Saturday, December 3, 2022

Terra Gets Under More Heat After Amending Proposal Mid-Vote

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Terra gets under more heat after amending proposal mid-vote and the proposal 1623 got voted when Do Kwon announced three revisions so let’s read more today in our latest cryptocurrency news.

The market experienced one of the most difficult weeks and it was only deepened further by Terra’s crash. While Terra’s ecosystem founder Do Kwon put toward the revival plans, he amended one and he did so while the proposal 1623 was being voted on. Dubbed the Rebirth Terra Network plan, Kwon revealed that he modified the proposal to accommodate the community feedback. He asserted that if a user is voted but disagreed with the new modifications, they can vote “no” and users have a few more days to change their vote.

The first revision increases genesis liquditiy and the initial parameters were bumped up from 15% to 30% while Terra said the measure aims to increase the token supply at launch and to mitigate inflationary pressures for the UST holders and post-attack LUNA holders but also UST holders. The second revision introduces a new liquidity profile for the luna holders and the wallets with less than 10K LUNA will have the same genesis liquditiy and 30% of them were unlocked at launch while the rest 70% of the liquditiy will be locked for a two-year vesting period.

Do Kwon Claims Terraform, labs, tax, south korea,
Do Kwon

The third change is involved in decreasing the distribution to post the UST holders and the allocation for post-attack holders that will be reduced from 20% to 15%. What sparked issues in the community was the fact that Terra went on to make more changes in the middle of the on-chain vote as one user tweeted:

“Agreed, wtf is this. How can you amend something already voted for…. Hey guys, we half way through the vote, you voted, buuuut, we changing what you voted for… No more faith, luna will crash no matter what they do…”

Terra’s credibility was questioned a few times now and the mid-vote changes further strained the confidence of the investors that still held on to LUNA for hopes of recovery. More than 79% voted in favor of the proposal while 15% voted “no with a veto” and the proposal will be discarded if the latter percentage crossed 33.4% if it receives approval from the validators. Kwon continued to be under scrutiny with the life savings of investors disappearing in a matter of days. The official records revealed that Kwon dissolved Terraform Labs Korea and shut down its headquarters in Busan a few days before the collapse of UST and LUNA.

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