The TerraBuilderAlliance, Do Kwon, and other members of the community have agreed to fork Terra Luna in order to save the Terra environment. The voting is now open on Terra Station, and LUNA token holders can vote using their governance tokens.
There are 116,045,229 “yes” votes and 30,227,625 “no with veto” votes as of this writing. A quorum of 2 million votes is required to pass the proposition.
Yes votes presently account for 78 percent of the overall vote. The regulations, however, provide that if 33 percent of the voters veto the plan, it would be defeated. The current percentage of ‘no with veto’ votes is 20%, which means that if the next 48 million votes are ‘no with veto,’ the plan would fail.
In addition, if the ‘no with veto’ vote exceeds 33%, the deposit necessary to propose the motion is forfeited. The minimum deposit is now 50 LUNA, which is only a fraction of a penny at today’s exchange rate.
The revised and final plan, which contains revisions to the prior proposal, is accessible on the LUNA forum. The following distribution for token holders is included in the proposal up for vote:
Terra infrastructure provider Orbital Command, which has 1.39 percent of the voting power, is the biggest validator to come out in favour of the proposal at the time of writing. Major validators with more than 2% voting power, such as cross-chain stablecoin bank Orion, have yet to make a judgment. Money with a yield of 8.63 percent.
Users’ current Luna tokens will become “Luna Classic” tokens, allowing holders to receive an airdrop of fresh Luna tokens, according to the new plan. Holders of UST will be able to exchange their stablecoins for the new tokens.
The most noticeable difference in the new environment will be the lack of the algorithmic stablecoin, which was the network’s and business model’s backbone.