Terra is a decentralized financial payment network that rebuilds the traditional payment stack on the blockchain. Luna is the reserve currency of the Terra platform. It has three core functions: i) mine Terra transactions through staking, ii) ensure the price stability of Terra stablecoins and iii) provide incentives for the platform’s blockchain validators.
Three changes were submitted for Terra 2.0 while the vote is ongoing. In South Korea, lawsuits continue against founder Do Kwon, and revealing legal documents emerge about Terraform Labs.
Do Kown, the founder and CEO of Terraform Labs has entered some changes to its original proposal to revive the blockchain a distributed ledger system. A sequence of blocks, or units of digital information, stored consecutively in a public database. The basis for cryptocurrencies. Earth in the midst of the ongoing governance in the world of cryptocurrencies, governance is defined as the people or organizations that have decision-making powers regarding the project. vote.
After the dizzying collapse of USD Land (UST) and its sister token a digital unit designed with utility in mind, providing access and use of a larger crypto economic system. LUNA, the founder has been leading efforts to revive the project. Earlier this week, Kwon shared the call ” recovery plan “ which proposes to fork the blockchain to generate a new version of the network. Earth which will leave behind the failed UST. It will also seek to allocate amounts of LUNA to previous holders according to an established distribution.
The chain governance vote to decide whether to move forward with this plan was set in motion on Wednesday of this week. While a preliminary survey showed the rejection of many users, the official vote has revealed great optimism among the community. The voting The LUNA, in which only LUNA holders participate, currently has 79% of the votes in favor and 14.5% against.
Modifications to the Terra 2.0 proposal
In the midst of the governance exercise, which will decide the future of Earth after its implosion last week, Kwon has introduced some modifications to the plan. Specifically, the founder introduced three revisions around the distribution parameters of the tokens “ to adapt to community feedback “as Kwon pointed out.
The entry of the plan in Now.earth was edited Tuesday night, as noted on the website. The amendment to proposal #1623 has in particular three modifications which are detailed below, as it collectedCryptoNews:
1. Increased genesis liquidity how easily a cryptocurrency can be bought and sold without impacting the overall market price.
- For pre-attack UST holders, post-attack LUNA holders and post-attack UST holders, the initial liquidity parameters were changed from 15% to 30% in order to increase the supply of tokens in the launch and mitigate future inflationary pressures.
2. Introduction of a new liquidity profile for LUNA holders prior to the attack.
- Wallets with