Terra representatives have said on Twitter the reactivation plan does not involve a hard fork of the existing network, but the creation of a new one.
The developers have said that in the case of classic hard forks, the new network inherits the history of the original, however, this will not be the case with Terra 2.0:
"If Prop 1623 passes, a brand new blockchain (Terra) shall be created starting from genesis block 0 that will not share history with Terra Classic."
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Applications or assets from the old network will have to be migrated to the new one, as these will not appear on this one automatically. According to Terra, the developers of the most popular dApps, including Prism, Stader, RandomEarth and OnePlanet, are ready for the migration.
Last May 10, algorithmic stablecoin UST lost its parity with the dollar coinciding with the correction experienced in the cryptocurrency market.