The majority of the Terra Community members showed their disagreement with the fork proposal to revive Luna coin.
Luna is a native token of the Terra blockchain Network and UST is a stablecoin on the Terra network. Terra and UST stablecoin are integrated uniquely to maintain the price of UST coin to $1 but in the last 10 days, UST coin lost its 90% pegged value and its Luna coin touched the ground.
On 14 May, TerraForm Labs founder Do Kwon took to Twitter to respond to the Terra Ecosystem collapse and said that there are many proposals suggested for reviving the Terra Ecosystem.
Kwon said that he will choose the best proposal after reading all of them.
-----Cryptonews AD----->>>
Sign up for a Bybit account and claim exclusive rewards from the Bybit referral program! Plus, claim up to 6,045 USDT bonus at . https://www.bybit.com/invite?ref=PAR8BE
<<<-----Cryptonews AD-----
5/ There are multiple proposals on Agora on the best steps to move forward for the community – after having read many of them, I’ve put down my thoughts of what I think the best steps are: https://t.co/pJNXATzllz
— Do Kwon
(@stablekwon) May 13, 2022
On 16 May, Terra’s founder introduced his Final idea to bring a fork in the Terra network as the best solution to revive Luna.
10/ Call to action: we encourage Terra developers to signal support & commit to build on the fork on public channels ASAP.
— Do Kwon
On 17 May, the news Twitter page Watcher.Guru informed the crypto industry that 90% of the Terra Community is against the Fork proposal of Terra founder.
Poll regarding the support of the Luna coin fork, collected around 2036+ votes and 90% of the voters are not in favor of the fork. Instead, the majority of the members suggested introducing a burning proposal to make Luna a deflationary coin.
If this fork will happen forcibly then a new chain will take birth with Luna as a new coin and the old chain will still exist with the old Luna coin, which will be named the Luna classic.
Earlier this on 14 May, Binance CEO Changpeng Zhao shared his thought on the fork proposal and said that it will not work at all because it will not give value to the forked coin and also explained the issues with the snapshots, which will be hard to take to give new Luna token to all the users, who lost their funds.
Personal opinion. NFA.
This won’t work.
– forking does not give the new fork any value. That’s wishful thinking.
– one cannot void all transactions after an old snapshot, both on-chain and off-chain (exchanges).Where is all the BTC that was supposed to be used as reserves? https://t.co/9pvLOTlCYf
— CZ
Binance (@cz_binance) May 14, 2022
Read also: There is no hidden secret in the Cardano blockchain: Charles Hoskinson
90% Terra community doesn’t want Luna Fork
https://bitcoinik.com/90-terra-community-doesnt-want-luna-fork/feed/
https://bitcoinik.com/90-terra-community-doesnt-want-luna-fork/feed/
