The co-founder and CEO of Terraform Labs Do Kwon have confirmed the relaunch of Terra 2.0. The new chain aims to revive the fallen Terra (LUNA) and TerraUSD (UST) ecosystem.
Kwon plans to hard fork the existing blockchain and reissue LUNA tokens to existing investors. The Terra 2.0 mainnet, dubbed Phoenix-1, went live on May 28. Kwon said the public node services, wallets, and explorers would follow the mainnet to go live. The original proposal had recommended the issuing of new LUNA tokens to existing investors.
The CEO highlighted that users should be able to see the newly issued LUNA tokens balances. For this users need to log into the station and refresh the page. Investors, migrating over the inter-blockchain communication protocol, have to create a station wallet with the same ledger. They have to follow the instructions provided upon wallet creation.
Following the UST’s shocking collapse, numerous crypto exchanges have joined Terra’s relaunch by helping with airdrops. Users holding Terra Luna Classic (LUNC), TerraUSD Classic (USTC), and Anchor Protocol UST (aUST) – as per the revival plan – are eligible to receive new tokens.
Binance’s BNB Chain is set to provide investment and support to projects that are considering moving from the Terra ecosystem. Gwendolyn Regina, BNB Chain’s investment director, highlighted the company’s intention to take up prominent builders from the Terra ecosystem. He believes the Terra ecosystem has talented creators and developers. Binance wants to help the builders and teams, as well as build new projects on the BNB Chain. It wants to support builders and projects and help build their future.