{"id":447659,"date":"2022-05-16T06:03:15","date_gmt":"2022-05-16T03:03:15","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/major-validator-calls-for-completely-new-chain-to-replace-terra\/"},"modified":"2022-05-16T06:03:15","modified_gmt":"2022-05-16T03:03:15","slug":"major-validator-calls-for-completely-new-chain-to-replace-terra","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/major-validator-calls-for-completely-new-chain-to-replace-terra\/","title":{"rendered":"# Major validator calls for \u2018completely new chain\u2019 to replace Terra"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a3298cc08060\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a3298cc08060\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/major-validator-calls-for-completely-new-chain-to-replace-terra\/#%E2%80%9D_Major_validator_calls_for_%E2%80%98completely_new_chain_to_replace_Terra_%E2%80%9C\" >&#8221; Major validator calls for \u2018completely new chain\u2019 to replace Terra &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Major_validator_calls_for_%E2%80%98completely_new_chain_to_replace_Terra_%E2%80%9C\"><\/span>&#8221; Major validator calls for \u2018completely new chain\u2019 to replace Terra &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDUvOGZlODNkNDQtMTQ1My00NzM1LTlhYWMtYTMzYWNiYzg5YjBkLmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-2a0745c6>As the dust settles from the Terra ecosystem crash, and the community decides what the next steps should be, the CEO of a validator runner in South Korea thinks the old Terra chain should be shut down permanently.<\/p>\n<p>Jiyun Kim, CEO of blockchain solutions company DSRV, wrote an opinion <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/dsrv.notion.site\/dsrv\/This-is-Jiyun-s-personal-opinion-not-DSRV-s-opinion-59f337792cb640419b06198270324151\">post<\/a> on his own behalf, detailing how the Terra team tip-toed around the idea of halting block production while LUNA prices crashed and its Terra USD (UST) stablecoin was depegged. He now urges validators in the Terra ecosystem to reject a hard fork in favor of a brand new community-driven blockchain.<\/p>\n<p>DSRV runs a validator <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/finder.terra.money\/mainnet\/validator\/terravaloper175hhkyxmkp8hf2zrzka7cnn7lk6mudtv4uuu64\">node<\/a> on Terra with 9.36% of the on-chain voting power. DSRV has suffered as much as any investor because its node had collected 14 billion LUNA worth about $1 billion in LUNA by May 8, which is now worth about $3 million.<\/p>\n<p>Kim wrote that the decision to halt the chain on May 12 was not taken lightly by the Terra Validator League, which was renamed the &#8220;Terra Rebirth League&#8221;. However, he said the Terra team failed to give the proper notification using the word \u2018Confirm\u2019 to actually confirm with all validators that they should halt the chain, which left him feeling \u201cbetrayed.\u201d He wrote:<\/p>\n<blockquote><p>\u201cAnd the announcement that they made [made it sound like] the chain restart was originally the validator\u2019s opinion. YES, they didn\u2019t use the term \u201cConfirm\u201d.\u201d<\/p><\/blockquote>\n<p>Terra founder Do Kwon proposed reconstituting the chain and resetting token supply to 1 billion LUNA on May 13. Kim <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>ears to completely disagree with Kwon as he wrote in his post that re-using the Terra chain \u201cis completely making Terra chain\u2019s internal value to 0.\u201d<\/p>\n<blockquote><p>\u201cThe previous Terra chain should permanently vanish. And a completely new chain driven by the community should [be made to] save the Lunatics.\u201d<\/p><\/blockquote>\n<p>There may be more to the story as Kim wrote in his post that validator league control has been relinquished to the community, giving a semblance of decentralization, which could potentially protect the Terra team from further legal burdens. He wondered if the project is preparing to deal with imminent legal hurdles by asking \u201cmaybe this can be used to mitigate their legal risk?\u201d<\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>Binance CEO CZ to support Terra community but expects more transparency<\/em><\/strong><\/p>\n<p>Wu Blockchain tweeted on May 14 that a resident of Singapore has already filed suit against Do Kwon for UST and LUNA investors.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">A user on <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">reddit<\/a> claimed to have sent a police report have been made against Do Kwon, on behalf of UST and Luna investors. He said at least 1,000 Singapore citizens have invested in Luna and UST. <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/eIQ9AGul4T\">https:\/\/t.co\/eIQ9AGul4T<\/a> <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/YzPf8iWHI7\">https:\/\/t.co\/YzPf8iWHI7<\/a><\/p>\n<p>\u2014 Wu Blockchain (@WuBlockchain) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/WuBlockchain\/status\/1525432586889498624?ref_src=twsrc%5Etfw\">May 14, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Kim told Cointelegraph on May 16 that he wants to \u201csave the community\u201d but that there is no major coordinator in victim support efforts \u201cbecause there are still legal issues there.\u201d<\/p>\n<blockquote><p>\u201cI\u2019m not a hero, but I really want to save people.\u201d<\/p><\/blockquote>\n<p>On May 8, a sell-off of UST tokens sparked a panic, ultimately leading to the price of LUNA to fall from $73 to a minuscule $0.000000999967 on May 13 according to <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.coingecko.com\/en\/coins\/terra-luna\">CoinGecko<\/a>. UST is still catastrophically depegged from the dollar, trading at $0.16 while LUNA is virtually worthless, trading down 30.8% over the last 24 hours at $0.00026619.<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"defi_newsletter\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/major-validator-calls-for-completely-new-chain-to-replace-terra\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Major validator calls for \u2018completely new chain\u2019 to replace Terra &#8220; As the dust settles from the Terra ecosystem crash, and the community decides what the next steps should be, the CEO of a validator runner in South Korea thinks the old Terra chain should be shut down permanently. Jiyun Kim, CEO of blockchain&#8230;<\/p>\n","protected":false},"author":1,"featured_media":447660,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDUvOGZlODNkNDQtMTQ1My00NzM1LTlhYWMtYTMzYWNiYzg5YjBkLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74867,74894,75498,78425,122378],"class_list":["post-447659","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-altcoin","tag-blockchain","tag-fork","tag-hard-fork","tag-terra"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/447659","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=447659"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/447659\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/447660"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=447659"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=447659"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=447659"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}