Terra’s governance vote closed on Wednesday evening Asia time with 65.50% of governance voters in favor of Terraform Labs CEO Do Kwon’s proposal to create a new blockchain.
See related article: Terra raises aUST initial token float to 30% in revival plan amendment
Fast facts
- Kwon’s “Terra Ecosystem Revival Plan 2” ditches the algorithmic stablecoin TerraUSD (UST) in the new blockchain that will take the name Terra (LUNA), while the old network and cryptocurrency will be called Terra Classic and LUNA Classic (LUNC).
- New LUNA tokens will be airdropped to stakers and holders of TerraUSD (UST) and LUNC, with the distribution rate varying based on when the tokens were held by investors.
- Around 13.53% were against the proposal with 20.98% abstaining, out of 83.27% of total network voters.
- About 91% of more than 7,300 voters from the Terra online community rejected Kwon’s hard fork proposal in a preliminary and unofficial vote — the term hard fork did not appear on the amended version of the proposal.
- Some that opposed Kwon’s proposal advocated for the burning of LUNA tokens to reduce supply.
- Kwon replied to such suggestions on Twitter to say the tokens cannot be burned as it is owned by investors, not Terra.
See related article: Terra raises aUST initial token float to 30% in revival plan amendment