Since this morning, it is possible to make one’s voice heard about the Terra (LUNA) blockchain fork, following the proposal issued on May 16 by Do Kwon. The community already deplores a betrayal of the validators, being itself overwhelmingly opposed to the fork and proposing instead a burn of surplus LUNA tokens in order to try to raise the price of UST.
Voting for the Terra fork is online
The future of the Terra blockchain will be decided after the vote currently underway on Terra Station, the community’s voting platform, alongside the wallet. This follows the proposal of a hard fork of Terra by Do Kwon on May 16, which received a lot of negative feedback.
A poll was published on the project page to gather feedback, with 92% saying “No” and only 8% saying “Yes”.
According to Anton Gulin, regional director of the AAX exchange, people’s trust in Terra is at an all-time low and will be difficult to regain:
“The general sentiment towards Luna across the crypto community is exceptionally bad. Traders and investors have suffered huge losses and are doubtful of management’s actions following the UST depeg. “
He points out that currently the community now sees Terra as a niche speculative asset rather than a layer 1 structure, contrary to what Do Kwon is trying to argue in his latest releases:
“Anything from Luna’s team is likely to be treated in the same way as the lack of confidence prevails. It’s more of a speculative asset now than a representation of a Tier 1 ecosystem. The chances of a consensus are very low. “
But although the vote was only launched this morning, it is still far from clear what the outcome is likely to be.
Community overwhelmingly opposes fork
As a reminder, the current Terra blockchain, which will now be called “Terra Classic” (LUNC), will be forked into the new blockchain, which will retain the Terra name and the LUNA token.
The new blockchain will be developed without the UST stablecoin, and the new LUNAs will be distributed as an airdrop between people who own or have owned LUNAs.
This being the case, as the poll above proved, the overwhelming part of the Terra community seems to be opposed to the fork, and plebiscites a burn of surplus LUNA in order to eventually redress the UST price, a centerpiece of the ecosystem notably thanks to the Anchor protocol which has been very successful thanks to its exceptional returns.
However, the validators and the various inerrant protocols at Terra have a strong voice in this vote. Thus, as soon as the latter was online, the votes were already very quickly in favour of the fork, as some Twitter users did not fail to point out.
Why does the voting begin with 11 million votes on yes? pic.twitter.com/iZl0oN3a2w
– Crypto Tea (@CryptoTea_) May 18, 2022
At the time of writing, the vote was overwhelmingly in favour of the Terra blockchain fork, with 90.46% of the vote in favour, compared to 0.29% “No” and 9.25% “No with veto”.
If ever the fork project was adopted, it would start as early as May 27, splitting the current Terra ecosystem into 2.
