Early polling from Terra’s hard fork proposal vote shows over 91% are in favor of ‘rebirth’

Do Kwon's Hard fork proposal is garnering overwhelming support so far but some social media users are suggesting the network burn its Luna tokens.
May 19, 2022 - Cynthia Chung

Terraform Labs CEO Do Kwon announced its new plan to create a brand new Blockchain dubbed Terra Classic ridding the algorithmic stablecoin - Terra’s UST is backed by 85 million group votes. 

 

The proposal vote was made live on Wednesday, with over 91% of votes favoring the ‘rebirth’ of the Terra community at the time of writing. This amounts to approximately 85 million out of 93 million votes with up to 284 million votes yet to be cast. The proposal is aiming for 188 million favorable votes in order to pass before the window closes on May 25. 

 

The most significant validator to support the proposal is Terra infrastructure supplier Orbital Command, holding 1.39% of the voting power. Other validators with more than 2% of voting power have not made their decision yet, along with cross-chain stablecoin financial firm Orion.Cash with 8.63%. 

 

The governance proposal published by Kwon on Monday involves the creation of a new Blockchain, which will abandon UST and use the token Luna. The former blockchain would help ‘residual UST holders’ and will be renamed Terra Classic (LUNC). 

 

'Terra governance prop #1623 to rename the existing network Terra Classic, LUNA Classic ($LUNC), and rebirth a new Terra blockchain & LUNA ($LUNA) is now live,' Kwon wrote on Twitter. He added that the proposal is backed by over 15 'Terra builders'.

 

 

The hardfork means the splitting of the Blockchain and new rules will be applied to the protocol along with the existing one. One chain will become the ‘main’ chain as the two chains continue to exist. 

 

In addition to the hard fork, Luna tokens will be airdropped to ‘Luna Traditional stakers,  Luna Traditional holders, residual UST holders, and important app builders of Terra Traditional.’ Terraform Lab’s wallet will also be removed from the whitelist to make Terra a ‘fully community-owned chain’. 

 

Despite the overwhelming support shown toward the proposal thus far, many are taking the offensive on social media. Some users on Terra subreddit suggested the Terra community to ‘go along with a burn’ to compensate token holders. 

 

Photo: Envato Elements, Twitter @stablekwon

MORE CONTENT

EXIT Festival partners with NFT-TiX to offer NFT Tickets

Jul 05, 2022

Disney and Cinemark to release Thor: Love and Thunder NFTs

Jul 05, 2022

Facebook begins testing Ethereum and Polygon NFTs on profiles

Jul 04, 2022

OpenSea’s users’ emails leaked in a recent data breach

Jul 01, 2022