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• The vote was approved by an overwhelming margin of 65.5% yes to 1.2% no
The crumbling Terra blockchain has a hope of living another day after a vote to create a newTerra blockchain was passed early Wednesday morning.
The new Terra blockchain will start running a coin under the existing Luna name and ticker, and won’t include the TerraUSD stablecoin.
The vote comes after the recent collapse of the chain’s signature cryptocurrencies, Luna, and the stablecoin UST.
“With overwhelming support, the Terra ecosystem has voted to pass Proposal 1623, calling for the genesis of a new blockchain and the preservation of our community,” Terra’s official Twitter account posted Wednesday.
The vote was approved by an overwhelming margin of 65.5% yes to 13.2% no, with 200,403,090 votes in favor and 40,374,458 votes against. A significant percentage of votes, 20.98% or 64,192,319 votes were to abstain.
Terra co-founder Do Kwon’s newly approved structure, the original blockchain will be known as Terra Classic, while its native token Luna, which plunged close to zero this month, will be renamed Luna Classic with the ticker LUNC.
Source: Terra
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