Terra Community Approves Do Kwon's Plans to Revive Project


On May 26,
"proposal 1623," by Terra illustrating plans to revive the collapsed Terra
ecosystem, has passed and been supported by the community.
On May 16, Do
Kwon, the founder of the Terraform Labs, proposed a plan to revive the Terra
Ecosystem which included the creation of a new blockchain and issuing new LUNA
tokens, after its stablecoin UST and cryptocurrency LUNA nosedived earlier this
month, bringing down the crypto markets with them.
“Terra 2.0 is
coming,” Terra’s official Twitter account tweeted on Wednesday. “With
overwhelming support, the Terra ecosystem has voted to pass Proposal 1623, calling
for the genesis of a new blockchain and the preservation of our community.”
The proposal will
successfully make a new layer-1 Terra blockchain without its algorithmic
stablecoin. The organization tweeted that the old blockchain will be called
Terra Classic (LUNC) and the new blockchain will be called Terra (LUNA).
As per
information from Terra Station, the proposition had 65%, or around 200 million
votes, for the plan, while around 21%, or 54 million, declined, and around 13%,
or 41 million, cast a ballot no. The votes are projected in light of the LUNA
token proprietorship, with one vote for each token, not per customer.
Considering that it has passed its limit,
the relaunch plan will be carried out on May 27.
According to the
provisions of the proposal, Terra will airdrop tokens to local area individuals
who never sold their old LUNA tokens or UST stablecoins amid the ecosystem’s
downfall.
The wallet tied
to Terraform Labs and Luna Foundation Guard will not be a part of the airdrop
whitelist Terra wrote, "(This) will make Terra a fully community-owned
chain." Terra said, "We believe this is an important step to
empowering our ecosystem."

Joyashree Dey
CBW - External Analyst
INDIA