Terra Community Declines Proposed Fork in Favor of Token Burn

Terra Community

Terra community has opposed plans by Terraform Labs to fork the network as two blockchains opting for a burning mechanism to restore the network.  

The proposal has so far received more than 2,747 votes on Terra’s research and governance forum, with 90% voting against and 10% voting in favor.

The user group has faulted the network for trying to protect the whales instead of the small token holders in their revival attempts following the stablecoin crash.

Terraforms Labs co-founder Do Kwon proposed splitting the network into two chains, Terra Classic and Terra, both hosting LUNC and LUNA, respectively.

The new chain will reportedly remove the crashed algorithmic stablecoin and focus on decentralized finance applications. The existing chain in is expected to continue as Terra Classic, and the holders of LUNA will receive an airdrop of the new chain’s token.

Source: Zycrypto

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