A vote on Terraform Labs CEO Do Kwon’s “updated and final” Terra revival plan was posted at 7:17 p.m. Hong Kong time on Wednesday, with the majority in favor, while a preliminary vote was overwhelmingly rejected.
Out of 33 percent of Terra’s governance voters, 87.5 percent were in favor of the plan, while 10.5 percent were opposed as of press time.
The quorum for voting is 40%, and the polls shut on May 25.
On Twitter, Kwon welcomed the plan, saying that if it passes, a “new network would be formed.”
Kwon’s plan rejects the algorithmic stablecoin UST in favor of a new chain called Terra (LUNA), with the previous network and cryptocurrency renamed Terra Classic and LUNA Classic, respectively (LUNC).
Before the Terra CEO updated the idea on Wednesday, a preliminary vote on Tuesday indicated 92 percent of nearly 7,000 votes were against Kwon’s original version of the proposal.
Critics of Kwon’s plan claimed that a hard fork of the Terra blockchain, which was included in Kwon’s original plan, was unnecessary, and suggested that the LUNA supply be reduced by token burns.
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