YouTuber started traveling the world to see whether he could survive solely on Bitcoin as a means of payment. In the latest episode of Cointelegraph's...

Beste exchanges

Koop je crypto bij Bitvavo