The Terra Luna Classic community has approved a proposal to integrate CertiK as a recognized provider for Know Your Customer (KYC) services. This decision could potentially lead to a recovery in the prices of LUNC and USTC tokens.
The Terra Luna Classic community approved adding CertiK as a KYC provider for developers, aiming to enhance security. Developers must undergo KYC verification before starting any significant work on the platform.
Community Approves CertiK as KYC Provider
Proposal 12058, titled “Add CertiK as a recognized KYC provider,” has successfully surpassed the pass threshold, gaining significant support from the Terra Luna Classic community. The fact that it passed before the February 18 deadline indicates the community’s strong sentiment regarding the importance of this proposal.
This approval follows the successful passing of KYC proposal 12033, which saw a high voter turnout. Subsequently, two follow-up proposals, 12058 and 12059, were presented for voting on the Station wallet. These proposals aimed to establish further requirements and provide clarification on KYC providers and contributions to the chain without KYC.
As outlined in Proposal 12058, CertiK will be designated as the recognized KYC provider for all L1 development activities on Terra Classic. This designation aligns with the framework established in Proposal 12033. Additionally, CertiK KYC Teams will be accepted based on their KYC results listed on their leaderboard.
The proposal garnered a 75% approval rate, with 10% of votes cast as “No” with veto votes, along with some “No” and 15% “Abstain” votes. Notably, 37 validators, including Allnodes, StakeBin, and TerraCVita, voted in favor. However, Interstellar Lounge voted “No with veto” due to recent conflicting beliefs regarding KYC practices.
Price Movement of LUNC and USTC Tokens
The price of LUNC experienced a notable fluctuation, initially falling by 5% before rallying over 15% to reach a recent high of $0.000140. Presently, it is trading at $0.000127. Additionally, there has been a 10% increase in trading volume over the last 24 hours, following a significant 100% surge on Thursday.
On the other hand, USTC’s price witnessed profit booking subsequent to a 40% rally observed yesterday. Currently, it is trading at $0.0325, with its 24-hour low and high recorded at $0.0322 and $0.0383, respectively. Despite this, trading volume decreased by only 5% following an extraordinary 800% surge on Thursday.
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
