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More controversy over the Terra project after the proposal was amended in the middle of the voting process

More controversy over the Terra project after the proposal was amended in the middle of the voting process

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Answer More controversy over the Terra project after the proposal was amended in the middle of the voting process

The cryptocurrency market is currently going through one of the most painful weeks this year, after the collapse of the Terra crypto project.

While the head of the Terra crypto project was putting forward plans to reform the project, he recently modified the proposal.

The amendment has already taken place in conjunction with the voting process for Proposition 1623.

Kwon revealed that his proposal, titled “Rebirth Terra Network,” has modified it to align with community feedback.

He also emphasized that if a user had already voted but did not agree to the new amendments, they could still vote “no”.

Users have a few more days to change their vote.

The first revision increases liquidity, as the initial liquidity parameters have been raised from 15% to 30%.

The Terra team says this measure aims to increase crypto supply at launch and mitigate future inflationary pressures for UST holders before the attack, LUNA holders after the attack, and UST holders after the attack.

The second revision presents a new liquidity profile for holders of LUNA before the attack.

Wallets with less than 10,000 LUNA will get the same original liquidity.

As 30% of the total new offer will be unlocked at launch.

While 70% of the remaining liquidity will be closed for two years.

The third change is to reduce the distribution to UST holders after the attack.

The allocation to UST holders after the attack will be reduced from 20% to 15%.

Read:Voyager’s Binance Deal Under Scrutiny For This Reason!

What infuriated many in the community was the fact that Terra kept making these changes in the middle of the network voting process.

chirp One of the users:

How to edit something that has already been voted on…

Hey guys, we voted and we’re halfway there.

Read:When is altcoin season and will there be a bounce soon?

You voted, but you changed what you voted for… No more faith, LUNA will fall apart no matter what you do…

Terra’s credibility has been questioned several times.

But changes in the middle of the vote further strained investor confidence who still cling to LUNA in hopes of a recovery.

At the time of writing this article, over 79% had voted in favor of the motion, while about 15% had voted no with a veto.

The motion will be ignored if the veto-vote percentage exceeds 33.4%, even if the motion receives the approval of the majority of ratifiers.

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