The vote on Luna 2.0 blockchain is over. What does that mean for the community?
Last week Terraform Labs founder Do Kwon announced a new plan to save UST and LUNA tokens.
The so-called “plan to restore the ecosystem” apeeared on the table on May 18. “The Terra community must reconstitute the chain to preserve the community and the developer ecosystem,” he said on Terra’s research forum.
After 7 days the vote is over. Seems like more than 65% of voters supported Kwon’s plan.
The plan is to create a new Terra chain without the algorithmic stablecoin. The old chain is now Terra Classic with Luna Classic token or LUNC, and the new chain is now Terra with Luna token or LUNA.
Allegedly Luna is to be airdropped across Luna Classic stakers, Luna Classic holders, residual UST holders, and essential app developers of Terra Classic.
So where and how exactly it should go live?
No fork needed. So welcome to Luna 2.0
Despite previous data that the Terra platform would go through a fork, Luna 2.0 covers the idea of creating the brand new token of the new Terra blockchain.
This blockchain should help to rescue the Terra Luna ecosystem after its following UST stablecoin collapse.
A new chain should replace the existing Terra network, and Luna 2.0 have to replace the existing version of Luna respectively. However, the old chain with the old Luna token – now called Luna Classic – would co-exist.
According to the Terra community website, Terra 2.0 is expected to launch on the mainnet on Friday, May 27. After the launch, LUNA 2.0 coins would be airdropped and traded on exchanges.
“Terra 2 is the most decentralized large blockchain in crypto. Terra 2 will be a new blockchain that launches with a fully built-out infrastructure and ecosystem, and 70% of the native asset will be airdropped,” the Terra ecosystem validator wrote on Twitter.
He also claimed that each category would get precise quentity of the new Luna tokens:
• Pre-attack LUNA – 1:~1.1
• Pre-attack aUST – 1:0.033
• Post-attack LUNA – 1:0.000015
• Post-attack UST – 1:0.013
So if you have 1000 UST stablecoins (initially $1000 USD before May 9 or $80 at the time of writing) you will get “0.013*1000 = 13 new LUNA”.
Some users have already criticized rebirth.
“It’s not technically a fork, but that’s beside the point. Why did you manipulate the governance vote into pushing it through? Not have a real vote? Why are you strong-arming builders into supporting it when they don’t want to?” FatManTerra’s responded.
This statement is about Luna Foundation Guard which bought 221 million LUNA and staked it across validators on May 12.
The purchase and staking gave LFG a majority in the governance vote to ensure any proposal they supported would pass. So it is unclear whether LFG used these votes or delegated the votes to the validators themselves.
Earlier Do Kwon also used “fork” word language in describing the new blockchain, but now Terra community managers are talking about a new super-decentralized blockchain.
Isn’t it looking like crap?
Well, you decide.