Terra Luna Classic’s community pool balance has reached a critical level as the community gives approval to three spending proposals.
The Terra Luna Classic community pool balance has significantly decreased to a critical level as the community has approved three spending proposals.
The funds have dropped from 2.37 billion LUNC to only 416 million LUNC, leaving the community with insufficient funds to support further development and maintenance of the chain.
Terra Luna Classic Approves L1TF, Quant Team, and Terra Rebel Proposals:
The Terra Luna Classic community has passed three proposals, which include forming a Quant team for USTC repeg, establishing a Joint L1 Task Force for Q3, and continuing the operation of Terra Rebels infrastructure and apps.
The core developer Joint L1 Task Force Q3 has received 1.264 billion LUNC, while the Quant USTC Repeg Team has been allocated 222.222 million LUNC, and Terra Rebels has received 484.367 million LUNC.
As a result, the community pool balance now stands at 416.33 million LUNC and 4.49 million USTC. The Joint L1 Task Force Q3 proposal aims to reduce the circulating supply of LUNC and USTC in Q3, upgrade to stable versions of Columbus and Cosmos SDK, and pursue other significant developments.
Additionally, the Quant team will focus on modeling and simulating the USTC incremental repeg buybacks and staking swaps, while also evaluating and enhancing the Market Module and developing other useful tools. The L1TF and professor Edward Kim will support the Quant team in their efforts regarding the USTC repeg.
Meanwhile, Terra Rebels requires funding to sustain the operation and maintenance of Rebel Station, other applications, as well as the testnet and Terra Classic infrastructure.
Terra Classic Community Pool Balance. Source: StakeBin:
Some prominent individuals within the community have expressed their concerns about the approval of unnecessary spending proposals. The community, as a whole, believes that only essential proposals should proceed for voting after thorough discussions and deliberations.
LUNC Price Drops:
After the news of Binance burning 2.65 billion LUNC on Saturday, the price of Terra Luna Classic experienced a temporary increase of over 3%. However, it was unable to sustain the gain and subsequently fell back to the support level.
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Currently, the price of LUNC is trading sideways at around $0.000087. In the last 24 hours, the lowest recorded price was $0.0000850, while the highest was $0.0000877. Although there has been a slight increase in trading volume during this period.
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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