Terra’s very contentious proposal to hard-fork the blockchain has opened voting, according to founder Do Kwon.
Early voting shows that over 78% of the Terra community supports the creation of the blockchain and the production of Terra Version 2.0. About 21.7% of holders voted against the proposal and exercised their right of veto.
The UST stablecoin will be removed from the new Terra, although it will remain in the older version. Terra Classic will be the name of the original Terra, while LUNA Classic will be the name of its native token.
However, the results of the early vote significantly contradict the general discourse around the Terra blockchain. Incumbents on Twitter, along with a preliminary vote, rejected the forking of the channel.
Only 54.9 million voters out of a total of 376.2 million have voted thus far. The voting period will last seven days.
Shower holder for developers
The Terra Builder Alliance, made up of various Terra developers, proposed the fork. Several Terra validators are part of the organization, such as DeFi programs such as Nebula Protocol, Nexus Protocol, and Terraswap.
The idea, dubbed “LUNA Go Forward,” will fork the Terra chain into a new chain and produce a new LUNA token at first. This coin will be sent to all Terra stakeholders, with a snapshot taken both before and after the crash.
Do Kwon’s Terraform Labs will continue to play an important role in maintaining Terra’s infrastructure. The new network will go live on May 27.
While some holders and personalities were vocal in their opposition to Terra’s hard fork, the move was gaining traction among its developers.
Even before the idea was put to a vote, all members of the Terra Builder Alliance had declared their support for forking. Using Terra’s current reserves to reimburse investors impacted by the fall is an alternative to forking, advocated by several major crypto players.
Still, it’s uncertain how much goodwill Terra has left after the accident. Do Kwon, the company’s founder, could face criminal charges in South Korea as a result of the failure.
