Terra Founder Do Kwon put the Terra revival plan into motion as Terra users began voting on the revival proposal today. The “updated and final” revival plan was posted at 7:17 pm Hong Kong time and saw a significant majority vote in favor of the proposal. However, a preliminary vote was rejected by a landslide margin.
Community Debates How To Move Forward
As the crypto markets struggle to recover, Terra users are still in a quandary about their next steps and how to move forward from the recent debacle. Do Kwon, on his part, is hard at work to revive Terra while also keeping the community happy. Do Kwon’s latest proposal, which could lead to a significant change for Terra, has received some support early on.
When the de-pegging of TerraUSD occurred, leading to significant losses for investors, there was a lack of response from developers of the protocol. Do Kwon finally did come up with an initial revival plan, but that did not receive an enthusiastic response from the larger community.
The Original Recovery Plan
An initial recovery plan shared by Do Kwon, which was issued last week, proposed a hard fork, splitting Terra into two camps. One camp was the user-centric Terra Classic, while the other was the developer-centric Terra 2.0. The former would replace LUNA with another token, LUNC, keeping the algorithmic stablecoin model, while Terra 2.0 would utilize LUNA. The preliminary vote for the original revival plan shared by Do Kwon indicated that nearly 92% of the votes were against the initial recovery plan.
Updated Recovery Plan
The community was clearly not in favor of hard forking the Terra chain, with a user-generated poll seeing overwhelming opposition to the idea of a hard fork. Listening to the community, Do Kwon made significant changes to the initial proposal, which seems to have gotten the community on board.
As polling began for the updated proposal, early voting numbers have indicated overwhelming support, with 91% of the votes so far approving the plan. At the time of writing, an overwhelming 115,888,680 or nearly 80% of the community has voted in favor of the proposal, while only 0.35% of the community has voted against it, while 20% have voted as “no with a veto.”
Critics of the original revival plan stated that the hard fork proposed in it by Do Kwon was unnecessary, suggesting instead that the LUNA supply should be reduced by token burning. If the updated plan is approved, we could see the launch of the revamped Terra networks by the 27th of May.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
Amara is a graduate in Business Management, and has been following the world of crypto since 2019. Having a keen eye for detail, Amara enjoys finding breaking stories via Twitter, official press releases and website blog posts. Outside of crypto, Amara enjoys rock climbing, dancing and spending time with her siblings.