The plan to put Terra back on track after last week’s implosion was made live this morning, but online poll results suggest the community is against the move.
erraform Labs founder Do Kwon on Wednesday morning announced an on-chain governance proposal even as results from a preliminary online poll on a hard fork plan found minimal backing among community members.
A hard fork means the splitting of a chain on which a certain protocol runs with different rules than the existing one, resulting in two separate blockchains. One chain then becomes the “main” one, even as both the blockchains continue to exist as long as there is validator and community support.
As per the proposal, the new chain would entirely cut out the failed UST product and instead focus on decentralized finance (DeFi) applications building on Terra, as reported. The current chain would continue as Terra “Classic,” while holders of LUNA on the “Classic” chain would receive a token airdrop of the new chain’s token under the plan.
At writing time, some 64% of voters on the on-chain proposal supported the fork, while 34% voted against it.
The community, however, is apparently not on board. Some 92% of over 6,220 voters on a previously held online poll have voted against the change, with the most popular responses calling for “no fork.”
Votes to the off-chain, online poll can be made by anyone regardless of if they hold luna (LUNA) tokens, unlike on-chain governance polls that require voters to stake luna before casting votes. Most comments on the proposal’s discussion are negative. Some even term it “anti-community,” while others urged legal intervention.