A vote pertaining to Terraform Labs CEO Do Kwon’s “updated and final” Terra revival plan was posted at 7:17 p.m. Wednesday Hong Kong time, with the majority favoring the proposal, while a preliminary vote was rejected in a landslide.
See related article: No hard fork, governance vote in Kwon’s updated Terra revival proposal
- The running tally as of press time showed 87.5% in favor of the plan while 10.5% opposed, out of 33% of Terra’s governance voters.
- The vote quorum stands at 40% and closes on May 25.
- Kwon endorsed the vote on Twitter, adding that a “new network will be born” if the proposal is successful.
- Kwon’s revival plan ditches the algorithmic stablecoin UST and proposes creating a new chain that will take the name Terra (LUNA) while the existing network and cryptocurrency will be renamed Terra Classic and LUNA Classic (LUNC).
- A preliminary vote posted on Tuesday showed 92% out of almost 7,000 votes were against Kwon’s earlier version of the proposal, before the Terra CEO updated the plan on Wednesday.
- Kwon’s critics asserted a hard fork of the Terra blockchain included in Kwon’s initial plan was unnecessary, suggesting LUNA supply reduction through token burns.
See related article: Blood moon: Terra’s LUNA rescue plan panned by industry, investors