A vote being cast, text saying Do Kwon pushes for a vote

Do Kwon pushes new version of his proposition to a vote, despite vocal opposition from the community

By Patch | Things of note and other interesting stuff | 19 May 2022

While some changes have been made to Do Kwon's initial proposal, the broad strokes still remain the same. And this is the proposal he now has put forth to a vote on Terra Station. You can read the proposition in its entirety here, or use the link down below.

How is the proposal received from the business side of things?

Do Kwon tweeted yesterday, in the same series of tweets that announced the official vote going live. That his proposal had the support of 15 projects that are part of Terra Builder Alliance. And he also goes on to name 31 different projects in the new proposal. In the section where he talks about how "There are essential apps that must exist in any web3 ecosystem to be viable". There is also a crossover between the two lists of projects.

I would not think it would be very far-fetched to also assume, that not only the 15 projects mentioned in the tweet are on board and supporting him. But in fact, all of the 31 mentioned projects in the proposal are. He even eludes to there being more than these 31. How was he able to sure up their loyalty you might ask? Well if we take a look at the new version of the proposal and compare it to the old, it might give up a clue.

Comparing the new proposal with the old one. A stark contrast is that now 10% of the total supply is now earmarked for. This is explained in detail in the section following the list of apps he has deemed as "essential". And I can only assume that this 10% share is on top of any share being allocated due to the apps holding either LUNA or UST. So it looks like there is a price for loyalty.

Do Kwon is looking for a vote despite 92% voted against his proposition in a recent poll

Do Kwon appear to be doing things in the same manner as before, His way or the highway. He has always had a bad approach to receiving feedback on his projects. At least publicly, his response was often a taunt or some sort of mockery. If anything good appears to have come from this whole situation, it is that at least for now he has stopped this sort of behavior.

The community showed an overwhelming lack of support for his proposed hard fork of LUNA. Where 92% of a total of 6220 votes was against it. Is this just another sight of Do Kwon doing his own thing? Well not necessarily. As we all know the internet is famous for doing internet stuff, I am looking at you Boaty McBoatface. And with the recent events in mind, it could be argued that this is simply a way for people to vent. Show their frustration if you will.

How is the official vote looking?

The official vote, you can find it here or down below, has yet to reach a critical mass where a quorum can be held. This just means that until enough votes come in the proposal will not be enacted. The current number of votes cast is 143.45M out of 376.70M. And by eyeballing it the minimum number of votes required for a quorum to take place appears to be around 150M. So it is at this point only a matter of when rather than if.

But how has the number of votes been cast? Well as it turns out, during the actual time of me writing this a massive number of votes had just been cast. And they have dramatically changed the landscape. Before they were cast it looked like nothing more than a formality that Do Kwon's proposal would be voted into effect.

Before this influx of votes, a massive 90% of the votes were in favor of the proposal, while the remaining 10% was against it. But now with the influx of new votes, these numbers have shifted. it is now only 78% for yes, while no has surged to over 21%. And abstained also have made it on to the board with just over 1%.

Edit: Quorum has been reached, so now it is down to how the votes fall.

What if the vote fails?

With 6 days remaining and close to 62% of the votes yet to be cast. A lot can, and probably will, happen yet. And if the vote is a no, then I guess we either have to wait for Do Kwon to do a do-over, or a vote will be initiated for another proposal.

I think the only thing that is a certainty is that with a no and more time being wasted before a firm road ahead can ve staked out. It can only hurt the project.

But if I were to guess, seeing that Do Kwon more or less bought the support of the apps he think he needs in order to make a hard fork work. I can only assume he also has secured the number of votes to make that happen as well. Or it might be he has a bad case of drinking his own cool-aid.

Finally, I would like to say that if you have a horse in this race, now is the time to make your voice heard. Do go and vote. The earlier you do so the more of an impact your votes will have.

What do you think will happen with this vote, will it pass or will it be turned away? And what proposal do you think will take its place in a future vote? Please share your thoughts on this and everything else related to this whole affair down below in the comment section.

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