The preliminary results of the Terra fork vote bring up to 85% of LUNA holders a “yes”. A result that may change entirely as this vote ends next Wednesday.
“Plan 2” 85% validated
After the fall of Terra, Do Kwon proposed a rescue plan for the entire blockchain ecosystem. It consists of the division of Terra: Terra (without UST) and Terra Classic, plus an airdrop. Before running it, the community must first validate the Terra fork through the Choose. LUNA owners had one week to fill the ballot boxes: May 18-15.
Here are some numbers to help you gauge the preliminary results of this Terra Fork poll:
- 9% of voters are against this plan;
- 2% of the votes seem undecided;
- 0.4% of the votes do not approve the plan without a veto;
- 22% of the votes or 35 notable accounts and validators are in favor of sharing;
- so far only 27.8% of the voting rights have been distributed;
- and 85% of LUNA owners are in favor of the Terra fork.
Note that the veto is used when the opposition vote reaches 33%.
The way things are going, separation from Terra is imminent. Except that there is one parameter to consider: the 85% of LUNA holders who have validated the fork are retail investors. And it could be that the big validators have spread their fortunes to less important addresses.
13% of voters say “no”
And it’s no less for this governance vote at all. This does not guarantee the success of the Terra fork. In fact, 12.6% of the votes are against the ” card 2 “. Going up the slope and reaching 33.3% will veto that split.
Note that the 13% comes from 9% of voters totally opposed to the fork, 0.4% opposed to the unvetoed plan, and 2% undecided.
In addition, the participation in this vote is still very low. So far, around 27.8% of the voting rights have been distributed. Many of the most powerful validators have yet to say their final word. It should also be noted that much of the LUNA has yet to be claimed.
Conclusion: So far, no clan has gained influence. We’ll have to wait for the voting to end on May 25th to decide the fate of the Terra fork.
Do Kwon changes the content of the Terra fork
Recently we said that the Terra series could take a little longer to finish. First, there’s this remark from Kwon about Terra’s fork plan:
” This will be a living document to coordinate the launch of the new network with the community. Details are subject to change. »
And what happened in the middle of the Terra Fork vote? Do Kwon actually suggested reviewing the way LUNA is redistributed. This with the aim ” consider Comments from the community embittered by the split.
” Some token allocation details have been changed in the proposal to reflect community feedback. If you have already voted and do not agree with the changes, please vote “No”, you have 5 days left to do so. »
So there will be a new distribution of promised tokens for users who owned 10,000 LUNA (or less) before the fall of Terra. While their share was set at 15% in the original proposal, it will be revised to 30% when the new blockchain is launched. It will take 2 years to unlock the remaining 70%.
for kwon, this would cover 99.81% of the LUNA portfolios while only 6.45% of the total LUNAs are represented during the pre-attack “.
At the same time, the CEO of TerraForm Labs proposed the reduction of LUNA to the holders of the UST stablecoin who placed their token on Anchor. As a mod, it will take 5% of the initial 20% from the latter.
” The 5% saved goes to the community pool he hinted.
It’s normal for Do Kwon to revise his plan to fork Terra. Because all of his suggestions had to meet opponents who, according to an observation in the Terra forum, achieved 91%. We therefore expect the final judgment of the community next Wednesday.
Source: BFM TV; The Coin Republic
Receive a roundup of what’s new in the cryptocurrency world by subscribing to our new daily and weekly newsletter service so you don’t miss anything from the essential Cointribune!
The blockchain and crypto revolution is underway! And the day the impact is felt on the world’s most vulnerable economy, I will say against all hope that I had something to do with it
#Fork #Terra #early #voting #support