Terra Luna Vote: Luna Fork Vote Approves A New Chain

Terra Luna Vote on Hard Fork
Credit: Pixabay
May 25, 2022: Updated with the final figures of the Terra Luna vote for the new chain, which has passed.

The Terra Luna vote for a Luna fork is now live, with validators approving the plan for a new chain.

Do Kwon's Luna recovery plan will create a new chain following the Luna crypto crash. While preferred to the original proposal that focused on UST, it seems the community is still against Kwon's plan. However, it is the Luna stakers who decided on the outcome.

Here's the latest on the Terra Luna vote for a new Terra Luna chain.

Terra Luna Vote On New Chain

The official Terra Luna Vote on the proposal has now passed, with Luna stakers having voted in favour of the new chain.

To pass, the vote required 50% of the vote to be in favour of the new chain, and less than 33.4% for No With Veto.

Finishing with 83% of validator votes cast, 65% of votes were in favour of the revival plan.

Some 305 million votes (via Luna staking) were cast during the voting period. The breakdown (via Terra Station) is as follows:

  • Yes: 200,403,090 (65.5%)
  • Abstain: 64,192,319 (20.98%)
  • No With Veto: 40,374,458 (13.2%)
  • No: 1,005,410 (0.33%)

The proposal will see a new chain split, reducing the Luna circulating supply to 1 billion. In creating Luna 2.0, it would also leave behind the existing chain and coin, renamed Terra Classic and Luna Classic.

Since the Luna collapse, two solutions now dominate the recovery discourse: forking, or burning. A community proposal for adding a burning transaction fee went live on Terra Station but did not reach quorum.

While many anti-fork holders are alleging the vote was rigged, there is little evidence of this. The mechanism used for the latest Terra Luna vote remains the same as all other previous votes. However, some developers have poken against the fork vote, believing it to be rushed through.

One explanation for the animosity towards the vote comes from its setup. Voting in Terra - like most other cryptocurrencies - uses validators and stakers, not holders.

  • More Luna: Crypto Exchanges Join Luna Burn Efforts By Destroying Transaction Fees

Preliminary Poll Against Hard Fork

In an unofficial poll on the Terra Research Forum, the Revival Plan V2 Preliminary Vote has shown a snapshot of the Luna community does not agree with a fork.

Published by the user Morpheus9 to find out the general sentiment, 91% of votes were against a fork, with just 9% in favour after 7200 votes. Similarly, the #BurnLuna hashtag is now trending on Twitter.

Comments on the poll reveal just some of the reasons for this voting. Whether it's a lack of faith in TerraForm Labs, a preference for Luna burns, or a disagreement with the development plan, it seems this portion of the Luna community is against the plan.

Of course, this snapshot poll was not binding. The governance vote was the most important, as this is where Luna stakers will decide on the fork proposal.

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