Sat. Apr 13th, 2024

Majority Of Terra Community Wants New Luna Chain Without UST

By Mahesh Limbani May 21, 2022

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The Terra community has been deliberating on the way forward after the crypto lost over 95% of its ATH value. Many in the crypto community at large have offered their opinions regarding a possible revival of the Terra ecosystem. However, a recent proposal by Do Kwon and Terra team to fork LUNA didn’t go down well with the majority.

Now, Do Kwon is fielding another plan to the community. The plan is to create another LUNA chain with new LUNA coins without linking it to UST. For starters, it’s the market attack that happened on UST that caused the crash of the entire Terra ecosystem. This is perhaps the reason why the community is now in favor of Do Kwon’s current proposal. A tweet shared by Watch Guru shows that the around 79% of the LUNA community is in support of the new plan.

The Vote

At the time the tweet was shared, voting had covered around 43.8% of the community, with 3.5% abstaining from the vote. About 0.32% voted NO while 16.45% voted NO with Veto. However, it’s clear that 79.71% of the voters are in the YES camp.

Initial Fork Proposal Rejected

A few days ago, Terra fielded another proposal to fork Luna. This plan would create two coins – new LUNA and old LUNC. However, at the time, 90% of the community wasn’t in favor of this plan. This resistance was probably because Do Kwon and his team planned to retain the UST connection with the new LUNA.

Many were of the opinion that all the extra LUNA should be burned to reduce the coin’s total supply and create demand. This would work to shore up the crypto’s price and save the ecosystem. It’s not yet clear whether the final tally after the voting will still be in favor of the new plan, but there’s growing optimism considering that the YES camp started with a clear lead.

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The content is for informational purposes only and may include the author’s personal opinion, and does not necessarily reflect the opinion of TheCryptoBasic. All Financial investments, including crypto, carry significant risk, so always do your complete research before investing. Never invest money you cannot afford to lose; the author or the publication does not hold any responsibility for your financial loss or gains.

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