Do Kwon’s Plan for New Terra Blockchain Becomes ‘Final’ and Is Put to Vote

Altcoins Blockchain Do Kwon Stablecoin Terra

Author

Fredrik Vold

Author

Fredrik Vold

Author Profile

Share

Copied

Last updated:

October 23, 2023 09:01 EDT

Why Trust Cryptonews

Cryptonews has covered the cryptocurrency industry topics since 2017, aiming to provide informative insights to our readers. Our journalists and analysts have extensive experience in market analysis and blockchain technologies. We strive to maintain high editorial standards, focusing on factual accuracy and balanced reporting across all areas - from cryptocurrencies and blockchain projects to industry events, products, and technological developments. Our ongoing presence in the industry reflects our commitment to delivering relevant information in the evolving world of digital assets. Read more about Cryptonews

Ad Disclosure

We believe in full transparency with our readers. Some of our content includes affiliate links, and we may earn a commission through these partnerships.

A plan to revive the Terra (LUNA) ecosystem by creating a new blockchain without an algorithmic stablecoin has been designated as “final” and put to vote by Terraform Labs CEO and co-founder Do Kwon. (Updated at 13:00 UTC with details about the vote over Do Kwon’s proposal.)

By creating a new blockchain with its own native token, Do Kwon’s revival plan would airdrop the new token to holders and stakers of LUNA on the old chain, as well as what he called “residual UST holders” and “essential app developers.”

According to the plan, the old Terra blockchain would continue to exist as the “Classic” chain, with the current LUNA termed as luna classic (LUNC) token. The new chain will be called “Terra” with its token Luna (LUNA).

The proposal now has “[UPDATED AND FINAL]” added to its title.

At 12:05 UTC, Do Kwon said on Twitter that the proposal has been put to vote among LUNA holders on Terra Station. “Make your voice heard & cast your vote. Excited for this future & looking forward to rebuilding with the community,” the Terra founder added in a follow-up tweet.

1/ Terra governance prop #1623 to rename the existing network Terra Classic, LUNA Classic ($LUNC), and rebirth a new Terra blockchain & LUNA ($LUNA) is now live.

Vote here: https://t.co/ZlGxNCUTMa https://t.co/plj0guJwao

— Do Kwon 🌕 (@stablekwon) May 18, 2022

At 13:00 UTC, just over 43m LUNA had voted for the proposal, while 11.9m LUNA voted ‘No with veto’. The votes in favour of the proposal made up 78.3% of all votes cast so far. The voting ends in 7 days.

Under the new proposal, 45% of the new tokens will be airdropped to pre-attack holders of LUNA and UST, 30% to holders of LUNA and UST on May 27, and 25% to a community pool controlled by staked governance.

The now final proposal has already received the support of Nexus Protocol (PSI), a decentralized finance (DeFi) platform for Terra, which declared on Twitter that they “believe in a future for Terra […].”

https://www.twitter.com/NexusProtocol/status/1526851428496486401

At 10:30 UTC on Monday, LUNA traded at USD 0.00018, down 3% for the past 24 hours. At the same time, the failed stablecoin terraUSD (UST) traded at USD 0.094, nearly unchanged for the day.

____

Learn more: 
– Do Kwon’s New Terra Revival Plan Fights for Support as Trust Challenge Remains
– Vitalik Buterin & Binance CEO Chime In as Do Kwon Proposes Another Terra ‘Revival’ Plan

– After Terra’s Collapse, Cryptoverse Reflects on ‘Ponzi-like Assets’, Role of VCs, and ‘Ignorant’ Crypto People
– Luna Foundation Says Nearly Entire Bitcoin Stack Spent, Promises Compensation to UST Users

– Terra’s Do Kwon Liquidated the South Korean Arm of Terraform Before LUNA & UST Crisis
– South Korean Financial Regulators Begin Terra Probes, Politician Calls for Kwon to Face Parliamentary Hearing