The community vote on Terra’s proposal to create a new blockchain will end later in the day, with a majority of LUNA holders in favor of the fork.

With six hours left to vote, more than 67% of the holders voted yes. Just over 12% of holders opposed the vote, while 20% abstained, data shows.

So far, nearly 81% of all LUNA holders have voted. Many of the holders who supported the proposal turned out to be validators on the Terra blockchain.

Under the proposal, a new Terra chain will be created, while a new LUNA token will be broadcast to the current holders. The new chain will ditch the UST stablecoin.

When will the new Terra be launched?

Under the proposal, Terra founder Do Kwon said the new chain could go live as early as May 27. Kwon’s timeline implies that the Genesis file will be created on May 27, just before launch.

Terra also recently clarified that the new chain is not intended to be a hard fork, but rather an entirely new blockchain.

Kwon and Terraform Labs (TFL) are already collecting snapshot data for the airdrop. Holders from before May 9 – when the de-pegging happened – will receive a higher share of the airdrop.

Terra holders speculate that the snapshot for holders after the de-pegging could happen as early as May 26, when block 7,790,000 is generated on the blockchain.

Do Kwon, TFL Facing Community, Regulatory Backlash

While the proposal will remove TFL and Kwon from the new Terra blockchain, the creator has received a lot of anger over the crash.

South Korean authorities are reportedly taking legal action against Kwon and TFL on multiple fronts, including fraud and tax evasion.

The crash is also expected to raise crypto regulations around the world, with lawmakers in the United States and Europe already calling for more action.

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 personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or the publication is not responsible for your personal financial loss.

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