The Terra Luna Classic community has rejected a proposal to remove the requirement for developers to undergo Know Your Customer (KYC) procedures. Additionally, the total burnt amount of LUNC has reached 105 billion.
The Terra Luna Classic community remains committed to their decision to maintain the approved KYC proposal, highlighting the importance of having developers who comply with Know Your Customer (KYC) requirements to drive the chain’s progress. Despite claims that KYC rules have slowed down Terra Luna Classic’s growth, both LUNC and USTC prices are on the rise after a futures selloff and the largest options expiry.
Proposal to Repeal KYC Requirement Denied
The Terra Luna Classic community has rejected Proposal 12091, titled “Repeal prop #12033 [KYC prop],” as it failed to meet the pass threshold. This proposal aimed to repeal Proposal 12033, which introduced KYC requirements for developers, citing hindrances to the chain’s growth during bullish market conditions.
The proposal garnered only 18% “Yes” votes, indicating significant disagreement from the community. The majority of community members voted “No” (39%) or “Abstain” (41%), with validators largely opposing the proposal, including entities like Allnodes who voted “Abstain.”
The proposal argues that LUNC investors have experienced more negative impacts than positives due to KYC requirements. Additionally, it suggests that efforts for LUNC revival and USTC repeg by KYC-compliant developers may not progress. Instead, the proposal recommends seeking assistance from experienced developers to drive developments on the chain.
LUNC Burn Surpasses 105 Billion as Community Aims for $1 Price Target
The Terra Luna Classic community has surpassed a significant milestone, burning over 105 billion LUNC tokens, with the total burn expected to reach the 110 billion landmark soon, according to data from StakeBin.
In recent weeks, the LUNC burn rate has decreased, coinciding with upward price movements. The community’s focus on chain developments has led to a nearly 50% drop in the burn rate.
Community members are optimistic about LUNC’s price potential, believing it could reach $1 during this bull run, particularly following the successful v2.4.2 upgrade. Additionally, Genuine Labs has announced progress on the Terra Classic Security Package upgrade, aimed at enhancing security, functionality, and interoperability. The developer team plans to complete all developments within an 8-week timeframe.
LUNC and USTC Price Movement Signals Positive Sentiment
In the past few hours, the price of LUNC has bounced back by 3% from its support level. Currently trading at $0.000156, LUNC saw a 24-hour high and low of $0.000152 and $0.000162, respectively. Additionally, there has been a 20% increase in trading volume, indicating a slight interest among traders.
Data from CoinGlass shows that open interests for LUNC and 1000LUNC futures have risen by 2% on exchanges like Binance in the last few hours. This rise in futures open interest suggests a positive sentiment among investors and increases the likelihood of LUNC reaching $0.0002.
Similarly, USTC price has also increased by 2% in the past few hours, with the current price at $0.0289. The 24-hour low and high for USTC are $0.0287 and $0.0297, respectively. These movements indicate a positive trend in the market sentiment for both LUNC and USTC.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
Join Cryptos Headlines Community
Follow Cryptos Headlines on Google News
