Terra 2.0: A crypto project built on the ruins of $40 billion in investors’ money

Terra remained in the focus of the majority of headlines throughout May thanks its spiral collapse leading to a loss of over $40 billion in investors’ money.

Despite some early resistance from the community, Terra co-founder Do Kwon managed to relaunch the collapsed network with a new chain called Terra 2.0 (Phoenix-1).

The new blockchain went live on May 28 after a hard fork. The new token stays Terra (LUNA).

The old one was renamed to Luna Classic. With the new network launch, the holders of LUNC, USTC and Anchor Protocol UST (aUST) were eligible to receive the new tokens.

In spite of the co-founder and the parent company Terraform Labs are facing lawsuits and investigations in South Korea, major crypto exchanges including Binance, Kucoin, FTX, Bitfinex and others announced support for the Terra 2.0 chain.

Crystal Panther
I still believe that if your aim is to change the world, journalism is a more immediate short-term weapon.