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Currently, the management of the Terra project is holding a vote on the issue of forking the blockchain and so far it is supported by 85% of the participants.
Earlier, Terraform Labs CEO Do Kwon announced a proposal to fork the Terra blockchain. If supported, Terra will split into two blockchains: a new network called Terra without the UST algorithmic stablecoin and the original network, which will be called Terra Classic. The fork of the network will be accompanied by the distribution of tokens.
On May 17, several Terra validators announced their support for the fork on Twitter, guaranteeing at least 18% of the vote in favor of Kwon’s plan. However, the initial support may be much higher, as 85% of luna holder votes were cast in favor of the fork.
22% of the votes in favor of the fork fell on 35 large accounts and well-known validators. The rest came from more than 5,300 small anonymous holders with a balance of less than LUNA 163,000.
Despite the support, a fork of the network does not guarantee success and some members of the community openly oppose it. 12.6% of participants oppose the plan and call for a veto, which will come into force if it is possible to gain 33.3%.
Another 0.4% of voters oppose the proposal without the right of veto, and 2.0% refrain from choosing a party.
There is still room for change, as a small number of participants voted. So far, only 27.8% of the power of the vote has been taken into account and many of the largest validators have not yet voted.
Voting will close on Wednesday 25 May and less than a week remains to decide the fate of the fork.
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