Terra at the Crossroads: Major Validators Support a Fork of Terra
More than a dozen validators say they will support a fork of Terra that focuses on development rather than its stablecoin.
That fork was proposed yesterday by Terraform Labs CEO Do Kwon; voting on the proposal will take place Wednesday.
The community is divided on whether to fork the chain or carry out a burn plan.
In the wake of how serious a possible PoW change is, major validators seem to be on board, but users are not.
Do Kwon proposed a fork of Terraform Labs yesterday. Voting on the proposal will take place on Wednesday.
There is no consensus on whether to fork the chain or carry out a burn plan. There are many different ways to split the community.
Terra is the project behind UST, one of the main stablecoins, and it's a big loss for Do Kwon if he doesn't launch a new stablecoin. But many in the community are hesitant to support it.
In a recent proposal, Kwon Do has proposed a new approach to Terra that many people in the community support, but has also sparked great criticism.
Terra Labs CEO announced that Terra could split into two chains. The new chain would abandon the failing UST stablecoin, and focus on promoting and incentivizing new development.
Kwon posted a call to action, encouraging developers to signal support for the Terra fork.
It is now being reported that new validators are lining up to support the old chain once it starts moving again. These include Stake Systems, Delight, TerraBay, and similar groups.
The price of the top crypto by market cap has expressed support, just like the price of the other top crypto by market cap.
These validators collectively control 18.9% of the network’s voting power. Five of them are among the top ten validators, and together they control 15.4% of the voting power.
A vote on the chain-split proposal will not be carried out until Wednesday. Until then, it is impossible to tell how much support the new chain has in a practical sense.
There is no division in opinion about a split between validators, but the wider community disagrees about what to do. The majority of users support an earlier proposal to burn tokens if there's a split.
Some validators, such as Smart Stake and SCV, are interested in both plans.
Terraform Labs CEO Do Kwon has announced a second revival plan for Terra if the first doesn't work. If the plan does fail, he might give up and move on to something else.
Terra's implosion will be remembered as one of the biggest moments in crypto history. Chris Williams tells the story of the blockchain and its controversial leader, Do Kwon. Buying the cryptocurrency at a massive price drop has the potential to be an extremely profitable move.
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