Do Kwon’s plan to revive Terra blockchain approved

The voting on Do Kwon's proposal to restart the Terra blockchain and create LUNA 2.0 tokens has ended. As a result, a new blockchain will be created that will distribute tokens in proportion to those affected by the sudden collapse of the TerraUSD (UST) algorithmic stablecoin.

Overall, Kwon’s proposal was supported by 65.5% of the total number of votes. 13.2% voted against it. Slightly more than 20% decided to abstain.

After the UST crash, Terraform Labs CEO Do Kwon proposed to launch a new network (primarily describing it as a mini-fork before Terraform Labs corrected this statement). The new blockchain will be called Terra, while the current version of the chain will be renamed Terra Classic.

Judging by the details provided in the proposal, Terra 2.0 will appear on the main network as early as Friday. After the launch, LUNA 2.0 tokens will be open for trading. These tokens will be distributed to existing network stakeholders at a pre-determined percentage. We will be following the developments closely.