9 days in the past, Terraform Labs fobeneath Do Kwon shared a plan to revive the Terra Ecosystem after its stablecoin UST and cryptocurrency LUNA nosedived earlier this month, bringing down the crypto markets with them.
Right now, Terra’s plan has handed and been accredited by the group.
“Terra 2.0 is coming,” Terra’s official Twitter account tweeted on Wednesday. “With overwhelming assist, the Terra ecosystem has voted to move Proposal 1623, calling for the genesis of A mannequin new blockchain and the preservation of our group.”
The proposal will effectively create A mannequin new layer-1 Terra blockchain with out its algorithmic stablecoin. The previous blockchain Shall be referred to as Terra Basic (LUNC) and The mannequin new blockchain Shall be referred to as Terra (LUNA), The agency tweeted. The Luna token is new And will not be confused with the previous one beneath The identical exact identify (complicated, I do know.)
The proposal had 65%, or about 200 million votes, in favor of the plan, whereas about 21%, or 54 million, abstained, and about 13%, or 41 million, voted no, Based mostly on knowledge from Terra Station. The votes are forged based on LUNA token possession, with one vote per token, not per consumer.
Provided that it has handed its threshprevious, the relaunch plan Shall be rolled out on Might 27.
Per the phrases of the proposal, Terra will airdrop tokens to group members who by no means purchased their previous LUNA tokens or UST stablecoins amid the ecosystem’s downfall.
In accordance to the plan, the tokens Shall be distributed as follows:
- 30% to its group pool.
- 35% to pre-assault LUNA hprevioconsumers.
- 10% to pre-assault UST hprevioconsumers.
- 10% to submit-assault …….