Terraform Labs CEO Do Kwon posted an update to his proposal to revive Terra and LUNA at 4:55 p.m. Hong Kong time, which omitted the notice of putting the plan up for a governance vote.

See related article: Do Kwon proposes Terra fork to ditch UST and ‘LUNA Classic’

Fast facts

  • Kwon’s updated “Terra Ecosystem Revival Plan 2” no longer includes the word “fork” but still proposes the creation of a new chain under the name Terra (LUNA), while the existing chain and token will be called Terra Classic and LUNA Classic (LUNC), respectively.
  • The proposal to ditch algorithmic stablecoins is still in the updated proposal.
  • The original proposal, posted on Tuesday, stipulated that the hard fork will be put up for governance vote on May 18, Asia time.
  • The preliminary poll of around 6,000 votes and increasing, resulted in 92% of voters rejecting Kwon’s proposal with community members urging the network to rather burn LUNA to reduce the supply.
  • Details on token distribution for Terra LUNA “Classic” and UST holders have also been readjusted. 
  • Do Kwon’s proposed network is scheduled to launch on May 27, this year.

See related article: UST, LUNA mess hits S.Korean P2E tokens; stocks bleed red