{"id":238165,"date":"2022-05-19T14:15:45","date_gmt":"2022-05-19T13:15:45","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=238165"},"modified":"2022-05-19T14:05:04","modified_gmt":"2022-05-19T13:05:04","slug":"luna-holders-may-veto-the-live-vote-to-fork-terra-luna","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/luna-holders-may-veto-the-live-vote-to-fork-terra-luna\/","title":{"rendered":"LUNA holders may veto the live vote to fork the Terra network"},"content":{"rendered":"

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<\/a>, and LUNA holders can use their governance tokens to participate in the vote.<\/p>\n

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.<\/p>\n

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.<\/p>\n

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

The updated and final proposal is available on the LUNA forum<\/a> and includes amendments to the previous proposal. The proposal being voted on contains the following distribution for token holders;<\/p>\n

Community pool: 25%<\/strong>
\n– Controlled by staked governance
\n– 10% earmarked for developers
\nPre-attack LUNA holders: 35%<\/strong>
\n– All bonded \/ unbonding Luna, minus TFL at \u201cPre-attack\u201d snapshot; staking derivatives included
\n– For wallets with < 1M Luna: 1 year cliff, 2 year vesting thereafter
\n– For wallets with > 1M Luna: 1 year cliff, 4 year vesting thereafter
\nPre-attack aUST holders: 10%<\/strong>
\n– 500K whale cap – covers up to 99.7% of all holders but only 26.72% of aUST
\n– 15% unlocked at genesis; 85% vested over 2 years thereafter with 6 month cliff
\nPost-attack LUNA holders: 10%<\/strong>
\n– Staking derivatives included
\n– 15% unlocked at genesis; 85% vested over 2 years thereafter with 6 month cliff
\nPost-attack UST holders: 20%<\/strong>
\n– 15% unlocked at genesis; 85% vested over 2 years thereafter with 6 month cliff<\/p><\/blockquote>\n

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).”<\/p>\n

The proposed timeline for the fork is outlined below;<\/p>\n