Do Kwon’s Proposal Passes By 65%

Approval Granted for Terra Blockchain Rejuvenation Proposal

A plan to revitalise the Terra blockchain has garnered overwhelming approval, receiving an incredible 65.5% of votes in favour of the idea, which is a step ahead for both innovation and involvement with the community. This is a step forward for both of these aspects. This significant improvement, which will go live on May 27 after only a brief delay of 48 hours, has been given the official moniker LUNA 2.0.

Governance and Community Involvement and Engagement

Strong participation was accomplished based on the all-encompassing Terra Ecosystem Revival Plan; the results showed that 200 million votes showed support for the restart, with only 40 million votes reflecting uncertainty. One LUNA token was equivalent to one vote in this vote, and every token holder had an equal say in the outcome. This vote was permissionless and entirely decentralised.

Renaming and Important Milestones

The governance milestone, also known as Proposal No. 1623, was successful in achieving two goals. The current ecosystem will be rebranded as Terra Classic (LUNC), and a new, upgraded version of the Terra blockchain will be given birth. The brand-new LUNA token will serve as the primary digital asset, making it possible for applications that have previously been developed on the Terra platform to seamlessly make the switch.

Transitioning Away From UST Stablecoin

Even though Terra’s older version will continue to be available, the UST stablecoin will no longer be supported, as this decision was overwhelmingly made by the community. In spite of concerns voiced in early online polls, Terra’s governing body was able to implement the necessary reforms successfully and win the favour of the community as a whole. The representative from Terra Labs who was speaking on behalf of the company echoed the general feeling and stated their excitement about the further expansion and development of the community.

Exchange Support and the Dynamics of the Market

The LUNA token has been listed on well-known cryptocurrency exchanges such as Binance and HitBTC in order to help users navigate the present unstable financial environment. This decision provides some solace, particularly in light of the fact that trade in LUNA has been halted on a number of platforms, the most recent of which being Bitfinex.

Distribution of Tokens and Airdropping

Holders of pre-attack LUNA and UST tokens will receive 35% of the LUNA tokens as part of a forthcoming airdrop organised by Terra Labs.
The development of Terra dApps and the ecosystem as a whole will get funding from a part of the total token allocation.

The Path Forward: Attitudes and Expectations Within the Community

The Terra community has been shaken to its core after hearing accounts of significant monetary losses. With everyone’s attention focused on Terra 2.0, optimism currently prevails over pessimism, and the vast majority of the community is in favour of the relaunch, despite the lingering disappointment brought on by the cancellation of UST and LUNA.
Concluding Remarks: The Beginning of a New Era for Blockchain and Web3 Communities
As we get closer to launching Terra 2.0, the support and collaboration of the community lead to a new beginning for blockchain technology and the Web3 communities. We are not just stable; rather, we are advancing and changing, and we are always prepared for the always developing decentralised innovation.