Recently, after 7 days of voting on the voting platform, the proposal to revive Terra with the LUNA 2.0 token was officially approved by the community of Terraform Labs CEO supporters with 65% of the votes.
It is known that by convention, as long as the number of votes in favor exceeds 50%, the above proposal will be approved. The opposition can protest if the number of votes exceeds the threshold of 33.4%, but in reality, just over 13% of the votes rejected the proposal.
“With overwhelming support, the Terra ecosystem decided to adopt Proposition 1623, calling for the birth of a new blockchain and protecting its community,” a Terra representative posted on Twitter, and for know the time to release the new series is on May 27th.
Accordingly, a new blockchain will be born without the need for algorithmic stablecoins. This blockchain will be named Terra (LUNA) instead of Terra Classic (LUNC) as before.
Based on the terms of the proposal, Terra will issue tokens to all members of the community who have never sold LUNA tokens or stablecoins UST amid the downturn in the ecosystem.
One of the investors supporting LUNA
Although the new project has been approved, experts are still quite apprehensive after the damage caused by LUNA. This is considered one of the biggest Black Swan events in the Crypto market because of its particularly severe impact. No one would have expected that a stablecoin would fall below 1 USD, or that a top-ranked cryptocurrency could plunge from 100 USD to only 0.0001 USD.
Meanwhile, the retail investors are extremely indignant at the news of the newly approved project. They believe that most of LUNA 2.0 will be divided among whales, who own a large amount of LUNA, UST, and small individual investors will not benefit. The proof is that more than 65% of the votes in favor came mainly from the whales that benefited from the revival of Luna.
“I lost more than $450,000 and couldn’t afford the bank loan. I will soon lose my home and become homeless,'” one investor shared.
“Investors’ lives are turned upside down. He has taken everything from me and many others. I will never support any of the projects he proposes,” said another investor. angry.
Do Kwon, co-founder and CEO of TerraForm Lab, the creator of the LUNA project, proposed to “revive the Terra ecosystem”
Previously, on May 13, Do Kwon, co-founder and CEO of TerraForm Lab, the creator of the LUNA project, proposed to “revive the Terra ecosystem”. The purpose of this initiative is to rebuild the new system with a limited supply of 1 billion LUNA. The whole project will then be brought back to the time before LUNA dropped dramatically.
Although acknowledging that the new plan will be very difficult, Do Kwon said that it is time to upgrade for the ecosystem to survive, because in its current state, sitting does not mean the complete loss of the project.
Along with the proposal to revive the Terra ecosystem, Do Kwon also admits he has failed to build UST into an algorithmic stablecoin that can be stable in the long run.
“I have spent the past several days reaching out to builders, Terra community members, friends and families of individuals impacted by reliance on UST. I am heartbroken because of what the project has caused,” Do Kwon shared on Twitter.
Information about cryptocurrencies (cryptocurrency), commonly known as “virtual money” has not been recognized by law in Vietnam. The information in the article is for reference only and has no investment recommendation value.
According to: CNBC
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