The Terra community is not sure about Do Kwon’s hard fork proposal as some are quite vocal against it, but the validators are in favor so let’s read more today in our latest cryptocurrency news.
As UST and LUNA founder Do Kwon has a hard time resolving the currency crash that shocked the market last week, the Terra community is not sure about a proposal for a hard fork. The proposal for The Terra Blockchain outlined plans for a hard fork which means it is split off from the original chain that the new chain operated under the new rules. Accoridng to the Builder Alliance, some of Terra’s VCs, validators, and others helped to create a proposal.
1/ Terra governance prop #1623 to rename the existing network Terra Classic, LUNA Classic ($LUNC), and rebirth a new Terra blockchain & LUNA ($LUNA) is now live.
— Do Kwon 🌕 (@stablekwon) May 18, 2022
Kwon suggested that the old chain will be referred to as Terra Classic and the existing LUNA cryptocurrency will be renamed Luna Classic. The new forked chain’s currency will be referred to as LUNA and Kwon noted that the new chain will not have UST on it. So far, 89% of those staked with LUNA voted in favor of the proposal and the vote will remain open for a week and will need a quorum of 40% to pass. 22 Terra validators voted in favor of the proposal while DSrV labs voted “no with a veto.”
The broader Terra and crypto community seems to feel the opposite and in the forum poll with 7000 votes, 92% voted against the proposal to hard fork the chain with many demanding “no fork” and the poll doesn’t require one to hold LUNA but most voiced their desires for a burn mechanism rather than a hard fork:
“I will support the fork ONLY AFTER someone from the team explains WHY we can’t implement a burn. The majority of the community wants that and is willing to stay and support the project, and I’m missing why tf [sic] they’re being ignored. Till then, it’s a NO.”
Others are condemning Kwon and the Terra team for the authoritarian approach:
“[They] are not considering the will of the community. Every minute it becomes more evident that the same people who caused the disaster are in authoritarian control looking to get rid of the coup they gave. The community shouting NO and they pretending [sic] they don’t see it, simply continuing with their own plan.”
Another member called Kwon a narcissistic asshole but it is not just the community that seems to be against a hard fork proposal since the Binance CEO Changpeng Zhao argued that forking doesn’t give the new fork any value. Billy Markus, the creator of Dogecoin noted:
“The only way it works is for a massive amount of even stupider people [to] want to throw their money in a dumpster fire to save one of the dumbest things to ever happen in crypto.”
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