Terra Revival Plan Proposes Hard Fork, Vote Happening Tomorrow

Terra Revival Plan Proposes Hard Fork, Vote Happening Tomorrow

Created 1yr ago, last updated 1yr ago

Do's proposal, if passed, would see Terra split into two blockchains — Terra and Terra Classic.

Terra Revival Plan Proposes Hard Fork, Vote Happening Tomorrow

It wouldn't be a real news day without a new proposal on how to save Terra.

In an update to his weekend proposal, Do Kwon published a "Plan 2" post on the Terra forum.

The updated proposal suggests forking the blockchain into a new chain without UST. The old Terra chain would be called Terra Classic with a Luna Classic token, while the new chain would continue as Terra (LUNA). The chain would be fully community-owned, and the Terra Foundation wallet would be removed from the whitelist for the airdrop.

The token distribution would see the one billion tokens distributed across existing LUNA holders:

  • 25% - Community pool
  • 1% - Essential Developers emergency allocation
  • 4% - Essential developers
  • 35% - All bonded / unbonded Luna, minus TFL
  • 10% - Luna holders (staking derivatives included) at the “Launch” snapshot
  • 25% - UST holders at the “Launch” snapshot

Particularly contentious is the proposal to airdrop part of the new LUNA tokens according to the "Launch" snapshot, which is only to take place on May 27. DeFi educator Route2Fi commented:

The proposal comes off the back of criticism by Changpeng Zhao, who said that forking a blockchain does not create value. A government proposal that whales could possibly exploit is sure to draw more criticism from Crypto Twitter.
However, CEO Do Kwon already got the hashtag #TerraIsMoreThanUST trending among the Terra community, suggesting there is a significant amount of grassroots support for his proposal.

With the vote to occur in the morning hours of May 18 in Asia, the next episode of the Luna drama is already scheduled.

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