Proposal to Re-birth Terra Passes as 65% vote ‘Yes’

May 25, 2022

Reading Time: 3 minutes

Since the crash of Terra, the Terra team has been on its toes for revival plans, the CEO of Terra Labs, Do Kwon, has put in place some recovery plans for Luna; therefore, a new Luna 2.0 is set to be launched soon following the successful Terra Luna vote.

The new Terra Luna chain has officially been approved by Luna stakers and validators, which will prompt the crypto community to witness a Luna 2.0 launch by May 27.

In a controversial and divisive Terra Luna vote, some 66% of votes favored the proposal, deemed one way to kickstart the Luna recovery process.

Even though the vote has been passed, there is still a division in the community as to whether burning would have been a better mechanism for the revival.

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Luna 2.0 Passes In Governance Vote

Based on the final statistics, the votes in the Terra Revival Plan proposal for a new chain were as follows:

  • Yes: 200,403,090 (65.5%)
  • Abstain: 64,192,319 (20.98%)
  • No: 1,005,410 (0.33%)
  • No With Veto: 40,374,458 (13.2%)

About 305,975,278 votes were cast, which makes the total turnout for the vote 83.27%.

In the revival plan, Luna airdrop and the genesis block will happen on May 27. This of course will result in the existing chain being abandoned by many, renamed as Terra Classic (old Luna) and Luna Classic (new Luna), although, this date is subject to change.

Even though this plan is a revival plan for Terra chain, it will still not mitigate the pain and frustration of the crashed Luna holders. Proposal for burning mechanism is still ongoing on Terra Station, but it’s likely not to gain quorum.

However, several cryptocurrency exchanges may start burning Luna via transaction fees after releasing their own polls regarding these burns.

Binance Working With Terra for the Luna 2.0 Airdrop

With Luna’s revival plan set to be implemented, the largest cryptocurrency exchange by trading volume is working closely with the Terra team to launch Luna 2.0 airdrop.

“We are working closely with the Terra team on the recovery plan, aiming to provide impacted users on Binance with the best possible treatment,” said in a tweet by Binance after the vote was passed.

While the community was more curious about the details, Terra followed up with a tweet depicting their work with Binance on the airdrop.

“We are proud to be working closely with CEX partners, such as Binance, Bybit, and many others, to support the airdrop to our community members who held tokens on exchanges,” it tweeted.

What is Luna 2.0

It is a new token of the new Terra blockchain established as a rescue plan for the collapse of the Terra Luna.

Dubbed the Luna rebirth, TerraForm Labs founder Do Kwon’s proposal will see a new chain replace the existing Terra network. Alongside this, Luna 2.0 will replace the existing version of Luna. It will sever ties to the UST stablecoin that saw the crash happen in the first place.

However, this does not mean that old Luna will vanish; both Luna will co-exist, the crashed Luna will be named Terra Classic while Luna 2.0 will be Luna Classic.

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