With the recent plunge in the value of LUNA and UST, a slew of controversies has surrounded the project and its development team. To salvage the situation, Do Kwon organized a voting session in which community members participated. The voting session included a proposal, and holders of native tokens were requested to vote.
Recently, the Terra team announced that the community voted in favour of a proposal that signaled the launch of a new blockchain free of the algorithmic stablecoin feature.
The proposal, dubbed “Terra Ecosystem Revival Plan 2,” was modified in response to community feedback.
A new blockchain will be launched to replace the existing Terra structure with the old chain’s native token renamed, Luna Classic (LUNC), while the new coin will be called Luna (LUNA). According to the governance channel, the new blockchain is set to go live on May 27.
The code for the new Terra core is now accessible, and it has been reviewed by SCV Security, a blockchain audit firm.
According to a tweet by Terra on its official Twitter page, the wallets linked to Terraform Labs, Luna Foundation Guard, and the community-pool distribution module account are not part of the future airdrop.
The thread went on to state that.
“The removal of these wallets from the airdrop whitelist will make Terra a fully community-owned chain. We believe this is an important step to empowering our ecosystem.”
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