Just 3 hours ago, voting on the Terra Revamp Proposal(SN 1623) ended and it was passed. The community overwhelmingly(65.50%) sought to revamp the Terra Blockchain as “Terra”. The earlier cryptocurrency will now be called LUNA Classic(LUNC) and the earlier blockchain to be called Terra Classic.
A total of 305 Million and 980 Thousand votes were cast out of 367.46 Million. Exactly 65.50% voted in favour of the proposal and 20.98% abstained. Only a handful 0.33% voted against the proposal. The proposal was scheduled to be passed at 50%+1 criteria which it easily achieved several hours before voting ended.
The veto was also in the cards with 13.20% votes in against the proposal by voters who possessed the veto power. The veto threshold was set at 33.40%. This means that if this number(13.20%) had crossed 33.4%, the proposal could have been vetoed.
Who will gain from it?
Those who held the LUNA and Terra USD (UST) will receive airdrops of new tokens in their wallets. This includes:
- app developers
- LUNA and UST holders
Terra also said that the foundation will remove its own wallet from the Whitelisting making Terra a fully community-owned blockchain. The new Terra Blockchain will come live after two days on 27 May 2022.
Did Do-Kwon and Terra get scared of South Korean Authorities?
Earlier members of the South Korean parliament wanted to question Do-Kwon for embezzling the funds of thousands of people. The truth is currently unknown but it might be a possibility that Do-Kwon and Terra got scared of prosecution.