Proposal to rebirth Terra passes as 65% vote ‘yes’

Lavina Daryanani
Source: YouTube

The Terra team has been tirelessly working to revive the ecosystem post the de-peg fiasco. In what is the latest development, the team announced that they’ll officially be launching a new blockchain named LUNA 2.0.

Per one of the official updates,

“Terra governance Proposal No. 1623 to rename the existing network Terra Classic (LUNC), and rebirth a new Terra blockchain (LUNA) has officially passed!”

This officially means that the new LUNA 2.0 will launch in the next 2 days, on 27 May 2022. Notably, the proposal to rename and create a new blockchain received over 200 million ‘yes’ votes. 1 million of them voted against the said proposal, while 64 million of them abstained from voting for the same.

This said fork would now let applications that were hosted on the old Terra blockchain migrate to the new one instead of having to rework their projects.

Stalwarts from the space have already been extending their helping hand to aid the revival of the project. In one of the recent announcements, the world’s largest exchange by volume, Binance, proclaimed that they’re working in conjunction with the Terra ream on the recovery plan. They further intend to provide impacted users on Binance with the “best possible treatment.”

What else the recovery plan entails

Per the recovery plan, millions of LUNA tokens would be distributed to supporters. The value of the same is expected to rise once people end up adopting the new blockchain. Essentially, the vote was open to LUNA HODLers and one token was equal to one vote.

The vote about whether or not to fork the blockchain was initially proposed by Do Kwon on 18 May. Per the same, LUNA would be the only currency to be used by applications and projects based on the new blockchain.

Also, per the proposal, the old blockchain—rechristened Terra Classic— would still exist and host UST. However, the applications built on the old blockchain and the organizations validating the transactions would plausibly move to the new blockchain.