Almost 100% of Luna Users Are Denying Terra Co-Founder’s Plan

Most users feel frustrated and want nothing to do with Do Kwon

A complete majority of the Terra community is voting against Do Kwon’s revival plan, which included a forking of the existing network and distribution of new tokens.

According to the voting page, 92% of all voters stated ‌they are not willing to see another network being launched by the same team. In total, 6,031 votes were submitted at press time with only 8% of voters somewhat agreeing with the newly presented proposal.

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Do Kwon shared all the details with the community previously. The plan included a creation of a new Terra chain without the algorithmic stablecoin. The “old” chain would be encapsulated and marked as “classic,” while the new chain will take the name everyone knows.

Voting process
Source: Terra Governance

All Luna Classic stakers will get an airdrop of new Luna tokens. UST holders will become eligible for a swap of their stablecoins to a new token. Terra’s foundation wallet would be removed from the whitelist, which would create a new version of Terra’s community-owned chain.

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According to the post, much of the token distribution will be allocated to the emergency runway for Terra dapp developers, which should become a foundation for long-term interest in the project. The network will include staking rewards of 7%.

While the community vote shows that the majority of investors are not in favor of such a fundamental change, the official governance voting may have completely different results as a larger pool of voters would be included.

At press time, Luna is trading at around $0.0001 while having more than $1 billion in market capitalization. Stablecoin UST sits at around $0.1 and most likely will not recover to $1 if no backing is planned from either LFG or other sources.

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