Terra’s highly controversial proposal to fork the blockchain has opened the vote, according to founder Do Kwon.
Early voting shows that more than 78 percent of the Terra community supports forking the blockchain and producing version 2.0 of Terra. Approximately 21.7 percent of the holders voted against the proposal and exercised their veto authority.
The UST stablecoin will be removed from the new Terra, though it will remain on the old version. Terra Classic will be the name of the original Terra, while LUNA Classic will be the name of its native token.
However, the results of the early voting significantly contradict the general discourse on the Terra blockchain. Headlines on Twitter, in addition to a preliminary vote, have rejected the chain fork.
Only 54.9 million voters out of a total of 376.2 million have voted so far. The voting period will last seven days.
Developer Shower Support
The Terra Builder Alliance, which is made up of various Terra developers, proposed the fork. Various Terra validators are part of the organization, such as DeFi programs like Nebula Protocol, Nexus Protocol, and Terraswap.
The idea, dubbed “LUNA Go Forward,” will split the Terra chain into a new chain and produce a new LUNA token at the start. This coin will be sent to all interested parties on Terra, with a snapshot taken before and after the crash.
Do Kwon’s Terraform Labs will continue to play an important role in maintaining Terra’s infrastructure. The new network will go live on May 27.
While some headlines and personalities expressed opposition to the Terra hard fork, the movement was gaining traction among its developers.
Even before the idea was put to a vote, all members of the Terra Builder Alliance had declared their support for the fork. Using Terra’s current reserves to reimburse investors affected by the crash is an alternative to the hard fork, which is being urged by several big crypto players.
Still, it’s unclear how much goodwill Terra has left after the accident. Do Kwon, the company’s founder, could face criminal charges in South Korea as a result of the flaw.
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