Investing.com – The community and its founder Do Kwon seem to want to go down different paths. Some are interested in the sustainability of the blockchain and voluntarily burn Luna tokens to support the price. The developer Do Kwon promotes a “hard fork” of the initial network, in order to start from scratch with a new platform.
A vote is already underway on whether a split will take place. Over the past few days, it appeared that a majority of the votes cast were in favor of the hard fork, but some voters with veto power did not want to take that step. More than 12% of voters with veto power voted against the split.
For Do Kwon and Terraform Labs, this does not automatically mean that the original blockchain will be maintained. It just means that there will be no split in the form of a hard fork. On the contrary, everything suggests that Terra 2.0 will be a brand new blockchain that will come into service with Genesis block 0, as has been announcement on Twitter (NYSE:NYSE:).
The community doubts the success of a new blockchain, because according to them, it was the TerraUSD stablecoin that gave real value to the blockchain.
A video in which Do Kwon explains that he has a “kill switch” is confusing. This is a feature of the blockchain code which, if enabled, destroy the entire blockchain within 24 hours.
Terra (LUNA) Technical Course Markers
Luna’s recent recovery rally seems inevitably coming to an end as price has already pulled back from the high of the $0.0001051 area to the 78.6% Fibo retracement of $0.0000669.
This fibo retracement is the last line of defense on the way to the starting point of the $0.0000565 rally.
Only if one manages to bounce off the 78.6% Fibo retracement and break above the 61.8% Fibo retracement of $0.0000751 can one expect further reprise.
By Marco Oehrl