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LUNA holders may veto the live vote to fork the Terra network LUNA holders may veto the live vote to fork the Terra network

LUNA holders may veto the live vote to fork the Terra network

The voting to fork Luna is underway and is just 13% shy of being vetoed by the community and thus failing

LUNA holders may veto the live vote to fork the Terra network

Cover art/illustration via CryptoSlate

The TerraBuilderAlliance, Do Kwon, and others in the community have agreed upon a proposal to fork Terra Luna to attempt to salvage the Terra ecosystem. The voting is now live on Terra Station, and LUNA holders can use their governance tokens to participate in the vote.

At the time of writing, there are 116,045,229 ‘yes’ votes and 30,227,625 ‘no with veto’ votes. The proposal needs another 2 million votes for a quorum to be achieved.

The ‘yes’ votes currently have 78% of the total vote. However, the rules stipulate that if 33% of the votes veto the proposal, it will not pass. Currently, the ‘no with veto’ votes comprise 20%, meaning if the next 48 million votes were to ‘vote no with veto,’ then the proposal would fail.

Further, if the ‘no with veto’ surpass 33%, the deposit required to propose the motion is forfeit. The minimum deposit is currently 50 LUNA, which is mere fractions of a cent by today’s valuation.

The updated and final proposal is available on the LUNA forum and includes amendments to the previous proposal. The proposal being voted on contains the following distribution for token holders;

Community pool: 25%
– Controlled by staked governance
– 10% earmarked for developers
Pre-attack LUNA holders: 35%
– All bonded / unbonding Luna, minus TFL at “Pre-attack” snapshot; staking derivatives included
– For wallets with < 1M Luna: 1 year cliff, 2 year vesting thereafter
– For wallets with > 1M Luna: 1 year cliff, 4 year vesting thereafter
Pre-attack aUST holders: 10%
– 500K whale cap – covers up to 99.7% of all holders but only 26.72% of aUST
– 15% unlocked at genesis; 85% vested over 2 years thereafter with 6 month cliff
Post-attack LUNA holders: 10%
– Staking derivatives included
– 15% unlocked at genesis; 85% vested over 2 years thereafter with 6 month cliff
Post-attack UST holders: 20%
– 15% unlocked at genesis; 85% vested over 2 years thereafter with 6 month cliff

The “Pre-attack” snapshot will be taken at “Terra Classic block 7544910 (2022.05.07 23:00:04+08:00),” and the “Post-attack” snapshot will be taken at “Terra Classic block 7790000 (2022.05.27 03:59:51+08:00).”

The proposed timeline for the fork is outlined below;

  • 05/21 – Terra Core release is cut, network launch instructions made available for validators
  • 05/25 – Essential app developer registration completed
  • 05/27 – Genesis file created from final launch snapshot
  • 05/27 ~ Network launch

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