{"id":47778,"date":"2022-05-24T13:53:35","date_gmt":"2022-05-24T11:53:35","guid":{"rendered":"https:\/\/crypto-economy.com\/?p=47778"},"modified":"2022-05-24T13:53:35","modified_gmt":"2022-05-24T11:53:35","slug":"terras-proposal-1299-approved-but-not-executed-due-to-technical-problems","status":"publish","type":"post","link":"https:\/\/crypto-economy.com\/terras-proposal-1299-approved-but-not-executed-due-to-technical-problems\/","title":{"rendered":"Terra&#8217;s Proposal 1299 Approved but Not Executed Due to Technical Problems"},"content":{"rendered":"<p style=\"text-align: justify\"><span style=\"font-weight: 400\">There was a <strong>95% Yes vote on the proposal 1299 to (re)enable IBC over the weekend in the Terra ecosystem, whereas there was a 0.01% No vote.<\/strong> The proposal, however, did not execute successfully due to technical issues as it had failed to fulfill a previous proposal to burn the community pool of <strong>USTs<\/strong>.<\/span><!--more--><\/p>\n<p style=\"text-align: justify\"><span style=\"font-weight: 400\">According to a <\/span><span style=\"font-weight: 400\">tweet<\/span><span style=\"font-weight: 400\"> from Terra:<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">1\/ Prop 1299 to (re)enable IBC has passed but did not successfully execute due to technical issues. Namely, the proposal attempted to enable IBC transfers which were already enabled \ud83e\uddf5. <a href=\"https:\/\/t.co\/mCgZyxu7O2\" target=\"_blank\">pic.twitter.com\/mCgZyxu7O2<\/a><\/p>\n<p>&mdash; Terra \ud83c\udf0d Powered by LUNA \ud83c\udf15 (@terra_money) <a href=\"https:\/\/twitter.com\/terra_money\/status\/1528590262150234113?ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener\">May 23, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p style=\"text-align: center\"><em><span style=\"font-weight: 400\">&#8220;1\/ Prop 1299 to (re)enable IBC has passed but did not successfully execute due to technical issues. Namely, the proposal attempted to enable IBC transfers that were already enabled \ud83e\uddf5.&#8221;<\/span><\/em><\/p>\n<h2 style=\"text-align: justify\"><span style=\"font-weight: 400\">Another Big Failure<\/span><\/h2>\n<p style=\"text-align: justify\"><span style=\"font-weight: 400\"><strong>Proposition 1299<\/strong> for the Terra government system is yet another failure in a growing list of problems. Inter-Blockchain Communication also referred to as <strong>IBC<\/strong>, is a protocol developed to relay messages between independently distributed ledgers and was created with the aim of linking independent blockchains with one another across the distributed ledger system.<\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"font-weight: 400\">It was proposed in this community to re-enable the IBC feature on Terra in order to free up over <strong>$150 million in UST<\/strong> that had been stuck in specific protocols. As part of the Terra Validator <\/span><a href=\"https:\/\/agora.terra.money\/t\/new-proposal-on-terra-station-re-enable-ibc-transfers\/15185\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400\">proposal<\/span><\/a><span style=\"font-weight: 400\">, Terra validators will disable IBC as a step-by-step solution to prevent Impermanent Losses on UST and LUNA <strong>pools on Osmosis<\/strong> and other <strong>IBC DEXs<\/strong>. Sadly, this results in the <strong>UST and LUNA<\/strong> not being able to transfer between chains at the same time.<\/span><\/p>\n<p><img fetchpriority=\"high\" decoding=\"async\" class=\"aligncenter size-full wp-image-47780\" src=\"https:\/\/crypto-economy.com\/wp-content\/uploads\/2022\/12\/terra2.jpg\" alt=\"\" width=\"699\" height=\"282\" \/><\/p>\n<p style=\"text-align: justify\"><span style=\"font-weight: 400\">Neither a comment nor a tweet has been posted since the tweet appeared as we approach the time for the new genesis chain to be unveiled on <strong>May 27th<\/strong>. In an interesting development on the <strong>Terra.money website<\/strong>, the announcement of Terra 2.0 has taken up the entire homepage of the site. The page looks like what you&#8217;d expect to see on the website of a project releasing a new version of its protocol. It is under the heading Terra 2.0 is Nearly Here.<\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"font-weight: 400\">The goal of <strong>Terra&#8217;s 2.0 initiative<\/strong> is to bring back an ecosystem of blockchain developers working together to create the future of the blockchain. UST, however, will not be included in the new chain, which means that <a href=\"https:\/\/crypto-economy.com\/terra-luna-crash-wrecks-havoc-in-the-crypto-industry\/\" target=\"_blank\" rel=\"noopener\">LUNA<\/a> will only fulfill a single function &#8211; that of governance.<\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"font-weight: 400\">Holders of the LUNA token will have a say in how the new chain is developed but will not necessarily receive any rewards for retaining their tokens. If the earn mechanism for Terra Classic is removed from the <strong>UST\/LUNA<\/strong> arbitrage-backed peg, then only on-chain governance will survive once the UST\/LUNA arbitrage-backed peg is removed from the system.<\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"font-weight: 400\">There have been two high-profile proposals in the last couple of days of <strong>Terra Classic<\/strong>, both of which have failed to achieve execution as a result of technical issues. Such errors do not inspire confidence in investors and builders, raising serious concerns over the viability of the new chain.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>There was a 95% Yes vote on the proposal 1299 to (re)enable IBC over the weekend in the Terra ecosystem, whereas there was a 0.01% No vote. The proposal, however, did not execute successfully due to technical issues as it had failed to fulfill a previous proposal to burn the community pool of USTs.<\/p>\n","protected":false},"author":13,"featured_media":47784,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[70,74,122],"tags":[4752,5001,5530],"_links":{"self":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/posts\/47778"}],"collection":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/comments?post=47778"}],"version-history":[{"count":0,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/posts\/47778\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/media\/47784"}],"wp:attachment":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/media?parent=47778"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/categories?post=47778"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/tags?post=47778"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}