The Terra blockchain relaunch proposal by Do Kwon was approved. The proposition received 65.5% of the vote.
Do Kwon’s proposal to relaunch the Terra blockchain and produce LUNA 2.0 tokens was approved by the Terra blockchain governance. Following the abrupt collapse of the TerraUSD (UST) algorithmic stablecoin, this will result in the development of a new blockchain that would airdrop tokens equally to those affected.
Kwon’s proposal received 65.5% of the total votes cast. Only 13.2% of those who voted against the fork voted “no with veto.” A little more than 20% of voters chose to abstain.
Following Terra’s demise, Terraform Labs CEO Do Kwon proposed the creation of a new network (initially describing it as a fork before that was corrected by Terraform Labs). Terra will be the name of the new blockchain, while Terra Classic will be the name of the current version of the chain.
Terra 2.0 is set to be live on the mainnet on Friday, according to the plan. LUNA 2.0 tokens will be accessible for trading following the launch. These tokens will be distributed to existing network stakeholders at a predetermined ratio. Many of the coins will have vesting periods.
Furthermore, the new Terra blockchain will exist without the UST token, which was its original purpose.
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