Terraform Labs CEO Do Kwon proposed that the blockchain be forked in the latest revival plan. The CEO’s updated, ‘Revival Plan V2’, featured the primary aim to “fork the Terra chain into a new chain without the algorithmic stablecoin”. This proposal would see the Terra ecosystem divided in two: ‘Terra Classic (Luna Classic – LUNC)’ and newest edition, which will carry on the trademark name ‘Terra (LUNA)’.

2/ Participating in the vibrant discussion regarding Terra’s next steps has been a great experience. Taking feedback from the community and thoughtful proposals, I would like to suggest the following for the path forward.https://t.co/E13VI8bkLhA thread on our reasoning:

— Do Kwon (@stablekwon) May 16, 2022

To Fork, or Not to Fork

Forking is a term for altering a blockchain’s structure. In Terra’s case, it would be close to starting from scratch. The new blockchain version would, supposedly, allocate some of its resources back to Terra’s previous owners (LUNA and UST). Moreover, the revival plan outlined a timeline with a 5-year vesting period for the upgraded tokens and the updated blockchain version, which wouldn’t see the light of the day for another two weeks. However it doesn’t seem that Terra’s community wants to move in this direction.

9 Out of 10 Community Members Don’t Want to Fork Terra

Initially, the poll was presented to the Terra community with one simple question: “Fork?” And the answer received was unanimous: 90% of voters do not want to see Terra’s blockchain forked. It should be remembered that the Terra management and LUNA whales could continue to implement the revitalization plan despite the protests of the Terra community.

Fork Won’t Work, Says Binance CEO

Binance CEO Changpeng “CZ” Zhao opined on Twitter (NYSE:) that it would be better for Terra to burn a large supply of Luna coins to have the best chance of regaining value. “This won’t work. The new fork is worth nothing if it’s not used. That’s wishful thinking”, explained Zhao.

An additional poll conducted on Twitter showed very similar results. 93% thought that forking Terra wasn’t a good idea. They also believed that burning LUNA tokens was a better solution.

Terra members eventually came up with other solutions. They mainly suggested sticking to the existing blockchain and greatly reducing the supply LUNA tokens.

My opinion. NFA. It won’t work.- the fork does not have any value. It’s wishful thinking.- forking does not give the new fork any value. https://t.co/9pvLOTlCYf

— CZ Binance (@cz_binance) May 14, 2022

The Flipside

• Terra last week announced it was stopping block production. Do Kwon then proposed a revive plan to save LUNA as well as UST.
• Trouble continues for the Terraform Labs CEO, as Do Kwon’s home was broken into by an angry crypto investor

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