The new Terra blockchain will be launched in the coming days and will include a new distribution of LUNA tokens.
Majority supports relaunch
Terra’s ‘Proposal 1623’ has been approved by the community. It outlines plans to revive the collapsed Terra ecosystem.
On May 16, Do Kwon, the creator of the Terra ecosystem, proposed the creation of a new blockchain and the issuance of new LUNA tokens.
According to Terra Station data, 65.50% of all voters support the proposal. More than 20% abstained from voting. 13.20% opposed the proposal.
Following successful community approval, Terraform Labs (TFL) will begin implementing the new Terra blockchain. The relaunch is scheduled for May 27. There is also a new LUNA token.
The distribution model for the new LUNA tokens includes 30% for the community pool, 35% for LUNA holders before the ecosystem crash and 10% for anchor-staked UST (aUST) holders before the crash, 10% for LUNA post-crash holders, and 15% for post-crash UST holders.
Snapshots of user balances were taken before and after the Terra ecosystem crash. Users who have held throughout the period are entitled to multiple benefits.
The distribution of tokens is also subject to a waiting period. This means that users will not receive their tokens immediately on May 27.
The proposal also includes the removal of Terra’s algorithmic stablecoin UST, among other items.
