Amidst of the rebirth plan of Terra Blockchain into Terra 2.0 version, the founder Do Kwon has proposed amendments during on-chain voting process. The Terraform Labs is doing whatever it takes to revive the Terra blockchain and its stablecoins. After the de-pegging of its native coins UST and LUNA, Do Kwon has proposed the method of forking. However, the majority of Terra community members are against the idea of forking the blockchain.
The 90% of 1,000 votes reject the process of forking. The forking of the blockchain will result in the new and a parallel version of Terra blockchain with new LUNA2.0 stablecoin. Today the CEO of Terraform Labs, Do Kwon proposed the amendments inspite of the fact that original plan was under the on-chain voting process. According to Do Kwon, he has amended some distribution parameters to ‘accommodate community feedback’.
Subsequently, the amendment will result the distribution of LUNA 2.0 token emerging from the new Terra blockchain to UST holders having staked on Anchor Protocol during the de-pegging period. However, their distribution share is reduced from 20% to 15%.
The second alteration is for the stakeholders of two categories who were promised of new LUNA 2.0 tokens. The initial token allocation percentage has been raised from 15% to 30% as per Kwon whereas the remaining 70% will be locked for two-year vesting period. According to an anonymous Terra analyst and commentator, the fresh proposal should have a fresh voting by the community.
The amending proposals were entirely unexpected from Do Kwon. On a usual basis the alteration and amending the rules are done before voting. Moreover, the original plan was also on a validator voting process on Wednesday. Till yesterday it gained as much as 80% of the vote in favor of the process from validators where as 15% opposed it with a veto. There are still five days left for the voting period to end, meanwhile if the ‘no with veto’ percentage rises 33.4%, the whole process will be dissolved.
Also read: FTX US launches Zero-commission trading on US Equities and ETF
