Terra Community Approves Revival of Sunken Ecosystem

Daniel Attoe
Daniel Attoe

Updated · May 26, 2022

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On Wednesday, Terra’s community voted to move along with plans to establish a new network.

Terra 2.0 is Coming

Terra’s plan for a new ecosystem to revive the collapsed network has drawn “overwhelming support” from its community. Network validators agreed on Wednesday to move forward with the plans, with the revival scoring a 65% approval rate.

Do Kwon, creator of the Terra Blockchain announced proposals to build and launch a new system on May 16th.

On Wednesday, Terra announced that its community had agreed to move along with the proposal.

“Terra 2.0 is coming,” it declared in a statement. “With overwhelming support, the Terra ecosystem has voted to pass Proposal 1623, calling for the genesis of a new blockchain and the preservation of our community.”

According to the terms of the proposal, the new blockchain will assume the LUNA abbreviation. The old blockchain will now be called Terra Classic (LUNC).

The developers decided to move along without the stablecoin TerraUSD. Along with the native token, it lost most of its value in the crypto crash, sliding from its 1:1 dollar peg. 

How The Community Voted

The 65% majority that approved the new ecosystem translates to about 200 million votes. 21%, or 54 million, abstained from voting, while 13% (41 million) voted no. LUNA token ownership granted eligibility for the casting of votes, with each token counting as a vote.

Following the crossing of this hurdle, Terra will roll out the new ecosystem on May 27th. Community members who held on to LUNA or UST will receive airdrops of new tokens.

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Daniel Attoe

Daniel Attoe

Daniel is an Economics grad who fell in love with tech. His love for books and reading pushed him into picking up the pen - and keyboard. Also a data analyst, he's taking that leap into data science and machine learning. When not writing or studying, chances are that you'll catch him watching football or face-deep in an epic fantasy novel.

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