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Do Kwon’s Revival Plan of Terra Blockchain Passes with Majority Vote

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The governance vote on Do Kwon’s plan to relaunch the Terra blockchain and establish LUNA 2.0 tokens has been passed.

Source: Terra Station

LUNAUSD up +4.93%, USTUSD up +11.08%

The outcome will lead to the establishment of a new blockchain that will airdrop tokens proportionally to people affected after the sudden collapse of the TerraUSD (UST) algorithmic stablecoin.

A majority, 65.5% of the total votes, supported Kwon’s revival proposal. Only 13.2% were opposed to the plan to vote “no with veto.” Only more than 20% of the votes decided to abstain.

After Terra’s crash, Terraform Labs CEO DO Kwon recommended the launch of a new network. The blockchain will be called Terra, while the old version will be renamed as Terra Classic.

Terra 2.0 is set for launch on mainnet on Friday. After the launch, LUNA 2.0 tokens will be available for trading.

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