Are Lunatics Succumbing To Forking It?

If you really know what we’ve been through in the past few days, you'd agree with me that the past week is full of Domsdays in my opinion. The crypto market was dumping while Luna and its said stable coin $ust did the worst. In fact, some folks on CT have chosen not to refer to $ust as a stable coin anymore and I agree with that.

For those who don’t know, $ust lost its pegged value while $Luna dumped alongside it. As I pen this, $ust is trading at $0.1+ while $luna is trading at $0.0001700. Amidst the dump, there have been lots of negative news surrounding crypto in general and the Luna community.

I have seen how other top entrepreneurs reacted to the whole situation and how the Lunatics faced it too. As explained in this post, Cz for example has constantly tweeted his reactions to how he feels about the situation. After I wrote that blog, CZ has further disagreed with Do Kwon's plan for forking the Terra ecosystem.

A few days after the luna Terra ecosystem crashed, Do Kwon issued a plan to fork the chain and airdrop the new token to the holder of the old token. But Cz's reaction said otherwise. He said and I quote;

forking does not give the new fork any value. That's wishful thinking.

The CEO of Binance believes Do Kwon's plan won't work. But guess what, Cz never got any response from Terra's CEO. Fast forward to 2days ago, He tweeted an update where he noted that his plans haven't still changed. In summary, he's planning to fork the current terra Blockchain and then rename the old one to Luna classic (LunaC), then, airdrop the new tokens (Luna) to LunC holders.

Immediately after that tweet, Cz again responded with a tweet. But this time, with SMH which again proved he's not in support of terra fork.

So, How Is It Going?

In the early hours of today, Do Kwon tweeted that the suggested proposal is up and running for vote casting for the current Terra Blockahin to be forked if approved. Immediately after I read that tweet, I believed the proposal will fail because the Luna community members on Twitter are screaming burn and not fork. But surprisingly, the proposal's status is in favor of Do Kwon as seen in the screenshot below.

If I was asked which of the plans would work the best, Well, there is a whole lot that is at stake. But with the way it played out, I will go with Cz's plan to reduce the total supply by burning the extra minted Luna.

Possible OutCome?

As seen from the image above, the proposal currently has 84.98% of yes and will End in 7 days. It currently has a higher chance of it passing. If the community wants it to fail, they need to participate in the governance poll.

I have got my finger crossed for the next 7days.

Posted Using LeoFinance ^Beta