Terraform Labs CEO Do Kwon proposed a Terra network rebirth. It got the support of the majority in a new poll with a design to save the troubled LUNA token.
Kwon’s Monday governance plan proposed a separate chain dubbed Terra. This would be independent of UST and use the token LUNA. The “old” blockchain, known as Terra Classic (LUNC), will continue to support “residual UST holders.”
Do Kwon says Terra network rebirth will save LUNA
More than 77% of votes in a proposal presented to the Terra (LUNA) community on Wednesday favored a network rebirth. That figure represents 85 million out of 93 million, with 284 million votes left to cast. Before the May 25 deadline, the measure needs around 188 million votes to pass.
At the time of writing, Terra infrastructure provider Orbital Command was the most vocal supporter of the proposal, with 1.39% of the voting power. However, higher validators with more than 2% voting power have yet to make a judgment, including cross-chain stablecoin bank Orion.Money, which has 8.63%.
If approved, the proposal would fork Terra and airdrop LUNA tokens to “Luna Classic stakers, Luna Classic holders, residual UST holders, and essential app developers of Terra Classic,” as well as remove Terraform Labs’ wallet from the LUNA airdrop whitelist, making Terra a “fully community-owned chain.”
Not the best proposal?
Despite the widespread support for the proposal, however, many people on social media appear to be opposed to forking Terra. Instead of a hard fork, several Terra users urged the network “go with a burn.”
If the proposal goes through, the new LUNA blockchain will go live on May 27 with a “final snapshot” of the LUNC network obtained at block 7,790,000.