Some of the top influencers/entrepreneurs in the crypto space never cease to amaze me with how they handle things publicly. Before the past week, I never heard of the name Do Kwon until his name started flying all over the place the moment his design failed the Terra community.
As we all know, nothing is perfect but how situations are being handled matters a lot.
In one of my recent blogs, I discussed how kwon had ignored the whole Twitter/Terra community’s points while he brought up the current ongoing proposal to fork the Terra chain. I’m shocked by this act because, in the first few hours after the crash, he documented how he cherish the power of the community and the developers and how he would rebuild in Terra2.0 but as it seemed, he’s now ignoring their voices when they need to be heard.
The 3days days old Rebirth proposal Kwon put up for vote casting has been amended by him while the vote is still ongoing. I have never heard of such. Do Kwon is really going against the governance rules. Since the day the Terra ecosystem crashed, trust has been lost but it now seems like it’s starting to lose its credibility every second and he is still careless about the community.
Below are the changes;
He reduced the percentage of LUNA 2.0 tokens that were meant to be airdropped to UST holders who had their tokens staked on Anchor before the crash, from 20% to 15%.
He increased the initial token unlock period for Luna 2.0 on vesting accounts from 15% to 30% while the remaining 70% will be locked for a two-year vesting period.
The ecosystem has been kinda useless for more than a week now and urgent solutions is needed. His revival plan came late and is now amended. His recent acts have affected the Luna and Ust market as they further crashed. Luna and Ust are currently trading at $0.000132 & $0.064 respectively.
Humans make mistakes!
No one is perfect as mistakes tend on occur in the human race. But like I have stated, how things are handled afterward is paramount.
Looking at how things had played out, It could be that the revival plan that he proposed was roughly sketched but he still had to put it up for vote to keep the community alive. But as days passed by, he noticed a few things that needs to be changed.
In my opinion, he ought to have put up a new proposal and not amended the ongoing one. I’m wondering what would be on the mind of those who already cast their votes.
The world is watching how we handle crypto projects. His approach isn’t professional in any way and I’m scared he has lost his credibility.