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LUNA 2.0 stakers decide the future of Luna Classic

 


LUNA 2.0's governance system will be used to decide the future of the old chain, Luna Classic. Rather than using the on-chain governance on Luna Classic, the decision to re-enable IBC on Luna Classic will be made through the LUNA 2.0 governance system. The new proposal states:


“The current state of TerraV1 governance is questionable. This is a way to consult the "new" Terra community that formed from two snapshots and represents the stakeholders of the old Terra chain in a friendly way."


Validator's response

The Terra validator PFC confirmed that the proposal can be implemented on Luna Classic. However, "it costs 1c to do and it's inundated with spam." So it looks like the governance on Luna 2.0 is being done due to a loss of confidence in its ability to govern. When IBC is re-enabled, the chain will be able to unlock tokens currently trapped in other chains. IBC is a protocol that allows independent blockchains to communicate with each other.


Larry0x, a developer at Delphi Digital, explained:


“IBC channels connecting TerraClassic and Osmosis/Juno/Crescent have been forced to CLOSED as part of Terra Core software upgrade v0.5.20.”


MOON 2.0-Governance for LUNC

According to the PFC, the governance proposal passed via LUNA 2.0 for Luna Classic is "non-binding". The vote appears to be focused on guidelines to measure support from the LUNA 2.0 community, which is mostly made up of LUNC holders due to the airdrop. If changes are made to LUNC based on the results of a vote on LUNA 2.0, it could be argued that this overrides the entire LUNC governance system.


How can a blockchain be updated based on a vote on a related chain? The difference between proof-of-stake and proof-of-work means that this would be possible on a proof-of-work chain. For example, miners on Bitcoin can never influence those on Litecoin.


The reactivation of IBC was a key part of the debate between Terraform Labs and the validators during the May 12 War Room talks. However, the protocol is still offline as of June 4 and millions of dollars worth of tokens are locked in bridged assets. The new proposal provides for


"To reactivate the previously closed IBC channels 'Channel-1' (Osmosis), 'Channel-20' (Juno) and 'Channel-49' (Crescent)."


It goes on to say, "If this proposal is accepted, the next step will be to prepare the software upgrade and propose it on Legacy Terra, where Legacy delegates and validators can reach a final agreement." Therefore, LUNC governance will be bypassed entirely, and validators will rely on the outcome of a vote on LUNA 2.0 to update their code and attempt the upgrade. 


“A vote (1299) has already taken place on the old chain, but it was done incorrectly. So terra1 has already voted.”


There is also the potential for a re-vote on Luna Classic, similar to the vote on burning the remaining UST community pool. Luna Classic's inability to operate a successful system of governance is highly troubling.


In the past few weeks, several updates have failed due to technical issues and other reasons. Blockchain cannot be expected to succeed unless it can successfully manage itself. However, as PFC explains, the chain should be given a chance to “live or die by itself”.


The proposal to re-enable IBC will be the first proposal to be passed over LUNA 2.0 - however, it will not explicitly refer to the administration of LUNA 2.0, but to Luna Classic.

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