Terra validators vote on whether or not to approve Do Kwon’s plan to revive Terra blockchain.
One validator, who received 1.49% of votes, claims that the proposal is being advanced without considering the wishes of the community.
Terra validator voting against Do Kwon’s plan for reviving the network.
Konstantin Boyko Romanovsky, founder and CEO of Allnodes, told The Block that he didn’t like the fact the entire governance process for this proposal looked like a dictatorship model. It seems like [the] launch of the new chain was decided before voting has ended.”
TerraUSD, a Terra-based stablecoin, lost its peg against the US dollar last week. This caused more than $40 billion in value to be lost in just a few days. Do Kwon, CEO of Terraform Labs, is seeking approval from validators in order to fork Terra, reallocate Terra’s tokens and relaunch the network. Many tokens are subject to vesting periods.
Although the majority of validators, who are involved in transactions and stake tokens on the network, have voted for the plan so far, there have been concerns expressed by many Terra members. Boyko Romanovsky even stated that the voting process is against crypto’s decentralized philosophy.
Allnodes, one of five validators who voted against the plan, represents 1.49% the Terra network’s staked Luna token. This token is used to vote. 19.7% of the votes currently veto the plan. The poll will not pass if this number rises to 33.4% by the end of the six-day period.
The Terra governance forum hosted a preliminary vote before the main vote. Nearly 7,000 people voted against the idea. 91% voted for it.
Boyko Romanovsky stated that he was unhappy with the results of the preliminary poll. He stated that “90% [of] the active community are against [a] fork” and that the founder still pushes his narrative without listening to the community.
He said that the solution proposed was not the best and that it should be discussed more carefully. He stated that Terraform Labs might have significant voting power and Allnodes decided that he would vote against the proposal.
