In an early poll, the Terra community had expressed opposition to a plan announced by Terra founder Do Kwon that proposed to change the Terra chain to a new chain without the stablecoin algorithm.
Moreover, the Terra community believes LUNA burning could be the best option as suggested by Binance CEO Changpeng Zhao. The public blamed the Terra developer team for not listening to the voice of the community and being more concerned with rescuing whale cluster investors than retail investors.
On Monday, Do Kwon proposed a “Terra 2 Ecosystem Restoration Plan” aimed at reviving the Terra ecosystem, considering the system to be more valuable than UST stablecoin.
Although the official vote will begin on May 18 but the preliminary vote which included more than 1000 members of the Terra community showed sentiment of opposition to the decided plan. 90% of the participants were involved in an opposition vote in which the initial plan proposed to do a ‘fork’.
The proposal focuses on “saving” Terra’s ecosystem and its communities. Under the proposal, the old chain will be called Terra Classic (Luna Classic - LUNC). Meanwhile, the new chain will be called Terra (LUNA). New LUNA tokens will be given airdrop for those who ‘staking’ Luna Classic, Luna Classic holders and UST holders.
The Terra community wants Terraform Labs to give returns to UST retail holders. This proposal is a popular proposal and is also supported by Vitalik Buterin, CZ and Justin Sun.
Terraform Labs has paid 100 billion won, or $ 78.68 million, in taxes to the Korean Tax Service by the end of 2021. However, tax authorities and financial regulators failed to intervene in the situation that occurred last week, causing investors to suffer. .
In addition, a state tax bureau tax official told Terraform Labs Korea had closed its headquarters in Busan and its Seoul branch prior to the incident.
