nine days agoTerraform Labs founder Do Kwon shared a plan to revive the Terra ecosystem after its stablecoin UST and cryptocurrency LUNA took a nosedive earlier this month, bringing crypto markets down with them.
Today Terra’s plan has been approved and approved by the community.
“Terra 2.0 is coming”, Terra’s official Twitter account tweeted on Wednesday. “With overwhelming support, the Terra ecosystem has voted to approve proposal 1623, which calls for the creation of a new blockchain and the preservation of our community.”
The proposal will effectively create a new layer-1 Terra blockchain without its algorithmic stablecoin. The old blockchain will be called Terra Classic (LUNC) and the new blockchain will be called Terra (LUNA), the company tweeted† The Luna token is new ones and should not be confused with the old one under the same exact name (confusing, I know.)
The proposal got 65%, or about 200 million votes, for the plan, while about 21%, or 54 million, abstained, and about 13%, or 41 million votes, no, according to Terra Station data. The votes are cast based on ownership of LUNA tokens, with one vote per token, not per user.
Since it has crossed its threshold, the relaunch plan will be rolled out on May 27.
Under the terms of the proposal, Terra will airdrop tokens to community members who never sold their old LUNA tokens or UST stablecoins during the ecosystem’s demise.
According to the plan, the tokens will be distributed as follows:
- 30% at the communal pool.
- 35% to pre-attack LUNA holders.
- 10% to attack UST holders before the attack.
- 10% to attack LUNA holders after the attack.
- 15% for UST holders after the attack.
The wallets associated with Terraform Labs and Luna Foundation Guard will not be part of the airdrop whitelist, Terra wrote.
“[This}makesTerraachainthatiscompletelyownedbythecommunity”Terra[This}willmakeTerraafullycommunity-ownedchain”Terra[Dit}maaktvanTerraeenketendievolledigeigendomisvandegemeenschap”Terra[This}willmakeTerraafullycommunity-ownedchain”Terrasaid† “We believe this is an important step to strengthen our ecosystem.”