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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