Terra Luna Vote: Hard Fork Vote Goes Live, But Will It Pass?
The vote for a Luna fork on Terra Luna is officially open, but the concept is divisive within the Luna community.
Following the Luna crypto meltdown, Do Kwon's Luna recovery plan suggests a hard fork that would establish a new chain. While the initial idea centered on UST, it appears that the community still opposes Kwon's concept. The outcome, however, will be decided by the Luna stakes.
The latest on the Terra Luna voting for a new Terra Luna chain can be seen here.
Terra Luna's Hard Fork Vote
The official Terra Luna Vote on the proposal is now open, and Luna stakeholders may vote on whether the network should be hard forked through Terra Station.
The proposed fork would result in a fresh chain split, decreasing the circulating quantity of Luna to 1 billion coins. It would also rename the existing chain and coin, Terra Classic and Luna Classic, respectively.
At the time of writing, 154 million votes have been cast (through Luna staking), with 80% in favor of the hard fork option.
Because the measure now has a quorum of 40%, the vote just requires a simple majority to succeed, unless the veto number reaches 33.4 percent.
If the hard fork gets a quorum of 40% and a simple majority of votes, it will be approved. The fork would go through if the vote finished in its current state.
Since the Luna disaster, two options for recovery have emerged: forking or burning. On Terra Station, a community request to add a burning transaction cost is active, although it has not yet attained quorum.
Meanwhile, an Ethereum Classic developer who worked on the Ethereum fork has come out against the hard fork, claiming that further testing is required beforehand.
Hard Fork Is Opposed in a Preliminary Poll
The Revival Plan V2 Preliminary Vote, an unofficial survey on the Terra Research Forum, revealed that a majority of the Luna community opposes a fork.
After 7000 votes, published by user Morpheus9 to gauge public opinion, 91 percent of votes were against a fork, with only 8% in favor. Similarly, the hashtag #BurnLuna is currently trending on Twitter.
Some of the reasons for this vote are revealed in the poll's comments. This segment of the Luna community appears to be opposed to the plan, whether it is due to a lack of trust in TerraForm Labs, a preference for Luna burns, or a disagreement with the development plan.
Of course, this snapshot vote is not binding, and it does not rule out the possibility of a Luna hard fork. The governance vote is crucial since it is here that Luna stakeholders will decide on the fork proposal.
The proposed fork would result in a fresh chain split, decreasing the circulating quantity of Luna to 1 billion coins. It would also rename the existing chain and coin, Terra Classic and Luna Classic, respectively.