Terra founder Do Kwon said the blockchain is in the process of collecting data from major exchanges for the upcoming LUNA airdrop.
Kwon said that because of the large amount of data to be collected, the process is taking “some time.” The move comes as voting shows that a majority of LUNA holders are in favor of Terra launching a hard fork and creating a new blockchain.
The current tally shows that out of 230.9 million votes, 61.7% have voted in favor of the hard fork. Voting will end on May 25.
Under the proposal for the hard fork, the community pool of LUNA holders will receive 30% of the new LUNA supply. Holders from prior to the crash will receive 35%, while those who bought in after the crash will receive 10%.
UST holders on Anchor prior to the crash will receive 10% of the supply, while those who became holders after the crash will receive 15%.
The new chain will entirely discard the UST stablecoin. Most community participants have supported this measure, given that UST’s failure was what caused the crash.
Additionally, the proposal for the hard fork will also exclude Terraform Labs entirely from the new blockchain, making Terra V2 completely community-owned. An old Kwon interview suggests that this aspect of the Terra recovery plan may have been part of a pre-planned “kill switch” protocol.
But while Terra’s validators and the community appear to be on board with the proposal, other blockchains that Terra once tied up with have expressed their doubts over its future.
Stablecoin exchange Curve recently voted to entirely cull its support for UST. Its community has also opposed supporting the new Terra.
DeFi giant Lido is also set to open a community vote on whether to support the new Terra. While Lido on the old Terra was a resounding success, users bought up an extreme loss of goodwill for Terra after the crash.
Barstool Sports founder Dave Portnoy has revealed plans to buy XRP again after selling earlier…
Tom Lee, chairman of BitMine, believes the pullback in the crypto market represents a golden…
Pi Network has rolled out a major upgrade to its Pi App Studio. The update…
The US government shutdown is likely to extend further above 40 days, making it the…
OpenSea has confirmed plans to roll out the SEA token in the first quarter of…
Charles Hoskinson the founder of Cardano has made remarks about new claims that he misused…