Terra Community Opposes Do Kwon’s Hard Fork Proposal Despite Builder’s Support

The Terra blockchain protocol might have ended its run following the unprecedented collapse of the LUNA coin and the de-pegging of the UST stablecoin last week. With millions of investors losing their holdings in the protocol overnight, many want a way forward, and Do Kwon, the prominent face of the project has come up with at least 2 proposals for the community to adopt.

The latest of the proposals is to fork the Terra blockchain and create an entirely new chain with the old chain supporting the current tokens which will now be named LUNA Classic (LUNC), and the new chain will be powered by LUNA. 

The proposal was put up for a vote on Terra’s community forum and from the more than 6,400 votes recorded, over 92% of voters have shown disinterest in creating a new fork. However, a revised proposal from the Terra Builders Alliance has garnered a lot of goodwill from the community of Terra holders as 88.98% of early voters have voted Yes

Terra Community Revolted Against Forking

While voting on Agora station is showing signs that the revised proposal from Do Kwon that is now favored by the Terra Builders Alliance which have earlier revolted against it will pass, the community, involving majorly retail holders are still skeptical about the entire move.

From a glance through comments on the community forum, many believe burning the excessive LUNA tokens will be the best way to go for the protocol in these trying times. A lot of people want outright communication from the community with respect to the reasons why they believe burning will not work.

“I will ONLY support the fork AFTER someone from the team explains WHY we can’t implement a burn. The majority of the community wants that and is willing to stay and support the project, and I don’t understand why they are being ignored. Until then, it’s a NO.” A user wrote on the forum.

It is yet unknown how Do Kwon and his team plan to reconcile all concerns about the proposed hardfork, but the revival of the LUNA token has been noted as one of the most important focuses for the now.