Terra Community Passes Proposal to Resurrect LUNA Crypto After Coin-Led Stable Crash – TechCrunch
nine days agoTerraform Labs founder Do Kwon shared a plan to revive the Terra ecosystem after the plunge of his stablecoin UST and cryptocurrency LUNA earlier this month sent crypto markets down with them.
Today, Terra’s plan has been approved and approved by the community.
“Terra 2.0 is coming”, Terra’s official Twitter account chirp Wednesday. “With overwhelming support, the Terra ecosystem voted to pass Proposition 1623, which calls for the creation of a new blockchain and the preservation of our community.”
The proposal would effectively create a new Layer 1 Terra blockchain without its algorithmic stablecoin. The old blockchain will be called Terra Classic (LUNC) and the new blockchain will be called Terra (LUNA), the company chirp. Luna’s symbol is the new Not to be confused with the old name of the exact same name (puzzling, I know.)
The proposal received 65%, or about 200 million votes, in favor of the plan, while 21%, or 54 million, abstained from voting, and about 13%, or about 41 million votes, “no”, according to the data of the “Terra” station. Votes are cast based on ownership of the LUNA token, with one vote per symbol, not per user.
Given that it has crossed the threshold, the restart plan will be rolled out on May 27.
Under the terms of the proposal, Terra will drop tokens over the air for community members who have never sold their old LUNA tokens or UST stablecoins amid the collapse of the ecosystem.
According to the plan, the tokens will be distributed as follows:
- 30% for its community complex.
- 35% of LUNA carriers prior to attack.
- 10% for ground tank holders before the attack.
- 10% for LUNA holders after the attack.
- 15% for ground tank holders after the attack.
Terra wrote that wallets associated with Terraform Labs and the Luna Foundation Guard will not be part of the airdrop whitelist.
“[This}willmakeTerraawhollycommunity-ownedchain”Terra[This}willmakeTerraafullycommunity-ownedchain”Terra[هذا}سيجعلTerraسلسلةمملوكةبالكاملللمجتمع،”Terra[This}willmakeTerraafullycommunity-ownedchain”TerraShe said. “We believe this is an important step to empower our ecosystem.”