As New Terra Chain Voting See An End, This Is How The Launch Is Planned

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The voting on Terra’s plan to construct a new blockchain by the community will end today, with a majority of LUNA holders in support.

As per the data over 67% of holders have voted yes with six hours remaining to vote. According to the data, little over 12% of holders are opposed to the vote, while 20% are not voting.

The vote has so far attracted approximately 81% of all LUNA holders. On the Terra blockchain, the majority of the supporters looked to be validators. 

A new Terra chain will be formed as part of the plan, and current Terra holders will get a new LUNA token as an airdrop. The UST stablecoin will be removed from the new chain.

This New Chain Is Entirely A New Blockchain

Terra founder Do Kwon stated in the proposal that the new chain may be operational by May 27. The Genesis file will be produced on May 27, immediately before the launch, according to Kwon’s plan.

There was also a clarification given by the Terra blockchain that this new chain is supposed to be a hard fork, instead its entirely a new blockchain.

For the airdrop, Kwon and Terraform Labs (TFL) are currently gathering snapshot data. Holders who had their holding before May 9th, when the de-pegging took place, will receive a larger share of the airdrop.

According to the Terra holders the snapshot for holders following the de-pegging might happen as soon as May 26 when block 7,790,000 is produced on the network.

TFL & Do Kwon Face Criticism

Despite the fact that the plan will remove TFL and Kwon from the new Terra blockchain, the proposal’s originator has received considerable criticism for the collapse. 

Authorities in South Korea are apparently seeking legal action against Kwon and TFL for a variety of reasons, including fraud and tax violations.

Crypto rules are anticipated to tighten as a result of the crash, with legislators in the US and Europe already pressing for stronger action.