Tera heated after the proposal mid-vote revision

The market is currently experiencing one of the most painful weeks of the year, exacerbated by the collapse of Terra.

While Terra’s ecosystem boss Do Kwon came up with a revival plan, he also revamped one. But more importantly, he did so while Proposition 1623 was being voted on.

  • Kwon revealed himself under the title ‘Birth Terra Network’. Modify Suggestions to accommodate community feedback.
  • He also argued that users could still vote “no” if they had already voted but disagreed with the new fix. Users have several more days to change their votes.
  • First amendment Increases Genesis liquidity. Initial liquidity parameter increased from 15% to 30%. Terra says the move aims to increase the token supply at launch and alleviate future inflationary pressures on pre-attack aUST holders, post-attack LUNA holders and post-attack UST holders.
  • The second revision introduces a new liquidity profile for pre-attack LUNA holders. Wallets under 10,000 LUNA have the same Genesis liquidity and 30% unlocked at launch. 70% of the remaining liquidity is locked during the vesting period of two years.
  • The third change relates to a reduction in distribution to UST holders after an attack. After the attack, the allocation to UST holders will be reduced from 20% to 15%.
  • What upset many in the community was the fact that Terra continued to make these changes during on-chain voting.
  • one of the users Tweet,

“Okay, this is wtf. How can I edit what I have already voted for?… Guys, we’ve finished half the vote. You voted, buuuut, we change what you voted for… no more I have no faith, Luna will crash no matter what they do…”

  • Terra’s reliability has been questioned many times. However, the mid-term vote change has put further pressure on the confidence of investors who are still holding LUNA in hopes of a recovery.
  • 79% or more at the time of writing vote While in favor of the proposal, around 15% voted “No with a veto”. Even if a proposal is approved by majority validators, it will be discarded if the latter ratio exceeds 33.4%.
  • Kwon continues to be under scrutiny as many investors’ lives were lost in a matter of days.
  • latest official records exposed It is known that Chairman Kwon dissolved Terraform Labs Korea a few days before LUNA and UST collapsed and closed the headquarters and the only branch in Busan.
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