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Terra (LUNA) at a crossroads: voting on hard fork has so far met with 80 percent approval

 


Terraform Labs CEO Do Kwon's plan to launch a new blockchain "without the algorithmic stablecoin" TerraUSD (UST) is supported by over 100 million community votes.


The proposal was put to the vote of the Terra ( LUNA ) community on Wednesday . At press time, over 80 percent of the votes are in favor of "reviving" the Terra Network. Of the more than 150 million votes so far, around 120 million are in favor. For the proposal to pass, it needs around 188 million yes votes before the May 25 deadline.


The biggest supporter of this proposal so far is Terra infrastructure provider Orbital Command, which holds 1.39 percent of the voting rights. Other major validators with over 2 percent of the voting power are yet to make a decision, including cross-chain stablecoin bank Orion.Money with 8.63 percent of the vote.


Kwon 's proposal calls for a new chain that is not pegged to the UST, called Terra, and a new coin that will also be called Terra (LUNA). The "old" blockchain would continue to support the "remaining UST holders" and would continue to exist under the name Terra Classic (LUNC).

In addition to the Terra fork, the proposal also provides for LUNA tokens to be airdropped to "Luna Classic stakers, Luna Classic holders, other UST holders and systemically relevant app developers of Terra Classic" . The Terraform Labs wallet would be de-whitelisted for the LUNA airdrop, making Terra a "fully community-run chain."


Despite the overwhelming support for the proposal, many social media users seem to be opposed to a hard fork at Terra. Instead of a hard fork, some users on the Terra subreddit suggested saving the network with a "burn" and thus compensating supporters. "Burn" is a crypto industry term meaning that coins are "burned" or withdrawn from circulation in order to reduce the amount of coins in circulation and thereby increase their value.

According to Kwon , should the proposal go through, the new LUNA blockchain would come online on May 27 with a “last snapshot” of the LUNC network at block 7,790,000.

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