Kwon’s plans for Terra’s revival include hard forking the existing blockchain and re-issuing LUNA tokens to existing investors based on a snapshot before the death spiral bleeds the LUNA and UST markets – effectively giving investors irreparable loss.
The Pheonix-1 mainnet is now live and producing blocks – public node services, wallets and browsers should be live soon. pic.twitter.com/cpxiNKl6aX
— Do Kwon (@stablekwon) May 28, 2022
The Terra 2.0 mainnet, known as Phoenix-1, went live today, May 28, following the original schedule set by Terra developers and began producing blocks. Kwon also informed that public node services, wallets and browsers will follow the mainnet soon.
As planned in the original proposal, it was proposed to issue new LUNA tokens to existing investors, Kown statement Users should now be able to see the newly issued LUNA token balance:
“To check your $LUNA (or $LUNA2 as some exchanges call it) token balance, you just need to log into the site and refresh the page.”
Additionally, investors migrating via the Inter-Blockchain Communication Protocol (IBC) need to create an on-site wallet with the same ledger and follow the instructions provided when the wallet was created.
Kown also shared an official portal association This is where users can view their Terra wallet balances. As Cointelegraph previously reported, a number of cryptocurrency exchanges joined Terra’s reboot by helping with airdrops.
Under the revival program, users who previously held Terra Luna Classic (LUNC), TerraUSD Classic (USTC), and Anchor Protocol UST (aUST) are eligible to receive new tokens.
Among the many crypto ecosystems that have helped bring the Terra project back to life, Binance’s BNB chain (BNB) is dedicated to providing investment and support to projects that are considering migrating from the Terra ecosystem.
In an interview with Cointelegraph, Gwendolyn Regina, investment director of BNB Chain, confirmed that the company is interested in recruiting outstanding builders from the Terra ecosystem:
“The Terra ecosystem has a lot of talented creators and developers, and our support is aimed at helping these builders and teams build new projects on the BNB chain. So, we’re just interested in supporting developers and projects so they can Don’t miss out on future potential.”