Another twist in the Terra (LUNA) case. While an informal poll indicated a massive rejection of the blockchain fork proposal, it was finally accepted via on-chain voting with more than 65% of the votes.
Terra’s fork proposal is accepted
The community still seems to be firmly attached to the Terra (LUNA) project. A few days ago, its co-founder, Do Kwon, had issued a draft fork of the blockchain. Called “Terra 2 Ecosystem Recovery Plan”, it was proposed to the community on 18 May via an on-chain vote on Terra Station.
Initially, a first survey was submitted to the community in order to collect their opinion on this project. The community voted 92% “No” and only 8% “Yes”. However, this did not seem to discourage Do Kwon, who still presented his proposal to the community.
Since the Terra blockchain operates on the format of a decentralised autonomous organisation (DAO), it is the LUNA holders who must vote for the proposal, in proportion to the number of tokens they hold. Except that, against all expectations, the results were not in the same direction.
1/ Terra 2.0 is coming.
With overwhelming support, the Terra ecosystem has voted to pass Proposal 1623, calling for the genesis of a new blockchain and the preservation of our community.– Terra Powered by LUNA (@terra_money) May 25, 2022
Approximately 83% of eligible addresses gave their votes for this proposal. Of these, 65.5% voted “Yes”, almost 21% abstained while only 13% voted “No”. A clear success for the project, despite the mixed opinions of the community and the ecosystem stakeholders
Results of the on-chain vote for the Terra fork proposal
What does this mean?
As a reminder, Do Kwon has opted for a hard fork of the Terra blockchain. In other words, this will result in splitting the network into two branches. On the one hand, the Terra blockchain we know will be renamed to Terra Classic and its token LUNA to LUNA Classic.
On the other hand, the new branch will be called Terra and its token will keep the name LUNA. The token will be distributed as an airdrop as follows:
- LUNA holders before the attack will share 35% of the total supply;
- Pre-attack aUST holders (on the Anchor protocol) will share 10% of the total supply;
- LUNA holders before the launch of the new blockchain will share 10% of the total supply;
- UST holders before the launch of the new blockchain will share 15% of the total supply.
For information, the pre-attack snapshot was taken on 7 May, at around 5pm. As for the post-attack snapshot, it will be taken on 26 May, at around 10pm. Obviously, we do not advise investing in LUNA to take advantage of this airdrop.
ive development is much more advanced than on our continent and includes players who are well aware of the fundamentals of our ecosystem.
