{"id":10913,"date":"2022-05-18T18:38:21","date_gmt":"2022-05-18T18:38:21","guid":{"rendered":"https:\/\/nftandcrypto-news.com\/crypto\/early-polling-from-terra-vote-indicates-91-are-in-favor-of-rebirth\/"},"modified":"2022-05-18T18:38:23","modified_gmt":"2022-05-18T18:38:23","slug":"early-polling-from-terra-vote-indicates-91-are-in-favor-of-rebirth","status":"publish","type":"post","link":"https:\/\/nftandcrypto-news.com\/crypto\/early-polling-from-terra-vote-indicates-91-are-in-favor-of-rebirth\/","title":{"rendered":"Early polling from Terra vote indicates 91% are in favor of ‘rebirth’"},"content":{"rendered":"

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Terraform Labs CEO Do Kwon\u2019s plan to create a new blockchain \u201cwithout the algorithmic stablecoin\u201d TerraUSD (UST) has the support of 85 million community votes.<\/p>\n

In a proposal opened to the Terra (LUNA) community on Wednesday, more than 91% of votes at the time of publication were in favor of \u201crebirthing\u201d the Terra network \u2014 roughly 85 million out of 93 million, with up to 284 million votes yet to be cast. The proposal needs roughly 188 million votes in favor to pass before the window closes on May 25.<\/p>\n

At the time of publication, the biggest validator to come out in support of the proposal is Terra infrastructure provider Orbital Command, holding 1.39% of the voting power. Major validators with more than 2% of voting power have not yet made a decision, including cross-chain stablecoin bank Orion.Money with 8.63%.<\/p>\n

The governance proposal Kwon drafted on Monday called for a new chain named Terra not linked to UST, using the token LUNA. The \u201cold\u201d blockchain would continue to support \u201cresidual UST holders\u201d and operate under the name Terra Classic (LUNC).<\/p>\n

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1\/ Terra governance prop #1623 to rename the existing network Terra Classic, LUNA Classic ($LUNC), and rebirth a new Terra blockchain & LUNA ($LUNA) is now live. <\/p>\n

Vote here: https:\/\/t.co\/ZlGxNCUTMa https:\/\/t.co\/plj0guJwao<\/p>\n

\u2014 Do Kwon (@stablekwon) May 18, 2022<\/a><\/p><\/blockquote>\n

In addition to forking Terra, the proposal, if approved, would airdrop LUNA tokens to \u201cLuna Classic stakers, Luna Classic holders, residual UST holders, and essential app developers of Terra Classic.\u201d Terraform Labs’ wallet would also be removed from the whitelist for the LUNA airdrop, making Terra a \u201cfully community-owned chain.\u201d<\/p>\n

Despite the overwhelming approval of the proposal at the time of publication, many on social media seem<\/a> to be against forking Terra. Some users on the Terra subreddit suggested the network \u201cgo with a burn\u201d in an effort to compensate token holders rather than a hard fork.<\/p>\n

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Vote NO for the Terra Luna V2 fork! Vote for burn proposal!#luna<\/a> #Terra<\/a> #Terra_Luna<\/a> #DoKwon<\/a> #LUNAtic<\/a> #terraluna<\/a> https:\/\/t.co\/j3NOGYq79a<\/p>\n

\u2014 Boogie Chompeh (@boogiechompeh) May 16, 2022<\/a><\/p><\/blockquote>\n

Amid the uncertainty around the future of the Terra network, people at Terraform Labs have experienced their share of volatility. According to their LinkedIn profiles, three members of the Terraform Labs\u2019 legal team stopped working for the firm as of this week, and the National Assembly’s Political Affairs Committee in South Korea reportedly summoned Kwon for a parliamentary hearing regarding the volatility around UST and LUNA.<\/p>\n

Related: <\/em><\/strong>What happened? Terra debacle exposes flaws plaguing the crypto industry<\/em><\/strong><\/p>\n

Should the proposal pass, Kwon said<\/a> the new LUNA blockchain would go live on May 27 with \u201ca final snapshot\u201d taken of the LUNC network at block 7,790,000.<\/p>\n<\/div>\n