Forked Terra Blockchain is scheduled to launch on May 28th
Terra was creating a new blockchain and decided to give up the UST- stablecoin algorithm that collapsed two weeks ago. Kwon has announced that it will abandon stablecoin and create a new blockchain.
In last week’s vote that ended on Wednesday, Do Kwon’s proposal was accepted with 65% in favor, 21% in turn, and 14% against.
However, there is still a lot of objection from the LUNA holder. Typically Orion Money blockchain with 10% of total voting rights.
“While this may seem like the most comprehensive proposal to date, we have received a lot of mixed opinions from the Orion community about it,” Orion said. “After such a long period of careful consideration and inadequate community feedback, Orion’s validator voted to abstain.”
Smart Stake Validator also voted against it. However, Validator Stake Systems, with 4% of the voting rights, opposed the proposal.
The proposal to burn UST to go back to 1: 1 with the US dollar was also adopted, with almost unanimous support. The proposal would burn UST 1 billion in community pools, reducing its supply by about 8%.
The new Terra string will be called Terra Classic ($LUNC) without using the stablecoin algorithm, and the old series will be called Terra ($LUNA).
The new series has passed inspection from SCV Security and will launch on May 28. After the launch, LUNA will be airdrop to manufacturers and holders of LUNA Classic, UST, and “necessary app developers of Terra classic.”
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