A new twist in the Terra (LUNA) case. While an informal poll indicated a massive rejection of the blockchain fork proposal, it has finally been accepted via on-chain voting with more than 65% of the votes.
Terra’s fork proposal is accepted
Decidedly, the community still seems solidly attached to the Terra (LUNA) project. A few days ago, its co-founder, Do Kwon, had issued a proposal for a fork of the blockchain. Called “Terra 2 Ecosystem Recovery Plan”, it was proposed to the community since May 18 via an on-chain vote on Terra Station.
Initially, a first survey had been submitted to the community to collect their opinion on this project. It was 92% for “No”, against only 8% for “Yes”. However, this did not seem to discourage Do Kwon who still presented his proposal to the community.
Since the Terra blockchain operates on the format of a decentralized autonomous organization (DAO), it is the LUNA holders who must vote for the proposal, in proportion to the number of tokens they hold. Except that, against all expectations, the results were not in the same direction.
About 83% of the eligible addresses gave their votes for this proposal. Of these, 65.5% voted for a “Yes”, almost 21% abstained while only 13% voted for a “No”. A clear success for the project, despite the mixed opinions of the community and ecosystem stakeholders.
What does this mean?
As a reminder, Do Kwon has opted for a hard fork of the Terra blockchain. In other words, this will result in splitting the network into two branches. On the one hand, the Terra blockchain we know will be renamed to Terra Classic and its token LUNA to LUNA Classic.
On the other hand, the new branch will be called Terra and its token will keep the name LUNA. The token will be distributed as an airdrop in the following way:
- LUNA holders before the attack will share 35% of the total supply;
- The holders of aUST before the attack (on the Anchor protocol) will share 10% of the total supply;
- LUNA holders before the launch of the new blockchain will share 10% of the total supply;
- UST holders before the launch of the new blockchain will share 15% of the total supply.
For your information, the pre-attack snapshot was taken on May 7th, around 5pm. As for the post-attack snapshot, it will be done on May 26th, at around 10 pm. Obviously, we do not advise to invest in the LUNA to try to take advantage of this airdrop.