LUNA Community Rejects Terra Hard Fork Proposal, Do Kwon Remains On His Stand

The LUNA community wants developers to burn. (photo: Terra Money)

JAKARTA – Some time ago the CEO of Terraform Labs, Do Kwon, attempted to restore the Terra ecosystem after the collapse of two of its coins, UST and LUNA. One of the recovery efforts that Kwon will do is a hard fork or network separation.

Hard forks have occurred in several cryptocurrencies including Bitcoin which later forked with the emergence of Bitcoin Cash, and Ethereum which gave birth to Ethereum Classic. This time Kwon wants Terra (LUNA) to branch into two, the current LUNA will become Luna Classic (LUNC), while the new coin will become Terra (LUNA).

Reporting from the Pluang blog, a hard fork is a situation where the crypto unit is divided into two. Namely, the cryptocurrency or crypto units are changed to produce an old code and a new code where the two codes are not compatible with each other.

However, Kwon's plan to restore Terra is not in line with the LUNA community or commonly known as LUNAtics. The community wants to burn or destroy LUNA coins to increase their value. They disagree with CEO Do Kwon's forking proposal.

According to a DailyCoin report, initially, the poll was presented to the Terra community with one simple question: “Fork?” And the accepted answer is unanimous: 90 percent of voters don't want to see the Terra blockchain forked.

However, it should be noted that the community polls are not official governance polls, so there is still the possibility that the LUNA whale and Terra management may decide to go ahead with the revival plan despite community sentiment and protests against the proposal.

Outside of the LUNA community, Binance CEO Changpeng Zhao believes that the only way for Terra to rise is by burning large amounts of LUNA. Burn is intended to reduce the supply of coins or tokens to increase their value so that they can return to the LUNA price before it plunged badly.

"This (forking) is not going to work. Forking does not assign any value to the new fork. That's wishful thinking", said CZ.

Polls were also conducted by the LUNA community on Twitter. As many as 93 percent stated that forking is not a good idea. They wanted the LUNA developers to burn to fix things.