diff --git a/lbry/schema/url.py b/lbry/schema/url.py
index 8f68600bd..fe6d73ff1 100644
--- a/lbry/schema/url.py
+++ b/lbry/schema/url.py
@@ -1,12 +1,12 @@
 import re
 import unicodedata
-from typing import NamedTuple, Tuple
+from typing import Iterable, NamedTuple, Pattern, Tuple
 
 
-def _create_url_regex():
+def _create_url_regex(legacy=False):
     # see https://spec.lbry.com/ and test_url.py
     invalid_names_regex = \
-        r"[^=&#:$@%?;\"/\\<>%{}|^~`\[\]" \
+        r"[^=&#:$@%*?;\"/\\<>%{}|^~`\[\]" \
         r"\u0000-\u0020\uD800-\uDFFF\uFFFE-\uFFFF]+"
 
     def _named(name, regex):
@@ -18,29 +18,42 @@ def _create_url_regex():
     def _oneof(*choices):
         return _group('|'.join(choices))
 
+    def _legacy_claim(name, prefix=""):
+        return _group(
+            _named(name + "_name", prefix + invalid_names_regex) +
+            _oneof(
+                _group('#' + _named(name + "_claim_id", "[0-9a-f]{1,40}")),
+                _group(':' + _named(name + "_sequence", '[1-9][0-9]*')),
+                _group(r'\$' + _named(name + "_amount_order", '[1-9][0-9]*'))
+            ) + '?'
+        )
+
     def _claim(name, prefix=""):
         return _group(
             _named(name+"_name", prefix + invalid_names_regex) +
             _oneof(
-                _group('#' + _named(name+"_claim_id", "[0-9a-f]{1,40}")),
-                _group(':' + _named(name+"_sequence", '[1-9][0-9]*')),
+                _group(':' + _named(name+"_claim_id", "[0-9a-f]{1,40}")),
+                _group(r'\*' + _named(name+"_sequence", '[1-9][0-9]*')),
                 _group(r'\$' + _named(name+"_amount_order", '[1-9][0-9]*'))
             ) + '?'
         )
 
+    claim = _claim if not legacy else _legacy_claim
+
     return (
         '^' +
         _named("scheme", "lbry://") + '?' +
         _oneof(
-            _group(_claim("channel_with_stream", "@") + "/" + _claim("stream_in_channel")),
-            _claim("channel", "@"),
-            _claim("stream")
+            _group(claim("channel_with_stream", "@") + "/" + claim("stream_in_channel")),
+            claim("channel", "@"),
+            claim("stream")
         ) +
         '$'
     )
 
 
 URL_REGEX = _create_url_regex()
+URL_REGEX_LEGACY = _create_url_regex(legacy=True)
 
 
 def normalize_name(name):
@@ -69,9 +82,9 @@ class PathSegment(NamedTuple):
 
     def __str__(self):
         if self.claim_id is not None:
-            return f"{self.name}#{self.claim_id}"
+            return f"{self.name}:{self.claim_id}"
         elif self.sequence is not None:
-            return f"{self.name}:{self.sequence}"
+            return f"{self.name}*{self.sequence}"
         elif self.amount_order is not None:
             return f"{self.name}${self.amount_order}"
         return self.name
@@ -104,9 +117,13 @@ class URL(NamedTuple):
     def __str__(self):
         return f"lbry://{'/'.join(str(p) for p in self.parts)}"
 
+    @staticmethod
+    def _first_match(x: str, ptns: Iterable[Pattern[str]]):
+        return next(filter(None, (re.match(ptn, x) for ptn in ptns)), None)
+
     @classmethod
     def parse(cls, url):
-        match = re.match(URL_REGEX, url)
+        match = URL._first_match(url, (URL_REGEX, URL_REGEX_LEGACY))
 
         if match is None:
             raise ValueError('Invalid LBRY URL')
diff --git a/tests/unit/schema/test_url.py b/tests/unit/schema/test_url.py
index 838f010ff..aa2bd6191 100644
--- a/tests/unit/schema/test_url.py
+++ b/tests/unit/schema/test_url.py
@@ -42,19 +42,19 @@ class TestURLParsing(unittest.TestCase):
         url = self._assert_url
         # stream
         url('test', stream_name='test')
-        url('test:1', stream_name='test', stream_sequence='1')
+        url('test*1', stream_name='test', stream_sequence='1')
         url('test$1', stream_name='test', stream_amount_order='1')
-        url(f'test#{claim_id}', stream_name='test', stream_claim_id=claim_id)
+        url(f'test:{claim_id}', stream_name='test', stream_claim_id=claim_id)
         # channel
         url('@test', channel_name='@test')
-        url('@test:1', channel_name='@test', channel_sequence='1')
+        url('@test*1', channel_name='@test', channel_sequence='1')
         url('@test$1', channel_name='@test', channel_amount_order='1')
-        url(f'@test#{claim_id}', channel_name='@test', channel_claim_id=claim_id)
+        url(f'@test:{claim_id}', channel_name='@test', channel_claim_id=claim_id)
         # channel/stream
         url('lbry://@test/stuff', channel_name='@test', stream_name='stuff')
-        url('lbry://@test:1/stuff', channel_name='@test', channel_sequence='1', stream_name='stuff')
+        url('lbry://@test*1/stuff', channel_name='@test', channel_sequence='1', stream_name='stuff')
         url('lbry://@test$1/stuff', channel_name='@test', channel_amount_order='1', stream_name='stuff')
-        url(f'lbry://@test#{claim_id}/stuff', channel_name='@test', channel_claim_id=claim_id, stream_name='stuff')
+        url(f'lbry://@test:{claim_id}/stuff', channel_name='@test', channel_claim_id=claim_id, stream_name='stuff')
         # unicode regex edges
         _url = lambda name: url(name, stream_name=name)
         _url('\uD799')
@@ -104,10 +104,10 @@ class TestURLParsing(unittest.TestCase):
         fail("lbry://test@")
         fail("lbry://tes@t")
         fail(f"lbry://test:1#{claim_id}")
-        fail("lbry://test:0")
+        fail("lbry://test*0")
         fail("lbry://test$0")
         fail("lbry://test/path")
-        fail("lbry://@test1:1ab/fakepath")
+        fail("lbry://@test1*1ab/fakepath")
         fail("lbry://test:1:1:1")
         fail("whatever/lbry://test")
         fail("lbry://lbry://test")
@@ -115,5 +115,5 @@ class TestURLParsing(unittest.TestCase):
         fail("lbry://abc:0x123")
         fail("lbry://abc:0x123/page")
         fail("lbry://@test1#ABCDEF/fakepath")
-        fail("test:0001")
+        fail("test*0001")
         fail("lbry://@test1$1/fakepath?arg1&arg2&arg3")