Technology

Do Kwon’s plan to rebirth the Terra blockchain gets approved

The governance vote on Do Kwon’s proposal to relaunch the Terra blockchain and create LUNA 2.0 tokens has passed. This will result in the creation of a new blockchain that will airdrop tokens proportionally to those affected, following the sudden collapse of the TerraUSD (UST) algorithmic stablecoin. In total, 65.5% of the total votes supported Kwon’s proposal. Only 13.2% who were opposed to the fork voted “no with veto.” Just over 20% of votes decided to abstain. Following Terra’s collapse, Terraform Labs CEO Do Kwon suggested the launch of a new network (initially describing it as a fork before that was corrected by Terraform Labs). The new blockchain will be called Terra whereas the current version of the chain will be renamed as Terra Classic.

Full story : Do Kwon’s plan to rebirth the Terra blockchain gets approved.

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