The Terra 2.0 mainnet (Phoenix-1) went live today as per the original timeline set by Terra developers and started producing blocks.
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.Pheonix-1 mainnet is now live and producing blocks - public node services, wallets and explorers should be going live shortly.