The vote for the Terra (LUNA) fork is launched, despite negative reactions from the community

The vote for the Terra fork is online

The future of the Terra blockchain will be decided at the end of the voting currently underway on Terra Station, the community’s voting platform, alongside the wallet. This follows Do Kwon’s Terra hard fork proposal on May 16, which received a lot of negative feedback.

A survey has also been published on the page relating to this project, in order to gather the opinions of the persons concerned, collecting 92% of “No” and only 8% “Yes”.

According to Anton Gulinregional manager of the AAX exchange, people’s trust in Terra is at an all-time lowand it will be difficult to regain:

“The general sentiment towards Luna across the crypto community is exceptionally negative. Traders and investors have suffered huge losses and are doubting management’s actions following the UST depeg. »

He specifies that currently, the community now sees Terra as a speculative asset niche rather than as a layer 1 structure, contrary to what Do Kwon tries to claim in his last releases:

“Anything that comes from the Luna team risks being treated the same as the lack of trust prevails. It’s more of a speculative asset now than a representation of a Tier 1 ecosystem. The chances of a consensus are very low. »

However, although the vote was only launched this morning, it is still far from clear as to its likely outcome.

👉 To understand everything: Why did the UST stablecoin collapse and what is the future of the Terra ecosystem?

The community mostly opposed to the fork

As a reminder, this is about forking the current Terra blockchain, which will now be called “ Terra Classic (LUC), to the new blockchain that will retain the Terra name and the LUNA token.

The new blockchain will be developed without the UST stablecoinand the new LUNAs will be distributed asairdrop between people who have or have had LUNA.

That said, as the survey above has shown, theoverwhelming part of the Terra community seems opposed to the forkand acclaims a burn surplus LUNAs in order to possibly straighten the course of the UST, the centerpiece of the ecosystem in particular thanks to the Anchor protocol which has enjoyed considerable success thanks to its exceptional yields.

Nevertheless, the validators and the various inerrant protocols in Terra have a strong voice for this vote. Thus, the latter barely online, the votes were already very quickly in favor of the fork, as some Twitter users did not fail to point out.

Why does the voting begin with 11 million votes on yes? pic.twitter.com/iZl0oN3a2w

— Crypto Tea (@CryptoTea_) May 18, 2022

At the time of writing these lines, the vote is very favorable to the fork of the Terra blockchainwith 90.46% of votesversus 0.29% of “No” and 9.25% of “No with veto”.

If ever the fork project was adopted, the latter would begin on May 27and would thus split the current Terra ecosystem into 2.

👉 Find our file on the consequences of the collapse of the Terra ecosystem (UST/LUNA) for the crypto industry

Source: Terra Station