Do Kwon's Terra Revival Proposal Wins Community Vote Despite Early Criticism - world cultures

Do Kwon’s Terra Revival Proposal Wins Community Vote Despite Early Criticism

Terra, the algorithmic stablecoin project whose collapse earlier this month led to a widespread collapse of the entire crypto sector, is being restarted as Terra 2.0 in an effort to recover investor losses. The revival plan, which Terra CEO Do Kwon submitted to a vote over the course of a week since then — a vote that the new proposal has now won with 65% of Terra investors approving. Terra’s controversial proposal garnered 1,623 approval ratings of 65.5 percent with more than 200 million favorable votes. While 20.98% abstained from voting, the percentage of voting “no with a veto” was 13.20%.

The Terra community’s acceptance of the proposal now means that on May 27 a new LUNA-only blockchain will be launched in block 0, and the existing LUNA token will be renamed LUNA Classic. The new chain will not be a crossroads for the existing Terra blockchain; However, a snapshot will be taken of the token holders before and after the attack to drop the tokens to the LUNA Classic holders.

As such, the legacy Terra blockchain will still exist, but the team decided to abandon the failing stablecoin UST.

As part of the proposal, the Terra team is working closely with several central exchanges to support the upcoming airdrop for its community. 35% of LUNA tokens will be dropped to LUNA and UST holders before the attack. A large part of the token distribution will be allocated to Terra dApp developers and the general ecosystem.

No further details have been announced regarding the launch of Terra 2.0. So far, the majority of the Terra community supports the decision to relaunch the protocol – but it’s no surprise that some people are still outraged by the collapse of the Earth’s reservoirs and LUNA.

The charismatic and controversial South Korean entrepreneur, Do Kwon, founder of Terra, said the drive to restart the coin was to support the broader platform built around Terra.

While UST [the terra stablecoin] It has been the central narrative of terra’s growth story over the past year, the distribution of terrestrial tanks has led to the development of one of the strongest developer ecosystems in crypto, Kwon said in his proposal.

“The terra ecosystem and its community deserve to be preserved. Terra’s ecosystem contains hundreds of developers working on everything from challenging job markets to replaceable job markets, modern infrastructure and community expertise. Despite the malaise, [terra has] Strong brand and name recognition that almost everyone in the world has heard of.”

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