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- If opposition votes reach 33.3 percent, the veto will be invoked. According to previous statistics, 9% of voters were opposed to the plan. A further 0.4 percent of votes are against the plan without a veto, while 2.0 percent of votes are undecided.
- Because voter turnout is low, there is still the possibility for reform. Only 27.8% of the voting power has been distributed so far, and many of the most powerful validators have yet to vote. Because so much LUNA is still unclaimed, it’s feasible that either side will acquire more traction.
- Initial support appears to be much stronger today, with 85.0 percent of LUNA holders voting in favor of the split. A hidden majority cast their votes. About 35 major accounts and renowned validators voted in favor of the split, accounting for only 22% of the vote.
Terraform Labs CEO Do Kwon made a governance proposal earlier this week that might fork the Terra network. If enough people sign up for the idea, Terra will be split into two blockchains: a new Terra chain without the algorithmic UST stablecoin, and the original Terra chain, which will be dubbed Terra Classic. The chain fork will be accompanied by an airdrop.
The Terra Chain Split Has 85% Support
On May 17, some Terra validators stated their support for the split on Twitter. Their words nearly ensured that the fork would receive at least 18% of the vote. However, initial support appears to be much stronger today, with 85.0 percent of LUNA holders voting in favor of the split. A hidden majority cast their votes. About 35 major accounts and renowned validators voted in favor of the split, accounting for only 22% of the vote. The rest came from over 5,300 minor anonymous holders who held less than 163,000 LUNA, accounting for less than 0.01% of total voting power.
This could indicate that the chain split has widespread community support among small investors. This isn’t always the case: it’s also feasible that major validators have spread their riches among lesser addresses.
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The Plan Is Opposed By 13% Of Voters
Many community members are vocally opposed to the chain split outside of governance vote. The chain split is not guaranteed to succeed, despite early support. A total of 12.6 percent of votes are against the idea and call for a veto. If opposition votes reach 33.3 percent, the veto will be invoked. According to previous statistics, 9% of voters were opposed to the plan. A further 0.4 percent of votes are against the plan without a veto, while 2.0 percent of votes are undecided.
Because voter turnout is low, there is still the possibility for reform. Only 27.8% of the voting power has been distributed so far, and many of the most powerful validators have yet to vote. Because so much LUNA is still unclaimed, it’s feasible that either side will acquire more traction. The poll will close on Wednesday, May 25, giving people just over a week to alter their minds about the fork.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
