From Terra to Terra Classic; Will this revive LUNA?

Sahana Kiran
Source – Unsplash

The decline of Terra paved the way for an array of speculations, loss, backlash, and much more. The demise of both LUNA, as well as UST, had the community believing that it was over for the network. However, Do Kwon, the founder, and CEO of Terraform Labs has plans for revival. Community proposals have been pouring in. While some focus on immediate recovery a few others have been pitching ideas that aid in the proper resurrection of the system. The one that seems to have made it to the cut was a possible hard fork.

However, now, Kwon had to seek votes from the holders of the LUNA governance token. Further elevating his revival plan, Kwon urged the community to pour in their votes. This plan will reportedly switch up the blockchain. The Terra governance proposal #1623 will even instigate a change in name to Terra Classic and LUNA Classic [LUNC].

The aforementioned proposal went live at 7:30 AM ET today and has managed to attain millions of votes so far. At press time, over 11 million accounting for 24.20 percent were against the proposal, while nearly 38 million voted in favor. This meant that 76 percent of them wanted a fork. However, a total of 188 million LUNA votes would be required for the proposal to achieve a green signal.

Kwon’s tweet read,

“If the proposal is successful, a final snapshot will be taken of the Terra Classic network at block 7790000 (2022.05.27 03:59:51+08:00), and a new network will be born.”

Preliminary polls on the Terra governance forum suggest otherwise

This proposal has been making the rounds since yesterday and so has this poll that shows the community did not want to move ahead with the fork. Among a whopping 6365 voters, only 8 percent wanted a fork. The other 92 percent were against it. However, this poll was open to those who log into the forum without having to hold LUNA.

While this led to an array of speculation on how the fork was dead even before its arrival, the latest voting seems to be suggesting otherwise.