The Terra Luna Classic community has given the green light to a significant proposal for the creation of a new forum called Commonwealth. Despite this development, prices of LUNC and USTC are facing downward pressure.
The Terra Luna Classic community has successfully passed a proposal for a community-led Commonwealth platform, overcoming resistance from a portion of its members. The goal of the proposal is to move away from the existing third-party Commonwealth forum, aiming to improve impartial moderation and maintain consistency by creating an official forum.
Community Approval for Proposal 11947
The Terra Luna Classic community has given its approval for Proposal 11947, which focuses on the creation of an official community-led Commonwealth platform. This decision underscores the community’s recognition of the necessity for a community-driven Commonwealth platform.
The proposal successfully surpassed the “pass threshold,” garnering an impressive 79% of “Yes” votes in favor. The breakdown includes 11 “No” votes, 1% “No with veto,” and 10% “Abstain” votes.
Out of the 60 validators participating in the governance voting, 35 cast their votes in favor of the proposal. Notable validators supporting the proposal include Allnodes, Interstellar Lounge, HappyCattyCrypto, TerraCVita, StakeBin, and other leading validators.
However, there were dissenting voices, with Air Force Lunc, Axiom Consortium, Ben Smith (Lunable Labs), BRLG Lunc Brasil, and several others voting against the proposal. The need for a change was emphasized in the proposal, citing various inadequacies in the existing third-party platform, including instances of racism, doxxing, and harassment that were poorly moderated or left unaddressed, prompting a call for urgent improvement.
Terra Luna Classic Tokens Face Selling Pressure Amidst Market Correction
The Terra Luna Classic (LUNC) and Terra USD Classic (USTC) tokens are currently experiencing selling pressure, undoing the gains observed in the early December rally led by Binance. The potential for a recovery in LUNC and USTC prices is expected to align with an upside momentum in the broader cryptocurrency market.
As of the latest update, LUNC’s price has seen a 4% decrease in the past 24 hours, settling at $0.000148. The token’s 24-hour trading range fluctuated between $0.000142 and $0.000157. Despite the decline, there is an 18% increase in trading volume over the last 24 hours.
Similarly, USTC’s price is currently at $0.0335, reflecting a 4% decrease in the last 24 hours. The 24-hour trading range for USTC spans from $0.032 to $0.035. The ongoing market correction suggests that the recovery in LUNC and USTC prices will be contingent on the broader cryptocurrency market’s potential upside momentum.
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.
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