Terra fork conditions changed in the middle of a vote
While the vote who will decide whether the blockchain Terra (MOON) evening fork or not on May 27th takes place since May 18, Do Kwonthe CEO of Terraform Labs, changed a few points of his proposal.
Indeed, following the recent descent into hell of LUNA and UST tokensDo Kwon a submitted a proposal to the Terra community in order to decide the future of the blockchain, but also in order to determine how people who have invested in the ecosystem might be compensated.
According to the South Korean CEO, these changes aim to conform more community feedback and expectations :
“This document was produced in collaboration with the Terra Builders Alliance, and has been endorsed by the TBA and TFL. […] Some token allocation details have been changed in the proposal to reflect community feedback – the changes and reasons are described here. »
Although the votes are also editable along the waysome users were quick to criticize Do Kwon’s way of acting, including Twitter user “ FatManTerra », known for his active participation in the development of Terra:
“Who can prevent the proposal from being ‘modified’ an hour or two before closing? Any material changes should be posted as a completely new submission. »
???? Find our dossier on the consequences of the collapse of the Terra ecosystem (UST/LUNA)
The changes made under the magnifying glass
First, we learn that not all LUNA and UST holders will not necessarily be eligible to receive the possible new LUNA token. For example, tokens that have been bridged off-chain will not be affected. Thus, to be eligible for the “Launch” snapshot, it will be necessary for the persons concerned to bridge their tokens back to Terra.
Also concerned are USTs and LUNAs held on protocols “ difficult to identify “. Also, we would tend to advise you to remove these tokens from the protocols and redirect them to the Terra blockchain.
On the other hand, all the protocols listed at this address will be eligible for snapshot « Launch ». This concerns in particular AnchorRisk Harbor, the Astroport, Terraswap or Mars Protocol.
Regarding snapshot « Pre-attack »the persons concerned who possessed less than 10,000 LUNA tokens will be given 30% of the future LUNA as soon as the fork is completedand the rest will be distributed to them over 2 years following a 6-month lockdown.
“This is to ensure that smaller LUNA holders have a similar initial liquidity profile. This would cover 99.81% of the LUNA portfolios while representing only 6.45% of the total LUNAs at the time of the Pre-attack snapshot. »
The next change concerns people who held UST following the “attack”the distribution of tokens to them goes from 20 to 15%.
“This is to ensure that the allocation tied to depeg is equivalent to the original stakeholder allocation (before the Luna attack). The 5% saved goes to the community pool. »
As the vote comes to an end in 5 days, the votes are still largely in favor of forking Terra, with 62% “Yes”, 21% abstaining and only 17% “No”. However, nothing is decided since a large number of validators have not yet provided their answer.
???? To deepen: The Anchor protocol was liquidated for $1 billion during the UST raid
About the Author : Maximilien Prue
Passionate regarding the world of decentralized finance and the novelties brought by Web 3.0, I write articles for Cryptoast to help make the blockchain more accessible to everyone. Convinced that cryptocurrencies will change the future very soon.
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