terra It has shared some recovery plans to stabilize its ecosystem and improve its value a little more, but these plans seem to have many ‘technical glitches’ ahead.
Two proposals to implement the recovery plan had not gone into effect due to issues with smart contracts.
The two proposals made planned to re-establish further UST burns and ‘cross-blockchain interaction/communication’ between Terra and other blockchains, and owners LUNA and TOPHe would allow them to carry their knives back to Terra.
The technical glitches surfaced as Terra was preparing to fork the blockchain and launch a new version. So far, 66% of LUNA owners seem to be in favor of the offer.
Two Recommendations Regarding Terra Rescue Plan Failed to Execute
The most important of these two proposals was Prop 1188, which included approximately 1.4 billion UST burns from Terra’s community pool to support prices. But while users voted in favor of the proposal, it was not implemented due to a smart contract bug that tried to burn more UST from the pool than there was.
Terra submitted an updated proposal, number 1747, to remake the measure currently being voted on.
More recent between the two proposals is Proposal1299, which aims to re-establish some degree of inter-blockchain communication (IBC) between Terra and other chains.
In a tweet shared on Terra’s official account, it was stated that to some extent, IBC channels were already opened and could not be executed because there was an error in the smart contract.
The developers now continue to work to restore IBC channels more broadly.
Can a Hard Fork Be Executed?
With the majority of LUNA owners supporting the new Terra, the management proposal seems likely to pass. However, more than 13% of bidders vetoed the proposal, so it is unclear how their veto will be evaluated.
Still, from a technical standpoint, the hard fork is described as the biggest bid the chain has ever undertaken. The proposal aims to create a new Terra without Terraform Labs or the UST stablecoin. It will also airdrop new LUNA tokens to cover pre-crash and post-crash holders.
developers and Do KwonWhether they can do this without any cuts is a mystery. One news from Kwon is that the blockchain is still collecting data for the airdrop.
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