(Zycrypto) The Terra community is not excited about a proposal by co-founder Do Kwon to fork the blockchain into two.
Reports indicate that ahead of the governance voting on May 18, only 10% of Terra’s community members are advocating for the hard fork.
Terra community is instead calling for an implementation of an aggressive burning mechanism to save the ecosystem, which is currently facing pressure. The community is aggrieved that the Terra team is giving preferences to whale holders instead of the smallholders.
The proposal by Kwon calls for the creation of two chains, which are Terra Classic and Terra. The two chains will host Luna Classic crypto dubbed LUNC and LUNA, respectively. The proposal will see Terra Classic and holders of Luna receive an airdrop on the existing chain.
Terra has defended the proposals saying that it seeks to make the ecosystem community-owned. The Terraform Labs will not be entitled to the airdrops.
The proposals come days after Binance CEO Changpeng Zhao recommended burning and buying back to save the blockchain. Zhao has warned that minting and forking will not create value.
LUNAUSD is down -2.86%.
