In a preliminary vote, the Terra community has opposed founder Do Kwon’s proposed revival plan to fork the Terra chain into a new chain without the algorithmic stablecoin.
Moreover, the Terra community believes burning will be the best option as suggested by Binance CEO Changpeng Zhao. People are blaming the Terra team for not listening to its community and claiming to bail out whales before retail investors.
Preliminary Voting Opposes the New Terra Revival Proposal
Do Kwon proposed the “Terra Ecosystem Revival Plan 2” on Monday to revive the Terra ecosystem, considering the system as more valuable than UST stablecoin.
While the official governance vote will start on May 18 at Asia time, preliminary voting by more than 1000 Terra community members indicates sentiment is against forking the Terra chain.
90% of the participants in the preliminary vote are against the fork proposal.
The proposal focuses on “saving” the Terra ecosystem and its community. Under the proposal, the old chain will be called Terra Classic (Luna Classic – LUNC). Whereas, the new chain to be called Terra (LUNA). New LUNA tokens to be airdropped across Luna Classic stakers, Luna Classic holders, UST holders, and essential app developers of Terra Classic.
Moreover, the fork of Terra Core will commence with the oracle, treasury, and market modules removed. The network launch instructions will be made available for validators on May 21.
Terra community wants Terraform Labs to provide restitution to small UST holders. A proposal has gained popularity amongst the community and has been supported by Vitalik Buterin, CZ, and Justin Sun.
South Korean Govt. Criticized Over Investor Protection
Terraform Labs had paid 100 billion won, or $78.68 million, in taxes to the Korea Taxation Service at the end of 2021. However, the tax authority and financial regulator fail to intervene in the situation, despite investors being affected by the LUNA and UST crisis.
Moreover, a tax official of the country’s tax bureau said Terraform Labs Korea had dissolved its Busan headquarters and Seoul branch prior to the incident.
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