Terra’s board of directors is now debating whether to separate the network. 85 percent of people are in favour of it, while just 13 percent are against it.
As recently as last week, Terraform Labs CEO Do Kwon proposed the creation of a new Terra blockchain governance structure.
The idea is to split Terra into two blockchains: one without the algorithmic UST stablecoin, which would be named Terra, and the other, which would be called Terra Classic, provided it receives enough support. The chain fork will be accompanied by an airdrop.
Yesterday, on May 17, a number of Terra validators took to Twitter to express their support for the split. The fork would win at least 18 percent of the vote based on their assertions. As of this writing, 85.0 percent of the votes cast by LUNA holders are in favour of the separation.
A majority of the electorate voted secretly. In support of the split, 35 major accounts and well-known validators accounted for just 22% of the total votes. Most of the rest came from more than 5,300 tiny anonymous holders with voting power of less than 163,000 Luna.
If this is the case, it might indicate that the chain split has broad community support among small investors. There is a possibility, however, that major validators have split their money around a number of addresses. Many members of the community, however, are strongly opposed to the chain split.
13% of voters are opposed to the plan
The chain split is not certain to succeed, despite early support. More than twelve percent of those who cast votes rejected the proposal and call for a vote of no confidence. A 33.3 percent majority is required to override this veto. According to previous estimates, 9 percent of voters disapproved of the proposal.
Votes were cast by 0.4 percent of those eligible, while 2.0 percent of those eligible abstained from picking a side.
Voter participation is low, so there’s still time for a change. Many of the major validators have not yet cast their votes; just 27.8% of the voting power has been assigned so far. If LUNA is so underutilised, it is conceivable for both sides to acquire greater clout. After this week’s voting, people’s sentiments regarding the fork might be drastically altered.
Also Read: Do Kwon Is Reportedly Being Sued By Terra Investors For Fraud
Wallets