Two days after the hard fork design for the Terra ecosystem was unveiled, the majority of the crypto project community rejected the suggestion of Terra CEO, Do Kwon.
It is understood that 92% of the voters involved are reluctant to continue the hard fork because they think it is better to reduce the LUNA supply using the coin burning method.
Following that, Kwon has uploaded a tweet regarding the 'Terra 2 Ecosystem Recovery Plan' last evening:
1/ Terra governance prop #1623 to rename the existing network Terra Classic, LUNA Classic ($LUNC), and rebirth a new Terra blockchain & LUNA ($LUNA) is now live.
Vote here: https://t.co/ZlGxNCUTMa https://t.co/plj0guJwao
— Do Kwon (@stablekwon) May 18, 2022
Based on the reserves listed on Terra Station, Kwon did not mention the 'hard fork' as he previously stated.
But Kwon is still determined to develop a new series, Terra (LUNA), replacing the existing series which will later be known as Terra Classic and LUNA Classic (LUNC).
'Algorithmic stablecoins' are also not mentioned in the backup, meaning Terra will no longer support or introduce new USTs.
Meanwhile, the airdprop that Kwon was told the other day for LUNC and UST holders is being reorganized.
The draw for the second plan will run until May 25.
Based on current draw decisions: Agree (84.47%), Disagree (0.37%), there is potential for the Terra series to be reborn.
The construction of the new Terra is expected to be launched on May 27.
