Terra Revival Plan Passes Vote, With 65% In Favour Of New Luna Chain

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The new Terra Luna chain has officially been approved by Luna stakers and validators, with Luna 2.0 set to launch as early as May 27.

In a controversial and divisive Terra Luna vote, some 66% of votes were in favour of the proposal, deemed one way to kickstart the Luna recovery process.

While the vote has passed, the community remains split over this Luna fork (albeit not actually a fork), with many holders instead preferring a Luna burn instead. Here’s a breakdown of the governance vote.

New Terra Luna Chain Passes In Governance Vote

Based on the final statistics, the votes in the Terra Revival Plan proposal for a new chain were as follows:

  • Yes: 200,403,090 (65.5%)
  • Abstain: 64,192,319 (20.98%)
  • No: 1,005,410 (0.33%)
  • No With Veto: 40,374,458 (13.2%)
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Some 305,975,278 votes were cast, making the overall turnout for the vote 83.27%.

In order for validators to veto the new chain, it required 33.4% of the vote. If all those who abstained and voted no changed their vote to No With Veto, this would have made up 34.51%. Just enough for a veto.

While the veto became mathematically impossible on May 24, given the number of votes yet to be cast, validators could still change their decision and switch over until the deadline. However, with that deadline now gone, the revival plan can start being implemented.

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According to the revival plan, the Luna 2.0 airdrop and the genesis block will happen on May 27 - just 2 days from now. This will also see the existing chain abandoned by many, renamed as Terra Classic and Luna Classic. This date still remains subject to change.

While the vote has now gone through, this will not quell the frustration of those Luna holders opposed to a new chain, or still hurting after the 99.9% price crash.

Proposals for Luna burns are still ongoing on Terra Station, but seem unlikely to gain quorum. However, several cryptocurrency exchanges may start burning Luna via transaction fees after releasing their own polls regarding these burns.