A vast majority of the Terra (CRYPTO: LUNA) community is opposed to forking the existing blockchain.
What Happened: According to a snapshot of the Revival Plan V2 preliminary vote, 92% of the 5,410 voters were against forming a new blockchain – a suggested fix put forward by Terra founder Do Kwon earlier this week.
See Also: WHAT IS FORKING IN CRYPTOCURRENCY?
As per the new revival plan, Terra will fork its blockchain into two – an old chain called Terra Classic and a new chain called Terra without the algorithmic stablecoin TerraUSD (CRYPTO: UST).
Prior to the official governance vote – which will go live on Thursday – Terra community member “morpheus9” polled users on Terra’s forum to gauge the mood around the proposal.
“Fork NO,” commented one user, echoing the sentiments of several Terra users who believe that a fork stands no chance of fixing the collapsed ecosystem.
“I think fork is just to delay time, UST is the biggest feature for terra, fork a new chain without UST is just to delay problems, not solve them!” said another user.
Some members of the community suggested that buying back and burning tokens was a better solution to the current scenario.
“No fork! Implement a 3% tax on all transactions to fund a buy-back and burn wallet. It solves the excess supply issue and also attracts new investors with the promise of rapid deflation/profits,” said one user.
“You do realize that for the last few days, around 4b of cash is going through Luna at Binance. On 14.5 there was 16.82T of luna bought and sold. If there was a tax at 3%, in a single day there would be 486B luna tokens burned. In 5 last days, if there was a tax, around 1.556T luna tokens would be burned. That is 23.9% of 6.5T luna tokens burned in 5 days,” said another.
Price Action: According to data from Benzinga Pro, LUNA was trading at $0.000017 at press time. The token lost 100% of its value in the last seven days.
The events surrounding LUNA and UST sent market-leading cryptocurrencies Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH) plunging in value over the last week.
At the time of writing, BTC was trading at $29,875 and ETH was trading at $2,000. Both assets were down 2% over the last 24 hours.
