Terra Luna continues to be mired by controversy after some questionable changes to the proposal mid-vote.
Luna 2.0 Runs Into Issue
The Terra community has been left confused and bewildered after controversies surfaced during the voting process that further stifle efforts to restore and rehabilitate the Terra ecosystem. $LUNA, the native coin in the Terra blockchain fell to almost 0 resulting in the entire ecosystem being placed under threat.
The governance protocol came under intense scrutiny after the main proposal supported by Do Kwon was changed after the voting process went live. A proposal to burn the remaining community pool of $UST passed the vote but failed due to technical reasons. Many proposals were submitted because of the low cost after $LUNA’s drop in value. https://platform.twitter.com/embed/Tweet.html?dnt=false&embedId=twitter-widget-0&features=eyJ0ZndfZXhwZXJpbWVudHNfY29va2llX2V4cGlyYXRpb24iOnsiYnVja2V0IjoxMjA5NjAwLCJ2ZXJzaW9uIjpudWxsfSwidGZ3X3NlbnNpdGl2ZV9tZWRpYV9pbnRlcnN0aXRpYWxfMTM5NjMiOnsiYnVja2V0IjoiaW50ZXJzdGl0aWFsIiwidmVyc2lvbiI6bnVsbH0sInRmd190d2VldF9yZXN1bHRfbWlncmF0aW9uXzEzOTc5Ijp7ImJ1Y2tldCI6InR3ZWV0X3Jlc3VsdCIsInZlcnNpb24iOm51bGx9fQ%3D%3D&frame=false&hideCard=false&hideThread=false&id=1527486972268367872&lang=en&origin=https%3A%2F%2Fwww.bsc.news%2Fpost%2Fterra-lunas-proposed-fork-invites-further-controversies&sessionId=94b293dfcd544fa9b6751c05bfcd4c8e6a0d0e32&theme=light&widgetsVersion=c8fe9736dd6fb%3A1649830956492&width=550px
Steps must be taken to secure the chain as it now becomes easier to mount an attack or to make radical changes to its governance. Do Kwon, the founder of Terraform Labs proposed to resolve this threat by creating a brand new network and capping the new $LUNA supply at 1 billion. https://platform.twitter.com/embed/Tweet.html?dnt=false&embedId=twitter-widget-1&features=eyJ0ZndfZXhwZXJpbWVudHNfY29va2llX2V4cGlyYXRpb24iOnsiYnVja2V0IjoxMjA5NjAwLCJ2ZXJzaW9uIjpudWxsfSwidGZ3X3NlbnNpdGl2ZV9tZWRpYV9pbnRlcnN0aXRpYWxfMTM5NjMiOnsiYnVja2V0IjoiaW50ZXJzdGl0aWFsIiwidmVyc2lvbiI6bnVsbH0sInRmd190d2VldF9yZXN1bHRfbWlncmF0aW9uXzEzOTc5Ijp7ImJ1Y2tldCI6InR3ZWV0X3Jlc3VsdCIsInZlcnNpb24iOm51bGx9fQ%3D%3D&frame=false&hideCard=false&hideThread=false&id=1526645943709204480&lang=en&origin=https%3A%2F%2Fwww.bsc.news%2Fpost%2Fterra-lunas-proposed-fork-invites-further-controversies&sessionId=94b293dfcd544fa9b6751c05bfcd4c8e6a0d0e32&theme=light&widgetsVersion=c8fe9736dd6fb%3A1649830956492&width=550px
The move would see the new chain’s token will referred to as $LUNA and the existing chain will be renamed Terra Classic ($LUNAC).
Controversies and Chaos
Terra announced their main proposal through their Twitter account. The voting process took place but has seen three revisions made after millions of votes have been cast. Users can change their vote mid-proposal but not every voter will be aware of this change.
The amendments are significant because they dealt with genesis liquidity, a new liquidity profile for pre-attack $LUNA holders, and adjusted distribution to post-attack $UST holders. The second controversy was for a technical glitch in a proposal successfully voted on. This proposal has been resubmitted and can be voted on. https://platform.twitter.com/embed/Tweet.html?dnt=false&embedId=twitter-widget-2&features=eyJ0ZndfZXhwZXJpbWVudHNfY29va2llX2V4cGlyYXRpb24iOnsiYnVja2V0IjoxMjA5NjAwLCJ2ZXJzaW9uIjpudWxsfSwidGZ3X3NlbnNpdGl2ZV9tZWRpYV9pbnRlcnN0aXRpYWxfMTM5NjMiOnsiYnVja2V0IjoiaW50ZXJzdGl0aWFsIiwidmVyc2lvbiI6bnVsbH0sInRmd190d2VldF9yZXN1bHRfbWlncmF0aW9uXzEzOTc5Ijp7ImJ1Y2tldCI6InR3ZWV0X3Jlc3VsdCIsInZlcnNpb24iOm51bGx9fQ%3D%3D&frame=false&hideCard=false&hideThread=false&id=1527376963064692736&lang=en&origin=https%3A%2F%2Fwww.bsc.news%2Fpost%2Fterra-lunas-proposed-fork-invites-further-controversies&sessionId=94b293dfcd544fa9b6751c05bfcd4c8e6a0d0e32&theme=light&widgetsVersion=c8fe9736dd6fb%3A1649830956492&width=550px
$LUNA’s fall in price has also made it possible for spam proposals to flood the Station. Citing phishing scams, the team has moved new proposals to an ‘allowlist’ and is not viewable on the main viewing page. This has led to some quarters criticizing what appears to be censorship. https://platform.twitter.com/embed/Tweet.html?dnt=false&embedId=twitter-widget-3&features=eyJ0ZndfZXhwZXJpbWVudHNfY29va2llX2V4cGlyYXRpb24iOnsiYnVja2V0IjoxMjA5NjAwLCJ2ZXJzaW9uIjpudWxsfSwidGZ3X3NlbnNpdGl2ZV9tZWRpYV9pbnRlcnN0aXRpYWxfMTM5NjMiOnsiYnVja2V0IjoiaW50ZXJzdGl0aWFsIiwidmVyc2lvbiI6bnVsbH0sInRmd190d2VldF9yZXN1bHRfbWlncmF0aW9uXzEzOTc5Ijp7ImJ1Y2tldCI6InR3ZWV0X3Jlc3VsdCIsInZlcnNpb24iOm51bGx9fQ%3D%3D&frame=false&hideCard=false&hideThread=false&id=1527722736134631424&lang=en&origin=https%3A%2F%2Fwww.bsc.news%2Fpost%2Fterra-lunas-proposed-fork-invites-further-controversies&sessionId=94b293dfcd544fa9b6751c05bfcd4c8e6a0d0e32&theme=light&widgetsVersion=c8fe9736dd6fb%3A1649830956492&width=550px
Disgruntled Community Members
The current turmoil and emotional distress caused to those that lost a significant part of their portfolio cannot be understated. Therefore, striking a balance amongst the stakeholders becomes a delicate process. This crisis has caused some resentment amongst the members of the community. The path forward will undoubtedly be a challenging one.
Source : bsc.news
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