Do Kwon puts his Terra revival plan to the vote

Terraform Labs CEO Do Kwon has put his Terra revival plan to the vote among holders of the ecosystem’s Luna governance token.

The plan is to fork the current Terra blockchain and allocate amounts of Luna to previous holders according to a set distribution. Many of the tokens would be subject to long vesting periods.

The proposal went live at about 7:30 a.m. ET on Wednesday. An hour later, it had 23.6 million LUNA voting in favor, with 11.3 million against.

Kwon said the proposal — which would see the original Terra network renamed Terra Classic – has support from a variety of projects including Nexus Protocol, Stader Labs and Flipside Crypto. 

“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,” said Kwon on Twitter.

Yet the community appears to be largely against the proposal, according to comments and votes on preliminary polls on the Terra governance forum. As The Block reported yesterday, one poll shows a clear majority against the idea. At present, the poll has had 6,200 votes, with 92% voting against Kwon’s proposal. This poll was open to anyone who logs into the Terra forum, whether or not they hold Luna, the network’s governance token.

For more breaking stories like this, make sure to follow The Block on Twitter.

© 2022 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.