Do Kwon's proposal to fork LUNA's blockchain is rejected by the Terra community

The Terra community has spoken out against Do Kwon's second plan to split Terra into two blockchains in order to compensate for UST's real-time collapse last week.

Terra Luna saga 2022
Terra Luna | Image: Optimisus

Instead of a hard fork, the community prefers to create an aggressive burning mechanism to resuscitate Terra's once-thriving ecosystem.

Furthermore, many allege that the Terra team is not listening to the community and is only concerned with saving whales rather than ordinary smallholders.

Do Kwon, CEO of Terraforms Labs, isn't ready to give up. He suggested separating the LUNA blockchain into two chains on Monday: Terra Classic and Terra. They will host the cryptocurrencies Luna Classic (LUNC) and Luna (LUNA), respectively.

The existing chain would be renamed Terra Classic, and Terra Classic LUNA holders would get an airdrop of the new network's token. Terra will be community-owned, with no participation from Terraform Labs in the airdrops.

Although official governance voting will commence on May 18, preliminary community voting suggests that the majority of people are opposed to forking the blockchain.

At press time, the proposal had received more than 3,100 votes on Terra's research and governance forum, with 85% voting against it. "No one wants a fork," one community member said. Only 15% of people voted in support of the change.

Most Terra members are unhappy with how the LUNA and UST events unfolded, but they fear that developing a new blockchain will only benefit the whales while normal investors are burned.