The majority of the Terra community opposes Do Kwon’s blockchain hard fork proposal

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2022-05-18 08:26:47

According to an informal vote conducted in the Terra community (LUNA), the majority is disagreeing with CEO Do Kwon’s blockchain hard fork proposal.

The majority of the Terra community opposes Do Kwon’s blockchain hard fork proposal

Regarding the causes – consequences of the LUNA – UST incident, readers can see CHK’s report here:

CEO Do Kwon’s Hard Fork Proposal

As reported by CHK, on the morning of May 16, Terraform Labs CEO Do Kwon posted the latest “reconstruction” proposal for Terra after the recent collapse of the LUNA-UST model.

Accordingly, Mr. Do Kwon intends to hard fork the Terra blockchain into Terra Classic (old version – admitting UST de-peg and LUNA price divided hundreds of millions of times) and Terra (new version – bringing blockchain back to the time before de-peg) peg and issue new tokens).

The new token (still called LUNA, while the old token changes to LUNC) will have a fixed total supply of 1 billion LUNA and be airdropped to LUNA, UST holders, staking participants, and essential projects in the ecosystem according to a specific unlocking schedule.

Notably, the proposed hard fork makes no mention of the future of the stablecoin UST and the lending Anchor Protocol, two central components of the failed LUNA-UST model. Do Kwon stated: “Terra ecosystem is not only about stablecoin UST.”

However, not everyone agrees with the new hard fork restoration proposal for Terra.

The community strongly protested

Since the time of voting for CEO Do Kwon’s proposal has not yet been announced, the Terra community has conducted a informal vote to “probe” the thoughts of investors, validators, projects and components in the ecosystem.

The account that initiated the vote, morpheus9, briefly describes:

“There is no need to wait for the official proposal to be published to see the general sentiment of the community. This vote will force them to adjust now instead of wasting more days.

Should we fork?”

Poll results on Terra’s forum at 08:50 PM on May 17, 2022

The results returned were extremely surprising, because of more than 2,000 votes collected at the time of CHK’s writing, more than 90% opposed Do Kwon’s proposal. The majority of people who participated in the vote only commented briefly:

“No one wants to fork.”

Since before CEO Do Kwon’s proposal was announced, there have been many rumors that Terraform Labs will actively hard fork the blockchain and bring it back before de-peg because the LUNA-UST model is already inherently a LUNA-UST model. “irreparable”. However, many people have criticized that because Terraform Labs refused to acknowledge their economy had collapsed and still tried to save it, instead of accepting what happened and finding a way to fix it.

A voice in the industry is the CEO Changpeng Zhao of Binance exchange, which also saw the amount of LUNA held by them drop from a peak of $ 1.6 billion to only about $ 3,000, on May 14. comment as follows:

“Personal opinion. Not investment advice.

This plan will fail:

The hard fork will not add any value to the new chain. It’s all just vain hope.

– Transactions that have occurred after the blockchain snapshot, including on-chain and off-chain transactions (on exchanges) cannot be denied.

Where is the amount of BTC that should be used as a reserve fund?

Shouldn’t ALL of them be used to acquire UST?”

The Binance CEO suggested that Terra should find a way to overcome the consequences by burning the LUNA pumped to the market during the crash and rewarding those who managed to keep the UST price during that period, instead of denying the merits. their hard work and now hard fork the blockchain to a “like never before” de-peg time. Terra then revealed that the amount of 3 billion USD in Bitcoin accumulated by the Luna Foundation Guard fund had been disbursed to save the UST price, now the project only holds about 78 million USD, excluding LUNA and UST tokens.

In other polls on Twitter, more than 90% of the respondents chose to burn LUNA instead of hard fork the new chain.

Unofficial poll poll results on Twitter at 08:50 PM on May 17, 2022

However, it is still unclear what Terraform Labs’ next move is, whether it will accept CEO Do Kwon’s proposal and hold a community vote, or will continue to listen to the community.

There is an opinion that Terraform Labs has decided to fork the blockchain from the beginning and call for investment funds holding a large amount of coins to vote through it, at least Don’t call the old blockchain Terra Classic because it looks like Ethereum Classic, the project split from Ethereum after The DAO Hack 2016.

And yet, the team of project developers on Terra is also drafting a proposal to counter Mr. Do Kwon, arguing that the allocation of new LUNA tokens to the group of essential projects is too low, while holders LUNA and UST tokens receive up to 35% of the total supply.

Synthesized CHK, refer to TheBlock

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