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Another Terra Luna proposal fails after voting

 


Proposal 1299 to (re)enable IBC passed the weekend with 95% yes and 0.01% no votes. Like a previous proposal to burn the UST community pool, this proposal "was not successfully executed due to technical problems." Prop 1299 is another failure in a growing list of problems for the Terra Governance system.


IBC stands for Inter-Blockchain Communication and is “an open-source protocol for passing messages between independently distributed ledgers, created to connect independent blockchains.”


The community suggested re-enabling IBC on Terra to release over 150 million UST stuck in certain protocols. The proposal states:


“Terra validators have disabled IBC as an interim solution to prevent Impermanent Loss on UST and LUNA pools on Osmosis and other IBC DEXs. Unfortunately, this also prevents UST and LUNA from being transferred between chains. Currently, about 154.7 million UST is stuck in Osmosis alone.”


Terra has tweeted:


There have been no further announcements since this tweet as we approach the May 27th deadline for LUNA's new "Genesis" chain. Interestingly, the Terra.money website now has a full page advertisement promoting Terra 2.0.


The site is structured as one would expect from a project releasing an upgrade of its protocol. The headline reads: “Terra 2.0 is almost here”.


Terra is promoting 2.0 in hopes of restoring the ecosystem of developers working on the blockchain. However, the new chain will not include UST, meaning LUNA will only serve one function – governance.


LUNA token holders will be able to vote on the direction of the new chain, but will not necessarily receive any rewards from ownership. The reward mechanism for Terra Classic has been built into the UST/LUNA arbitrage powered peg and if it is removed then only the on-chain governance remains.


In the last days of Terra Classic, two high-profile proposals were accepted, which then could not be executed due to "technical problems". Such flaws fail to inspire confidence among either investors or developers and raise serious concerns about the viability of the new cryptocurrency.

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