The USTC repeg team has put forward their funding proposal once again. This comes after the Terra Luna Classic community previously declined it due to problems with the Station wallet.
Terra Luna Classic Community Revotes on Key USTC Quant Team Funding
The Terra Luna Classic community is holding another vote on an important proposal to fund the USTC Quant team. The initial proposal didn’t get enough votes to pass the required benchmark. The USTC repeg team resubmitted the proposal because they think the voting was affected by issues with the Terra Station wallet last week.
Voting for Proposal 11730 “USTC / Stable Algo Quant Team” is open from August 26 to September 2. The proposal has been resubmitted to ensure proper validator turnout since the Terra Station wallet is working again after being offline for a while.
The $LUNC proposal 11730 aims to fund the $USTC Quant Team for August and is now open for voting. The author explains that the previous vote was affected by Terra Station’s downtime, and this vote will be the official decision.
Hexxagon paid the remaining balance to bring the proposal to the governance voting stage on Station. The validator supports the proposal and seeks backing from the Terra Luna Classic community.
The initial vote showed 43% “Yes” votes, 28% “No” votes, and 29% “No with veto” votes. Among the validators, 9 supported the proposal, while 6 opposed it. One validator voted “No with veto” due to concerns about unprofessional and risky behavior.
The proposal was initially rejected by the community through governance voting. However, USTC Quant team members accused some validators of altering the outcome. One validator mentioned funding the USTC repeg team through commissions for their work.
LUNC and USTC Prices Experience Slight Recovery
Terra ecosystem tokens LUNC and USTC have slightly recovered after the USTC proposal was resubmitted. However, the overall momentum remains weak.
Currently, LUNC price is at $0.000063, showing a 1% increase in the last 24 hours. It reached a low of $0.0000617 and a high of $0.0000633 within this period.
Similarly, USTC price also went up by 0.5% in the past 24 hours, now trading at $0.012. However, the trading volume has decreased by 50% during this time.
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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