Although the official vote, a preliminary poll reveals that the Terra community would not be overwhelmingly in favor of forking and creating a new version of the network as proposed by Do Kwon.
Although the members of the Terra space would have the responsibility to show themselves on the actions that will take place to safeguard the project’s integrity, a preliminary poll highlights that the majority of voters may not be happy with the strategy encouraged by Do Kwon.
Do-Kwon proposed to apply a Hard Fork and fork the network to find a more suitable version in which the UST stable coin ceases its existence.
Community Might not be Happy with Do Kwon’s Strategy Proposed for Terra
The survey comes from the number of critics revealed on the Agora; Terra Blog, where Kwon, and members of the community debated about the path to follow and the measure of forking the network to generate a better version, and a new token distribution plan to consolidate the decentralized governance of the protocol.
The said strategy shown by Kwon received more than 2,740 votes, and 90% of these were rejective stances about the procedure of forking the network, while the remaining 10% would agree with creating a new version of Terra.
According to analysts and enthusiasts, the community had all the right not to agree, opting to make a “clean slate,” significantly since people got harmed after the crash of the UST token and, therefore, the LUNA digital asset.
The strategy created by Kwon would not make the decentralization sure that the protocol expects. Therefore it would only benefit the crypto whales within the Terra ecosystem, who would receive a more significant number of governance tokens for the new network version.
Instead, many of the critics of Kwon’s proposal defend that a system of burning and buying back tokens should get applied to save the Terra ecosystem. This theory got also backed up by the CEO of Binance, Changpeng Zhao (CZ), who expressed that forking the network would generate value for those victims.
Terra’s Fate
Although it is difficult to expect the community to change its mind regarding the proposals on the table, the truth is that the final decision must get made.
Let’s not forget that the possible fork of the Terra network does not imply the destruction of the previous version. What would happen is that the Blockchain would get split into two: One part would go under the Do Kwon plan and contemplates following a new course, while the previous network would maintain its operations as it was, but it would become known as Terra Classic.
At the moment, the repercussions have had a domino effect both within the crypto ecosystem and outside of it. Inside the market, the fall has caused an impact that also impacted the leading altcoins, while doubts appeared about the functioning of the algorithmic stable coins currently active.
By: Jenson Nuñez
