Do Kwon, the co-founder and CEO of Terraform Labs, confirmed the relaunch of Terra’s new chain, Terra 2.0, which goals to revive the fallen Terra (LUNA) and TerraUSD (UST) ecosystem.

Kwon’s revival plan for Terra includes laborious forking the present blockchain and reissuing LUNA tokens to current buyers primarily based on a snapshot earlier than the dying spiral bled the LUNA and UST markets — successfully leading to unrecoverable losses for buyers.

Pheonix-1 mainnet is now reside and producing blocks – public node companies, wallets and explorers must be going reside shortly. pic.twitter.com/cpxiNKl6aX

— Do Kwon (@stablekwon) May 28, 2022

Dubbed Phoenix-1, the Terra 2.0 mainnet went reside as we speak, Could 28, as per the unique timeline set by Terra builders and began producing blocks. Kwon additionally knowledgeable that public node companies, wallets and explorers would comply with the mainnet to go reside quickly after.

Following the plan from the unique proposal, which advisable issuing the brand new LUNA tokens to current buyers, Kown stated that customers ought to now be capable of see the newly issued LUNA tokens balances:

“To view your $LUNA (or $LUNA2 as some exchanges name them) token balances, you solely must log into station and refresh the web page.”

Furthermore, buyers which are migrating over the inter‐blockchain communication protocol (IBC) are required to create a station pockets with the identical ledger and comply with the directions supplied upon pockets creation.

Kown additionally shared an official portal link whereby customers can view their Terra pockets balances. As Cointelegraph beforehand reported, quite a few crypto exchanges have joined Terra’s relaunch by serving to with airdrops.

Based on the revival plan, customers beforehand holding Terra Luna Traditional (LUNC), TerraUSD Traditional (USTC) and Anchor Protocol UST (aUST) are eligible to obtain new tokens.

BNB Chain affords one other lifeline to Terra ecosystem tasks

Among the many quite a few crypto ecosystems that stood as much as assist Terra tasks come again to life, Binance’s BNB Chain (BNB) dedicated to offering funding and assist to tasks which are contemplating migrating from the Terra ecosystem.

Talking to Cointelegraph, Gwendolyn Regina, BNB Chain’s funding director confirmed the corporate’s intent to onboard outstanding builders from the Terra ecosystem:

“The Terra ecosystem has lots of gifted creators and builders, and our assist is geared toward serving to these builders and groups, constructing new tasks on the BNB Chain. Therefore, we’re merely concerned about supporting builders and tasks in order that they don’t miss out on future potential.”