Most users feel frustrated and want nothing to do with Do Kwon
A complete majority of the Terra community is voting against Do Kwon’s relaunch plan, which included a fork of the existing network and the distribution of new tokens.
According to the voting page, 92% of all voters stated they are not willing to see another network being launched by the same team. In total, 6,031 votes were submitted at press time with only 8% of voters somewhat agreeing with the newly presented proposal.
Do Kwon shared all the details with the community before. The plan included creating a new Terra chain without the algorithmic stablecoin. The “old” string would be wrapped and marked as “classic”, while the new string would take on the name that everyone knows.
All Luna Classic stakers will get an airdrop of new Luna tokens. UST holders will become eligible for a swap of their stablecoins to a new token. Terra’s foundation wallet would be removed from the whitelist, which would create a new version of Terra’s community-owned chain.
According to the message, a large part of the token distribution will be allocated to the emergency track for Terra dapp developers, which should become the basis for long-term interest in the project. The network will include 7% staking rewards.
While the community vote shows that the majority of investors are not in favor of such a fundamental change, the official governance voting may have completely different results as a larger pool of voters would be included.
At press time, Luna is trading at around $0.0001 while having a market capitalization of over $1 billion. Stablecoin UST sits around $0.1 and is unlikely to rally back to $1 if no support is expected from LFG or other sources.
