Claim BonusThese Validators Will Not Support Terra 2.0
After getting the approval to launch the Terra 2.0, the chain might be facing problems from the validators. The proposal got the approval of over 200.4 million community supporters. However, after confirming Terra’s airdrop, some of the staking providers have backed out to support the new chain.
45 validators choose ‘not to vote’
Around 148 validators were also included in the same voting. 78 service providers voted in the favor of the proposal. While 45 of the validators chose not to vote. However, 17 of the validators abstain from the voting process and 8 went to pick no with the veto.
Some such service providers, Figment and Chorus One have come forward to reject their participation in the launch of Terra 2.0. Meanwhile, FIgment was one of the biggest contributors to the list of Terra. The validator held around 2.09% of the voting powers.
The Figment announced that they are not planning to support the Terra 2.0 launch. However, they also mentioned that Figment will make a decision if they want to support the new chain some other day. It added that the service provider will not be keeping up with Terra 1.0 ecosystem. The token holders who are delegating over their validator must redelegate to another validator. The deadline to do so is June 1.
Lawsuit may hamper Terra 2.0 launch
Figment mentioned many ongoing and pending lawsuits connected to the Terraform Labs will limit the Terra 2.0 accessibility. The cases can also become an unforeseen risk to infrastructure providers later. However, they want to see a solution for developers and token holders affected by the fall of LUNA and UST.
The other staking service provider Chorus One also came forward to state that they will be shutting down the Terra infrastructure. It added that they wouldn’t assist in launching the new chain.
Meanwhile, Binance has lent its support to the rebranding of the Terra network and its airdrop. The largest exchange will help the chain to issue the new tokens to eligible users as per the proposed plan.
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Delivered every day.
- Insights that move markets
- 100,000 active subscribers
Related Articles
- China Tightens Stablecoin Rules as Bessent Urges Congress to Pass CLARITY Act to Keep Crypto Lead
- Bitget Launches ‘Fan Club’ Initiative In Bid To Strengthen Community Amid Crypto Crash
- BlackRock Signals More Selling as $291M in BTC, ETH Hit Coinbase Amid $2.5B Crypto Options Expiry
- Is Pi Coin Set for Kraken Listing? U.S. Exchange Adds Pi Network to 2026 Roadmap
- Top 5 Reasons Why BTC Price Is Crashing Non-Stop Right Now
- Solana Price at Risk of Crashing Below $50 as Crypto Fear and Greed Index Plunges to 5
- Pi Network Price Prediction Ahead of PI KYC Validator Reward System Launch
- XRP Price Outlook As Peter Brandt Predicts BTC Price Might Crash to $42k
- Will Cardano Price Rise After CME ADA Futures Launch on Feb 9?
- Dogecoin, Shiba Inu, and Pepe Coin Price Prediction as Bitcoin Crashes Below $70K.
- BTC and XRP Price Prediction As Treasury Secretary Bessent Warns “US Won’t Bail Out Bitcoin”
