Do Kwon’s revival plan for Terra finds endorsement with 65% vote

ambcrypto.com:

The community has endorsed Terra’s “Proposal 1623,” which outlines intentions to resurrect the collapsed Terra environment. Do Kwon, the Terra ecosystem’s founder, offered a resurrection plan on 16 May, one that included the establishment of a new blockchain and the issuance of fresh LUNA tokens.

Kwon’s proposal received 65.55% of the total votes cast. Only 13.2% of those voting against the fork said “no with veto.” The option to abstain was chosen by little over 20% of voters. Terraform Labs (TFL), the corporation that supports all things Terra, will go ahead and install the new Terra blockchain after receiving community approval. The relaunch date has been set for 27 May.

There’s also a new LUNA token to go with it. The extra LUNA tokens will be distributed in three ways: 30% to the community pool, 35% to LUNA holders prior to the ecosystem crash, 10% to pre-crash Anchor-staked UST (aUST) holders, 10% to post-crash LUNA holders, and 15% to post-crash UST holders.

Snapshots of user balances were taken before and after the Terra ecosystem crashed. Users who remained with the company throughout the time period are eligible for a variety of distributions, including pre- and post-crash allocations.

In industry language, Do Kwon recommended a “hard fork,” or the separation of the blockchain into two pieces. Terraform Labs, the cryptocurrency project’s original operator, later altered that idea to leave the existing blockchain open to users and instead, create a brand new blockchain.

Terra has been hit by one of the worst crypto-falls ever, one which started at the beginning of this month. The outcome of Wednesday’s vote on Kwon’s plan, on the other hand, has given the community a light of optimism. It’s unclear whether it’ll be