In an effort to receive feedback from the community, further amendments have been incorporated in the proposal relating to the revival of Terra.
It has now been a while that Do Kwon who founded Terraform Labs has been working on the proposal for the revival of Terra. In this connection, he had several times in the past amended the revival proposal and had come to a stage where the revival is expected very soon. However, further amendments have been incorporated by Do Kwon which amendments according to him were crucial for the provision of community feedback.
Terra Blockchain was once a very famous and actively used blockchain in the digital economy space. However, when the downfall came simultaneously for Terra as well as UST, both failed to survive. Since the Terra Blockchain was a successful project and had great potential if it had continued, Do Kwon came with an idea to revive the project. In this connection, he presented a proposal and sought voting on the same which ultimately took place a few days ago on 18th May, 2022. As per the proposal, Kwon wishes to reinstate Terra by forking the existing chain which will ensure the project’s revival.
It was reported that further distribution features have been added for the purposes of allowing the community to give their feedback.
As per another amendment, the proposal will now have a reduced allocation size of the holders of UST with regard to LUNA 2.0. This reduction will primarily affect those persons who were forced to stake their tokens due to the de-pegging problem faced by users of Anchor protocol. It has been reported that the allocation has been reduced to 15 percent which was 20% before the amendment.
Then there was another amendment concerning the ‘vesting schedule’. The amendment particularly dealt with the two categories of stakeholders. These two categories of stakeholders were initially entitled to obtain a proportionate share from the new tokens that were to be issued at the time of revival. In this connection, reportedly the share percentages of both the categories have been doubled i.e. 30%. As regards the rest i.e. 70%, the same shall be locked for a maximum period of 2 years.
Ironically, at the time of voting, certain objections were raised which further raised eyebrows against Kwon’s aims and objectives. Usually, changes to a proposal are not allowing during the time when the proposal is undergoing the voting process. Normally, in any DeFi project, amendments or changes are made prior to the commencement of the process of voting.
One of the analysts of Terra who goes by the pseudonym, ‘Fatman’, raised the objection that the last minute changes and amendments call for re-voting. FatMan said that there is no concept of introducing any last-minute changes at the time when voting has already commenced. He advised that amendments call for re-initiation of voting afresh because significant changes have been brought into the document when already half of the voters had voted.