9 days in the past, Terraform Labs founder 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 authorised by the community.
“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 brand new blockchain and the preservation of our community.”
The proposal will successfully create a brand new layer-1 Terra blockchain with out its algorithmic stablecoin. The outdated blockchain will likely be referred to as Terra Basic (LUNC) and the brand new blockchain will likely be referred to as Terra (LUNA), the corporate tweeted. The Luna token is new and shouldn’t be confused with the outdated one beneath the identical actual title (complicated, I do know.)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, in accordance to data from Terra Station. The votes are forged primarily based on LUNA token possession, with one vote per token, not per consumer.
On condition that it has handed its threshold, the relaunch plan will likely be rolled out on Could 27.
Per the phrases of the proposal, Terra will airdrop tokens to community members who by no means bought their outdated LUNA tokens or UST stablecoins amid the ecosystem’s downfall.
In accordance to the plan, the tokens will likely be distributed as follows:
- 30% to its community pool.
- 35% to pre-attack LUNA holders.
- 10% to pre-attack UST holders.
- 10% to post-attack LUNA holders.
- 15% to post-attack UST holders.
The wallets tied to Terraform Labs and Luna Foundation Guard won’t be part of the airdrop whitelist, Terra wrote.
“[This} will make Terra a fully community-owned chain,” Terra said. “We believe this is an important step to empowering our ecosystem.”