Terra Network Will Be Reborn, According to Official Voting


Terra is getting ready for a revival as official voting tilts heavily in favor of fork

As U.Today previously covered, Terra co-founder Du Kwon provided the community and investors with a “relaunch” plan for the Terra ecosystem, which caused controversy in the community. This prompted the vote. The “official” vote will most likely initiate the launch of Terra 2.0.

According to the voting page on Terra Station, around 78% of voters are in favor of network forking and providing users with new tokens, while only 0.36% are against the plan. A total of 20.2% of voters chose the “No with veto” option and 1.3% abstained.

The vote has not yet reached the quorum required for recognition of the voting process. As for validators, the majority is also in favor of Du Kwon’s new plan. Thirty-three validators said yes to the proposal and only five of them voted against.

Previously, Terra community members created their own vote, in which 92% of users chose not to create a fork of the existing network. But since community voting represents the opinion of a smaller group of Terra ecosystem participants, the results are different.

Du Kwon’s “rebirth” plan

Under the new proposal, current Luna tokens held by users will become “Luna Classic” tokens and allow holders to receive an airdrop of new Luna tokens. UST holders will exchange their stablecoins for the new tokens.

The community will be the only owner of the newly distributed tokens as the foundation’s wallet will not be eligible for a swap or an airdrop.

The most noticeable change in the new ecosystem will be the functionality without the algorithmic stablecoin, which was the backbone of the entire network and its business model.


Read Previous

Bitcoin is the Internet’s Only Money, Jack Dorsey Says

Read Next

Ethereum Merge Testing Enters Final Phases But Price Drops Below $2K

Leave a Reply

Your email address will not be published. Required fields are marked *

Right Menu Icon