In a recent update, your own community strongly opposed the proposal to fork the current LUNA chain into LUNC. The proposal is said to have received huge backlash as they mainly intended to create a new chain without the stablecoin algorithm. On the other hand, the community believed that burning LUNA tokens was the only option to raise the price.

Do Kwon had previously proposed a revival plan under which a new chain will fork into a new chain. However, the official government vote will start on May 18 and the previous sentiment as a result of a preliminary vote held by almost 10,000 validators. And therefore, according to the latest reports, validators are against forking the chain and rather insist on burning excess LUNA tokens.

Will this affect the price of LUNA?

Well, it’s not the first time that Terraform Labs has tried to bring the LUNA price and UST parity back to normal levels. But ultimately it didn’t and the price continued to exhaust heavily until it reached the lower support. However, the bearish scenario is slowly building up and is poised to push the price south.

However, after the preliminary vote, the proposal is expected to be presented on May 18, 2022, and in addition, Terra Core will start with the removal of the oracle, treasury and markets modules. Network launch instructions will be available to validators on May 21.

Was this writing helpful?



This post Terra Fork Recovery Plan Invites Major Opposition, Will This Negatively Affect LUNA Price?

was published first on https://coinpedia.org/news/terras-fork-recovery-plan-invites-huge-opposition-will-this-adversely-impact-the-luna-price/

Author

Write A Comment