Terra has opened the vote on its highly controversial proposal to hard-fork the blockchain, founder Do Kwon said on Wednesday†
Early voting indicates that more than 78% of the community is in favor of forking the blockchain and creating a Terra version 2.0. About 21.7% of the holders voted against the proposal and invoked their veto power.
The new Terra will discard the UST stablecoin, which will be retained by the older version. The old Terra is called Terra Classic, while the original token is called LUNA classic.
But the results of the early vote largely contrast with the broader rhetoric surrounding the Terra blockchain. Holders on Twitter had opposed the chain’s split, as well as a preliminary vote.
Who is behind the Terra fork proposal?
So far, only 54.9 million voters out of the eligible 376.2 million have voted. Voting will remain open for seven days.
The fork proposal was put forward by a coalition of several Terra developers, calling themselves the Terra Builder Alliance† The group consists of several Terra validators, as well as DeFi apps such as Nebula Protocol, Nexus Protocol, and Terraswap.
The proposal, called the “LUNA Go Forward” proposal, will initially split the Terra chain into a new chain and create a new LUNA token. This token will be dropped to all stakeholders in Terra, with a snapshot that can be taken both 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 be launched on May 27.
Validators, DeFi apps rally behind Kwon
While several individual owners and personalities had strongly opposed Terra’s hard fork, the move saw support among the developers grow.
All members of the Terra Builder Alliance had expressed their support for forking even before the proposal was put to a vote. The alternative to forking, which is being pushed by several major crypto figures, is to use Terra’s existing reserves to pay back investors affected by the crash.
Still, it is unclear how much goodwill Terra will be left with after the crash. Founder Do Kwon also faces possible criminal charges in South Korea over the collapse.
With over five years of experience in global financial markets, Ambar plans to leverage this knowledge for the fast-growing world of crypto and DeFi. His main interest lies in finding out how geopolitical developments could affect crypto markets and what that could mean for your bitcoin holdings. When he’s not scouring the internet for the latest news, you can play him video games or watch Seinfeld reruns. You can reach him at [email protected]
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