- Terra (LUNA-USD) users began voting on founder Do Kwon’s revival proposal today
- Preliminary voting shows that users are largely in support of the proposal
- If approved, changes will be implemented starting May 27
As the crypto market workers to recover, Terra users are still locked in debate over how to move forward. The founder of the network is hard at work trying to appease everyone, culminating in a new proposal for a massive Terra makeover. And contrary to what investors might have believed yesterday, his proposal is receiving a decent amount of support.
When TerraUSD (UST-USD) de-pegged and it and LUNA began to rapidly crash, investors stacked up hefty losses. Some were lucky enough to get out early, others are essentially waiting for a miracle.
A lack of response from developers made the situation trickier. Do Kwon, a frequent Twitter user, went nearly silent as investors scrambled to get answers. Then, when he finally did come out with a plan, users had mixed feelings.
The original Terra Ecosystem Revival Plan, issued last week, called for a hard fork. This fork would split Terra into two camps: the user-centric Terra Classic and the developer-centric Terra 2.0. The former would replace LUNA with a new token called LUNC and keep the algorithmic stablecoin model, while the latter would utilize LUNA and see developers issue large token drops to developers.
Revamped Terra Revival Plan Sees Early Support
Users were not fans of hard forking the Terra chain. One user conducted their own preliminary poll, which saw users overwhelmingly vote against the idea of a hard fork. Over the last two days, though, Kwon has made tweaks to the proposal that are turning users’ opinions around.
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
As official polling begins for this proposal, it looks like those initial skeptics are turning into believers. Early voting shows significant support for Kwon’s plan, with 91% of voters thus far approving it. If the plan sees user approval, developers plan to launch the revamped networks around May 27.
On the date of publication, Brenden Rearick did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.