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78% Terra holders Favour HardFork, Will This Revival Plan Help LUNA to Bounce Back or Go Flop?

Written by: Qadir AK

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Qadir AK

Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.

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May 18, 2022

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Terra’s very contentious proposal to hard-fork the blockchain has opened voting, according to founder Do Kwon.

Early vote shows that more than 78 percent of the Terra community supports forking the blockchain and producing Terra Version 2.0. Approximately 21.7 percent of holders voted against the proposal and exercised their veto authority.

The UST stablecoin will be removed from the new Terra, although it will remain in the older version. Terra Classic will be the name of the original Terra, while LUNA Classic will be the name of its native token.

However, the early voting results significantly contradict the general discourse around the Terra blockchain. Holders on Twitter, as well as a preliminary vote, have rejected the forking of the chain. 

Only 54.9 million voters out of a total of 376.2 million have voted thus far. The voting period will last seven days. 

Developers shower support

The Terra Builder Alliance, which is made up of various Terra developers, proposed the fork. Several Terra validators are part of the organisation, as as DeFi programmes such Nebula Protocol, Nexus Protocol, and Terraswap. 

The idea, dubbed “LUNA Go Forward,” will fork the Terra chain into a new chain and produce a new LUNA token at first. This coin will be sent to all Terra stakeholders, with a snapshot taken both before and after the crash.

Do Kwon’s Terraform labs will continue to play an important part in Terra’s infrastructure maintenance. The new network will go live on May 27. 

While some holders and personalities were vocal in their opposition to Terra’s hard fork, the move was gaining traction among its developers.

Even before the idea was presented to a vote, all members of the Terra Builder Alliance had declared their support for forking. Using Terra’s current reserves to reimburse investors impacted by the fall is an alternative to forking, which is being urged by several big crypto players. 

Still, it’s uncertain how much goodwill Terra has left after the accident. Do Kwon, the company’s founder, could face criminal charges in South Korea as a result of the failure. 

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Qadir AK

Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.

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