The controversial proposal to restart the Terra blockchain, authored by Do Kwon and his team, has received official approval from the Terra community, carrying 65.5% of the vote. 13.2% of those eligible voted “no with veto,” but to block the proposal, they would have needed to come to 33.4%.
Some, including 92 validators, did not vote at all, and 20.98% abstained.
The Terra 2 testnet has already gone live, with the mainnet to launch this Friday, May 27. When it happens, the compromised LUNA will be renamed to LUNA Classic (LUNAC), and the new iteration will take the old name, LUNA. Similarly, the old Terra blockchain will be called Terra Classic, and the new one Terra. The renaming shenanigans have proved somewhat confusing, though, and many have started calling post-restart LUNA the new LUNA, or LUNA 2.0.
Under the approved proposal, pre- and post-crash LUNA holders, pre-crash aUST holders, and post-crash UST holders would all get airdrops of the new LUNA tokens, at varying proportions. 30% of the airdrop will be released on the day of launch, and the rest is to be vested over two years, with a six-month cliff period.
The proposal, created in response to the depegging of UST and the crash of LUNA, came to be known as the fork, although the Terra team rejected that name, saying that Terra 2.0 will be a new genesis chain. Multiple projects built in the original Terra ecosystem have confirmed they would return in Terra 2, including Nebula, Sigma, Prism, Astroport, Phoenix, Nexus, Spectrum, and Anchor.