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LUNA lives again - Terra 2.0 rises like "Phoenix" from the ashes

 


Do Kwon , the founder and CEO of Terraform Labs, has announced the official restart of the Terra blockchain, i.e. Terra 2.0, which will rescue or revive the recently collapsed cryptocurrency Terra ( LUNA ) and the related stablecoin TerraUSD (UST). target.


On the one hand, Kwon's recovery plan provides for the existing Terra blockchain to be subjected to a so-called hard fork, i.e. a split from which a new strand can emerge, and on the other hand LUNA should be assigned to existing crypto investors of the project, with the basis for this distribution is intended to serve as a snapshot from before the crash of LUNA and UST. The latter measure is intended to ensure that investors who have suffered damage are compensated for their losses.



The Terra 2.0 mainnet was launched today, May 28th, appropriately under the name Phoenix-1 and is already producing blocks. In addition, node services, wallets and explorers should also go online shortly.


In line with the original proposal that brought up the distribution of LUNA to existing investors , the Terra CEO now confirms that they should have received their new LUNA funds credited by now:


"To see your LUNA balances (also referred to as LUNA2 on some crypto exchanges), all you have to do is log into your Station Wallet and refresh the page [in the browser]."

Users migrating via the Inter‐Blockchain Communication Protocol (IBC) need to set up a corresponding station wallet under the same ledger and then follow the wallet creation instructions.


In this context, Kwon also shared the link to the official portal where Terra users can view their current wealth. As Cointelegraph reported, several crypto exchanges are using so-called airdrops to support the recovery of Terra.


The plan provides that all crypto investors who owned Terra Luna Classic (LUNC), TerraUSD Classic (USTC) and/or Anchor Protocol UST (aUST) before the crash will also receive tokens.


Among the blockchain projects helping to revitalize Terra, market-leading crypto exchange Binance ’s BNB Chain ( BNB ) is at the forefront. However, not entirely altruistically, because they want to provide financial support as well as help crypto projects that want to get away from the old Terra blockchain.


Gwendolyn Regina, BNB Chain's chief investment officer, tells Cointelegraph that her blockchain network is keen to attract successful developers and projects that have previously operated in the Terra ecosystem:


“There are many talented creators and developers in the Terra ecosystem, so our support is specifically aimed at helping these developers and development teams to continue their projects on the BNB Chain. So we are primarily interested in supporting developers and projects so that no future potential is lost.”

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