Terra Luna Classic (LUNC) Core Team Proposal Fails: Reasons Explained

Terra Classic Luna Classic LUNC

Terra Luna Classic’s community rejected a proposal to form a core team, citing opposition from validators who argued it went against the pay-per-job rule. This decision led to an 8% price surge in both LUNC and USTC tokens, attributed to buying activity by derivatives traders.

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The Terra Luna Classic community recently rejected a significant proposal aiming to form a core team responsible for overseeing developments on the chain. Despite its potential benefits, many members and validators expressed concerns about the proposal’s lack of specifics and its apparent violation of the pay-per-job (PPJ) rule. As a result, the proposal failed to garner sufficient support. Surprisingly, following this decision, the price of LUNC, Terra Luna Classic’s token, surged by 8%.



Terra Luna Classic Proposal to Establish Community Team Fails to Gain Support

Proposal 12093, aiming to create a Terra Classic Team, has fallen short of community backing, failing to meet the pass threshold. The proposal intended to assemble a team composed of key individuals like developers and contributors, possibly in response to the disbandment of the Joint L1 Task Force (JL1TF) core developer group in March.

With only 38% of votes in favor, and 55% voting “No,” along with 1% “No with veto” and 5% “Abstain” votes, the proposal has faced significant opposition. Although the voter turnout is low, delegators are showing support for the proposal, contrasting with validators who have cast “No” votes. Concerns raised by some community members include the risks of centralization, conflicts with the pay-per-job model, and the absence of developer KYC requirements.

Popular developer Fragwuerdig’s LuncGoblins validator emphasized the need for clarity regarding the proposal’s alignment with the pay-per-job model. Without such specification, it may not be in line with the model nor does it necessarily invalidate it.

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A follow-up proposal will determine the details of roles, salaries, responsibilities, and the number of developers. This proposal hinges on whether the governance approves the initial LUNC proposal.

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Price Recovery: LUNC and USTC See Gains Amid Market Rebound

In the past 24 hours, the price of LUNC has surged by 8%, reaching $0.000106. Throughout this period, the cryptocurrency saw a high of $0.0001091 and a low of $0.00009486. Despite the uptick in price, trading volume has decreased by 54% in the same timeframe, suggesting subdued interest among traders.

The price recovery of LUNC coincides with a broader market rebound, largely driven by derivatives trading activity. Notably, LUNC futures open interest on Binance has risen by over 7% within the last 24 hours. Significant buying pressure has been observed on Huobi, contributing to a 25% increase in LUNC futures open interest.

Simultaneously, USTC has also experienced a price uptick of 7%, currently trading at $0.0183. Its 24-hour trading range spans from $0.0164 to $0.0186.


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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  • SHBAZ

    A crypto enthusiast, Loves to write, Loves to explore and stay up-to-date about the latest developments in the crypto world. #Btc #Crypto #NFT

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