Will the 'hard fork' plan bring Terra back to life?

Do Kwon, Terra project CEO, proposed a plan to 'regenerate' the Terra ecosystem after the collapse of UST and LUNA. However, this is a controversial plan.
LUNA's revival plan

Do Kwon, co-founder and CEO of Terra, proposed resurrecting Terra using a "hard fork" technique - going back to the time when the de-peg UST started and limiting the number of LUNAs.

With this workaround, Terra's existing network will be renamed Terra Classic and all existing LUNA tokens will be LUNA Classic (LUNC). As such, the LUNA and UST tokens that exist on the old network will continue to be supported for future transactions.

The new network (Terra 2.0) will have only LUNA tokens (2.0), which means that the new LUNA will not involve the UST coin or any alternative stablecoin .

However, according to the latest updates in the plan, the staking reward has been cut from 20% to 7%, and the distribution of LUNA 2.0 to UST holders after the attack has been reduced by 5% ( from 20% to 15%). Along with that, initial float tokens will be adjusted from 15% to 30%.

According to the plan, the new Terra blockchain will go into operation from May 27.

The 'small wallets' and 'big figures' disagree
Only 2 more days until voting will be closed. However, as recorded on Terra Station in the early afternoon of May 23, the results seem to be too clear, when over 70% of the votes cast with an agree rate of up to 66.03%.

However, Terra CEO's new plan does not seem to receive the approval of "small wallets", even influential figures such as CZ (Changpeng Zhao - CEO of Binance), Billy Markus (developer of Binance). Dogecoin ) or Allnodes - a validator of the project.

Allnodes was one of 6 validators that voted against Do Kwon's LUNA revival plan. Speaking to The Block , Konstantin Boyko-Romanovsky, founder and CEO of Allnodes, said that "the way the election is managed goes against the decentralization of blockchain [and] it seems that the launch of the new blockchain has already be decided before the voting has ended".

In CZ's opinion, the hard fork will not work at all, instead he recommends burning the supply as the solution to save Terra. Billy Markus also had the same thoughts as CZ, and alleges that Do Kwon's solution showed signs of "inducing" new investors to "smash money" to compensate those who lost because of LUNA .

In a vote on the Terra discussion forum, up to 91% of the 7,277 participants disagreed with the option of implementing the hard fork.

Up to 91% of the total 7,277 participants voted against Do Kwon's plan

SCREEN CAPTURE

At the same time, there are many comments in favor of the method proposed by CZ. "Don't fork, (instead) burn the supply as CZ suggested. Stop being stupid and listen to the community," one user wrote.

As for Do Kwon, CEO Terra still holds the view that "this is the best solution for the interests of all parties. Most importantly, it will pave the way to resurrecting Terra.” In the most recent move, Do Kwon urged investors to stop burning LUNA, claiming the move "has no benefit other than the loss of assets".