Voting box, text asking if Do Kwon have the votes he needs?

The LUNA vote enter the last 24 hours, how is it looking so far and what do it mean for you?

By Patch | Things of note and other interesting stuff | 24 May 2022

The vote to enact Do Kwon´s proposal on how to save LUNA or not has just entered its last 24 hours. Let us Look at the likely outcome and what that means for you if you hold any LUNA or UST.

The votes are in

With just over 21 hours remaining of the vote. It looks like no matter how the uncast voters choose to vote we will be getting Do Kwon's proposal. This is because In the last couple of days Do Kwon managed to get the few remaining votes he needed in order to be able to pass the magical 50% of the total votes. His proposal is currently sitting at a massive 65.79% of the cast votes, or if you prefer plain numbers; 187,154,868 votes.

The total number of cast votes is just over 284.47M, with the total still being 369.22M votes. And the magic number Do Kwon needed to pass was 184,61M votes. This would then mean that no matter how the remaining votes were cast if they decided to vote. His proposal would still hold a majority. And as far as I can tell majority rules in these types of votes.

There are other types of majority that could be in effect, in rare cases they could use what is known as a qualified majority. This usually means that in order for the proposition to win they would need a number of votes exceeding 50%. The number varies from case to case, and there may also be other criteria that apply as well. But I have not been able to find any information that that is the case. So I will go by the classic majority rules!

The only thing now that could happen that would change this is if some voters decided to change their votes. This is a feature this voting has, as I have seen it happen. And I sadly do not know to what extent people are allowed to do this. Is it once, is it how many times they like, or is it free to change until the final x hours? But I find that very unlikely to happen at this point. If there would have been a play for a better deal or a display of power it should have been done earlier. With enough time left to take advantage of it.

I have also reached out to Orion.Money and SmartStake to try and get their reasoning behind them choosing to abstain in this vote, as they are both the larges and third largest holder of votes. But so far they have not gotten back to me. =(

What does this proposal mean for you if you held LUNA or UST?

This is how the distribution of the new LUNA tokens will look like:

Token Distribution

Community pool: 30%
- Controlled by staked governance
- 10% earmarked for developers
Pre-attack LUNA holders: 35%
- All bonded / unbonding Luna, minus TFL at “Pre-attack” snapshot; staking derivatives included
- For wallets with < 10k Luna: 30% unlocked at genesis; 70% vested over 2 years with 6mnth cliff
- For wallets with < 1M Luna: 1 year cliff, 2 year vesting thereafter
- For wallets with > 1M Luna: 1 year cliff, 4 year vesting thereafter
Pre-attack aUST holders: 10%
- 500K whale cap - covers up to 99.7% of all holders but only 26.72% of aUST
- 30% unlocked at genesis; 70% vested over 2 years thereafter with 6 month cliff
Post-attack LUNA holders: 10%
- Staking derivatives included
- 30% unlocked at genesis; 70% vested over 2 years thereafter with 6 month cliff
Post-attack UST holders: 15%
- 30% unlocked at genesis; 70% vested over 2 years thereafter with 6 month cliff

Definitions:

“Pre-attack” snapshot to be taken at Terra Classic block 7544910 (2022.05.07 23:00:04+08:00)
“Post-attack” snapshot to be taken at Terra Classic block 7790000 (2022.05.27 03:59:51+08:00)

So you need to look at what tokens you were holding when in order for you to figure out what share of the new LUNA tokens you will get. I assume that if you had LUNA pre-attack and kept holding on to them you would then qualify and get a share of both allocations.

You might also wonder what these cliffs they talk about are. These are points where you will get your tokens. If we take a look at this as an example: 30% unlocked at genesis; 70% vested over 2 years thereafter with a 6-month cliff. This means that if you get 100 new Luna tokens, you will get 30 of them from day one. The remaining 70 you will get over a 2-year period. The cliff tells you how often. So with a 6-month cliff, you will get a portion of the 70 remaining luna every 6 months.

I hope that you have found this post to be useful and hopefully to some help for you. =) If you did please consider following me, reading my other posts or why not do both. You can find them here and here.

I have also just started a new series of weekly posts, that will go live every Friday. You can catch the second step here: