- Terra’s proposal 1623 to fork the chain has thus far gathered the support of 90% of the community.
- Voting for the Terra proposal is underway and will continue for the next seven days.
- 95.4 million votes have been cast, roughly 25% of the potential total voters on Terra.
- The proposal needs a 50% threshold in terms of votes to pass.
- The Terra proposal is the second iteration of Do Kwon’s first suggestion to fork Terra into a new chain without stablecoins, with both chains coexisting.
Terra Proposal 1623, which is intended to fork the existing blockchain into Terra Classic, with LUNA Classic (LUNC) tokens, and the new Terra Blockchain, with LUNA (LUNA) tokens, is currently in the community voting stage.
According to Terra Station, 90% of the 95.43 million votes currently cast are for the proposal. The latter amount translates to 25% of the total potential voters in the Terra ecosystem. The votes cast are yet to meet the quorum needed of 40% and the 50% pass threshold with seven days still available for the community to decide on the fate of the Terra blockchain after almost two weeks of turmoil.
This Proposal has the Broad Support of Terra Builders – Do Kwon
One such builder on Terra is the team at Flipside Crypto, with the team expressing excitement at the potential renewal of Terra. They said:
It’s a passionate community of buidlers, developers, analysts + users all working to build a better future We’re excited to see this community come together on a vision for Terra 2.0 + support this proposal.
The team at Nexus Protocol echoed the sentiments of the team at Flipside Crypto by stating that ‘[the Terra Community] stands united’ and ‘believes in a future for Terra.’
Similarly, the team at WhiteWhaleTerra was for the proposal and explained it was impossible to please everyone. They said:
White Whale supports this proposal for Terra 2.0. We understand that it is impossible to make everyone happy in this situation and the proposal will never be perfect, however all things considered we are in agreement with the other builders that this is a viable path forward.
More on Do Kwon and Terra’s Proposal 1623
The second version of the proposal suggests the creation of a new Terra chain without the algorithmic stablecoin of UST. The new chain will be named Terra with the LUNA token. The old chain will be called Terra Classic with Luna Classic (LUNC) token.
LUNA will be airdropped to Luna Classic stakers, Luna Classic holders, residual UST holders, and essential app developers of Terra Classic. TerraForm Labs’ wallet (terra1dp0taj85ruc299rkdvzp4z5pfg6z6swaed74e6) will be removed from the whitelist of the airdrop, subsequently making Terra a fully community-owned chain.
Furthermore, a large portion of the token distribution will be set aside for ‘providing emergency runway for existing Terra dapp developers’ and ‘to align interest of devs with the long term success of the ecosystem.’ The network security of Terra will be incentivized through token inflation with a target staking reward of 7% per annum.