Voting on Terra’s plan to build a new blockchain by the community will end today, with the support of a majority of LUNA holders.
As per the data over 67% of holders have voted yes with six hours remaining to vote. According to the data, little over 12% of holders are opposed to the vote, while 20% are not voting.
The vote has so far drawn around 81% of all LUNA holders. On the Terra blockchain, the majority of supporters appeared to be validators.
A new Terra chain will be formed as part of the plan, and current Terra holders will get a new LUNA token as an airdrop. The UST stablecoin will be removed from the new chain.
This new chain is entirely a new blockchain
Terra founder Do Kwon said in the proposal that the new channel could be up and running by May 27. The Genesis file will be produced on May 27, immediately before launch, according to Kwon’s plan.
There was also a clarification given by the Terra blockchain that this new chain is supposed to be a hard fork, instead its entirely a new blockchain.
For the airdrop, Kwon and Terraform Labs (TFL) are currently collecting snapshot data. Holders who held their stake before May 9, when the unpecking took place, will receive a larger share of the airdrop.
According to the Terra holders the snapshot for holders following the de-pegging might happen as soon as May 26 when block 7,790,000 is produced on the network.
TFL and Do Kwon face criticism
Despite the fact that the plan will remove TFL and Kwon from the new Terra blockchain, the proponent has received widespread criticism for the collapse.
Authorities in South Korea are apparently seeking legal action against Kwon and TFL for a variety of reasons, including fraud and tax violations.
Crypto rules are set to tighten in the wake of the crash, with U.S. and European lawmakers already pushing for stronger action.
