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The first votes of Terra indicate that 91% of the community is in favor of the hard fork of the network

The first votes of Terra indicate that 91% of the community is in favor of the hard fork of the network

Terraform Labs CEO Do Kwon’s plan to create a new blockchain network “without the algorithmic stablecoin” TerraUSD (UST) is supported by 85 million community votes.

In a proposal open to the Terra community on Wednesday, over 91% of the votes at the time of this story’s publication were in favor of the “rebirth” of the Terra network – roughly 85 million out of 93 million, with as many as 284 million votes yet to be cast. The proposal needs about 188 million votes in favor to be approved before the term closes on May 25.

At the time of writing, the largest validator that has spoken in favor of the proposal is the Terra infrastructure provider, OrbitalCommand, which holds 1.39% of the voting power. Major validators with more than 2% of the voting power are yet to speak out, including stablecoin cross-chain bank Orion.Money with 8.63% of the voting power.

The governance proposal that Kwon drafted on Monday called for a new chain called Terra that is not tied to UST, using the LUNA token. The “old” network would continue to support “UST residual holders” and operate under the name “Terra Classic (LUNC)”.

In addition to the Terra network fork, the proposal, if approved, would airdrop LUNA tokens to “Luna Classic stakers, Luna Classic holders, remaining UST holders, and core app developers on Terra Classic.” The Terraform Labs wallet would also be removed from the whitelist for the LUNA airdrop, making Terra a “fully community chain.”

Read:  Creator of Tron launches a "clone" of Terra with his new stablecoin

Despite overwhelming approval of the proposal, many on social media seem to be against of the fork of Terra. Some users on the Terra subreddit suggested that the network “decide on a burn” in an effort to compensate token holders rather than go for a network fork.

Amidst the uncertainty surrounding the future of the Terra network, the Terraform Labs team has experienced its share of volatility. According to their LinkedIn profiles, three members of the Terraform Labs legal team have left the company as of this week, and the Political Affairs Committee of the South Korean National Assembly reportedly summoned Kwon for a parliamentary hearing regarding the volatility surrounding UST and LUNA.

If the proposal is approved, Kwon said that the new LUNA blockchain would be activated on May 27 with “a final snapshit” taken from the LUNC network at block 7,790,000.

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