The Terra Luna Classic community has decisively turned down a funding proposal put forth by the Cosmos development team, BLV Labs. Community members and developers expressed concerns that the proposal did not align with existing governance protocols, particularly in light of recent blockchain activities.
What Led to the Proposal’s Rejection?
BLV Labs’ proposal, numbered 12146, was dismissed primarily due to insufficient advancements on the Terra Luna Classic mainnet. An overwhelming 90% of validators, including prominent entities like Allnodes and InterStellar Lounge, cast “No” votes against the request for 5,000 LUNC.
What Actions Are Developers Taking?
Despite the setback, a representative from BLV Labs assured community members that they are actively addressing issues related to testing and integration. The team has uploaded their code to GitHub and is currently focused on refining the Oracle module to enhance governance proposal processes.
- The proposal was rejected due to lack of development.
- Validators demanded more substantial work before financial support.
- BLV Labs is committed to fixing bugs and improving processes.
In other developments, the Terra Classic community has approved a proposal to grant exclusive access to the CoinMarketCap dashboard to Allnodes, the leading validator. Notably, LUNC has experienced a 5% price increase in the past 24 hours, currently valued at $0.000118, with resistance noted at the $0.00012 mark. Meanwhile, USTC is trading at $0.0245, also showing a 5% rise but facing a significant drop in trading volume.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
