Do Kwon’s attempt to revive Terraform.
After the market implosion, Terraform’s both the blockchains Terra USD and LUNA lost almost 99% of the and dropped to almost 0 cents on the day of crash. Since, the crash the common notion among the investors has been mistrust, hurt and anger. Amidst all such emotions, De Kwon proposed to revive Terra by turning blockchain into a fork chain which will not be used as a block chain. The old chain will be named as “Token LUNA Classic or LUNC” and the new chain will inherit the original brand name “Terra LUNA.” In the Terra ecosystem, after the split happens, the new tokens will given to LUNA Classic holders, stakers, developers and remaining UST holders. Wallets owned and operated by Terraform labs will be removed from the airdrop.
De Kwon’s plan of action.
To bring in the changes in the ecosystem of Terra, De Kwon planned to arrange for an online voting of the community members. The system of voting was majorly adopted to gain back the trust of investors and to let them know that each and every investor is valuable to him and his company. But the results of the online poll didn’t come in favor. Approximately, 92% voted against the introduction of the new system, while only 8% approved of it.
Even as the poll was not in favour, De Kwon went ahead with his plan of action and tweeted regarding it in twitter. Lets look at his tweet below:
1/ Terra governance prop #1623 to rename the existing network Terra Classic, LUNA Classic ($LUNC), and rebirth a new Terra blockchain & LUNA ($LUNA) is now live.
Vote here: https://t.co/ZlGxNCUTMa https://t.co/plj0guJwao
— Do Kwon 🌕 (@stablekwon) May 18, 2022
In the tweet he mentioned that new Blockchain named Terra LUNA is into existence and was backed by over 15 Terra Builders.
Why did the online poll go against De Kwon?
Primarily, the investors lost trust on Terra and De Kwon after the crypto crash. Even though billions of moneys of investors just disappeared, De Kwon remained a billionaire and made good money out of the trading. This caused a lot of trust issues among the investors and some of them went to the extent of stalking his personal life. Secondly, the voting was allowed for all the community members and anybody could caste in their vote without any kind of requirements. However, the overwhelmingly negative report did not stop De Kwon from launching his revival operation for Terra. Some believe that even if Terra launches its revival plan, the journey moving forward will be even harder as they have to gain back the trust of the investors and approach the fork with more responsibility and make additional checks for vulnerabilities.