As LUNA is drastically down in price, the Terra community refused Do Kwon’s proposal to fork Terra and create two blockchain networks. Still, the community supports burning mechanisms that could revamp the Terra ecosystem. What’s more, the investors claim the Terra team doesn’t listen to the community and is only focused on protecting whales.
Terra CEO Do Kwon Won’t Give Up
Do Kwon has recently proposed splitting LUNA’s blockchain into Terra Classic and Terra, which would host Luna Classic and Luna cryptocurrencies, respectively.
This new blockchain would completely leave out the UST algorithmic stablecoin and focus on DeFi applications. The current chain would continue as Terra Classic, and all LUNA holders would get an airdrop of the new tokens. Terra would remain community-owned, meaning that Terraform Labs won’t be part of airdrops.
So far, the community’s votes show the sentiment is against forking the blockchain, as about 90% of the voters voted against this decision.
People are overall displeased and believe that the new fork would only benefit the whale holders, while the retail holders would remain damaged.
Binance CEO Changpeng Zhao also got involved and recommended burning and buying back the coin in order to save the ecosystem and create more value.
On top of everything that’s going on in the market, the South Korean Conservative Party wants a parliamentary hearing regarding the Terra events, and The National Assembly’s Political Affairs Committee has summoned Do Kwon for a hearing.