👋 Want to work with us? CryptoSlate is hiring for a handful of positions!
In response to the de-pegging of UST, trillions of LUNA coins were minted due to the nature of the Terra LUNA algorithm used to maintain the UST dollar peg. LUNA is used in the Terra blockchain’s governance, which is now under threat due to the low value of each coin.
There have been several controversial moments concerning the current voting system in the past week. One of the most significant issues is that new proposals are now being censored due to increased spam proposals.
The three main controversies are:
The main proposal supported by Do Kwon was changed after the vote went live, and millions of votes had already been cast.A proposal to burn the remaining community pool of UST passed the vote but seemingly failed due to technical reasons.Many proposals have been submitted due to the low cost following the 99% drop in LUNA’s value.
Some of these controversial aspects of the voting system may have caused further concerns about the centralization and reputation of the Terra blockchain.
Main Terra Luna fork proposal changed mid vote.
Terra announced the main proposal was announced on Twitter. While users can change their vote mid-proposal, it is controversial since not every voter will be watching Twitter daily. Some voters may now be supporting an initiative that they disagree with as they voted for a previous version of the proposal. The official Terra Twitter account has pinned a tweet detailing the amendment. However, there is no guarantee all voters will see this.
1/ We have published an amendment to Proposal 1623, incorporating the community’s feedback since its publication 2 days ago. Please see below for details 👇https://t.co/liISBn3Baa
— Terra 🌍 Powered by LUNA 🌕 (@terra_money) May 20, 2022
The three revisions are:
Increasing genesis liquidityIntroducing a new liquidity profile for pre-attack $LUNA holdersDecreasing distribution to post-attack $UST holders
There are…
Click Here to Read the Full Original Article at Stablecoins – CryptoSlate…
