So far…we have tended to vote for the “Terra” founder’s proposal to split from the main network
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Answer So far…we have tended to vote for the “Terra” founder’s proposal to split from the main network
UST and LUNA founder Do Kwon previously proposed a solution to the sudden fall of his coins, which shocked the cryptocurrency market last week.
Currently the focus from the Terra community is on Kwon’s new split proposal.
Terra’s proposal outlines plans for a hard fork, which means breaking off from the original mainnet, and starting a new network under new rules.
According to the Terra Builder Alliance, some venture capitalists, auditors, and others from Terra helped create the proposal.
In a tweet summarizing the proposal, Kwon suggested switching from the “old” series, which will be called “Terra Classic” from now on.
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1/ Terra Governance prop #1623 to rename the existing network Terra Classic, LUNA Classic ($LUNC) and revive the new Terra blockchain and LUNA ($LUNA).
vote here:
– Do Kwon 🌕 (stablekwon) May 18 2022
The current LUNA cryptocurrency (down from an all-time high of $116 to $0.0001733) will be renamed Luna Classic, or LUNC.
The new forked network currency will then be referred to as LUNA.
Notably, Kwon wrote on Monday that the new network will not feature the UST algorithmic stablecoin.
So far, 77% of LUNA holders have voted in favor of the proposal.
Voting will remain open for a week, and the proposal will need a 40% quorum to pass.
At the time of writing, 32 Terra auditors have voted in favor of the proposal, while 5 auditors have voted “no with a veto”.
But the Terra community seems to feel the opposite.
In a forum poll that received nearly 7,000 votes so far, 92% voted against the proposal, with many calling for “no split” in the comments section.
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This poll does not require a LUNA to vote.
Alternatively, many expressed a desire for a burning mechanism rather than total cleavage.
If the Terra split proposal passes, the new network is scheduled to launch on May 27.
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