Do Kwon puts his Terra revival plan to the vote

Quick Take

  • Terraform Labs CEO Do Kwon has put his Terra revival plan to the vote following last week’s collapse.
  • Community members appear to be against his idea, but might not have the voting power to prevent it.

Terraform Labs CEO Do Kwon has put his Terra revival plan to the vote among holders of the ecosystem's Luna governance token.

The plan is to fork the current Terra blockchain and allocate amounts of Luna to previous holders according to a set distribution. Many of the tokens would be subject to long vesting periods.

The proposal went live at about 7:30 a.m. ET on Wednesday. An hour later, it had 23.6 million LUNA voting in favor, with 11.3 million against.

Kwon said the proposal — which would see the original Terra network renamed Terra Classic – has support from a variety of projects including Nexus Protocol, Stader Labs and Flipside Crypto. 

"If the proposal is successful, a final snapshot will be taken of the Terra Classic network at block 7790000 (2022.05.27 03:59:51+08:00), and a new network will be born," said Kwon on Twitter.

Yet the community appears to be largely against the proposal, according to comments and votes on preliminary polls on the Terra governance forum. As The Block reported yesterday, one poll shows a clear majority against the idea. At present, the poll has had 6,200 votes, with 92% voting against Kwon's proposal. This poll was open to anyone who logs into the Terra forum, whether or not they hold Luna, the network’s governance token.

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About Author

Tim is a News Editor at The Block who focuses on DeFi, NFTs and DAOs. Prior to joining The Block, Tim was a News Editor at Decrypt. He has earned a BA in Philosophy from the University of York and studied News Journalism at the Press Association. Follow him on Twitter @Timccopeland.