The Majority of LUNA Investors Say Yes to Terra’s New Plan
Do Kwon, Terra’s co-founder, presented investors with a “revival” strategy for the Terra ecosystem, sparking debate in the crypto community, and this sparked a vote. Terra 2.0 will most likely be launched after the “official” vote.
According to the Terra Station voting site, 78% of voters are in favor of forking the network and providing users with fresh tokens, while only 0.35% are opposed. The “No with veto” option was chosen by 20.31% of votes, while 1.39% abstained.
The quorum necessary to accept the voting process has not yet been obtained. The majority of validators support Do Kwon’s revised idea as well. Thirty-three validators voted in favor of the proposal, with just five voting against it.
Terra users had previously held a vote in which 92% of users decided not to form a fork of the existing network. The findings are different because community voting represents the view of a smaller number of Terra ecosystem participants.
The Terra community has spoken out against Do Kwon’s second plan to split Terra into two blockchains in order to compensate for UST’s real-time collapse.
Instead of a hard fork, the community prefers to create an aggressive burning mechanism to restore Terra’s once-thriving ecosystem. Furthermore, many allege that the Terra team is not listening to the community and is only concerned with saving whales rather than ordinary smallholders.
Do Kwon, CEO of Terraforms Labs, isn’t ready to give up. He suggested separating the LUNA blockchain into two chains on Monday: Terra Classic and Terra. They will host the cryptocurrencies Luna Classic (LUNC) and Luna (LUNA), respectively.
The new chain would eliminate the troubled UST algorithmic stablecoin and concentrate on decentralized finance (DeFi) applications. The existing chain would be renamed Terra Classic, and Terra Classic LUNA holders would get an airdrop of the new network’s token.
Although official governance voting will commence on May 18, preliminary community voting suggests that the majority of people are opposed to forking the blockchain.
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