Terra’s recovery plan to stabilize the blockchain and restore some value appears to be mired in technical difficulties.

About two proposals related to the recovery plan have not been implemented since last week due to problems with the smart contracts behind it.

The proposals aimed to burn off excess UST and also restore inter-blockchain communication between Terra and other chains, allowing holders to move their LUNA and UST back to Terra.

The errors come as Terra prepares to hard fork the blockchain and launch a new version. So far, 66% of LUNA holders are in favor of the proposal.

Two Terra proposals are not implemented

The more serious of the two failures is Prop 1188, which aimed to burn about 1.4 billion UST tokens from Terra’s communal pool to support prices. But while users voted for the proposal, it was not implemented due to a smart contract flaw, which attempted to burn more UST from the pool than existed.

Terra suggested a updated proposal, number 1747to re-implement the measure currently being voted on.

The more recent of the two is Proposition 1299, which aimed to restore some degree of inter-blockchain communication (IBC) between Terra and other chains, in this case Osmosis.

The proposal was not implemented because a certain level of IBC channels had already been opened, causing a bug in the Terra smart contract. said in a Tweet

Developers are now working on restoring IBC channels more widely.

Will the hard fork perform?

With a majority of LUNA holders in favor of the new Terra, it seems likely that the board proposal will pass. But more than 13% of holders have also vetoed the proposal, so it’s unclear how their veto will be considered.

Still, the hard fork has been described technically as the biggest proposal ever made by the chain. The proposal aims to create a new Terra without Terraform Labs or the UST stablecoin. It will also drop new LUNA tokens, divided between pre-crash and post-crash holders.

Whether the developers, and Do Kwon, can achieve this without interruption remains to be seen. Kwon’s message is that the blockchain is still collecting data for the airdrop.

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]

The content presented may contain the author’s personal opinion and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication is not responsible for your personal financial loss.

This post Terra recovery plan mired in technical glitches, here’s why

was published first on https://coingape.com/terra-recovery-plan-mired-with-technical-issues-heres-why/


Write A Comment