Terra Luna Classic Transfers 256 Million LUNC Tokens to Genuine Labs

Terra Classic Luna Classic LUNC

In a significant move for the Terra Luna Classic community, 256 million LUNC tokens have been allocated to Genuine Labs. This allocation is aimed at funding crucial blockchain upgrades and enhancing security measures.

The Terra Luna Classic community recently approved a substantial development funding initiative, directing resources from their community pool to support Genuine Labs. This decision involved transferring 256 million LUNC tokens, aimed at bolstering and advancing the blockchain’s capabilities and overall functionality.

Terra Luna Classic Community Approves Major Funding for Genuine Labs

In a decisive move, the Terra Luna Classic community has endorsed a substantial funding proposal by Genuine Labs. This initiative aims to upgrade the Terra Classic core to sdk47, mitigate p2p storms, and update critical dependencies to enhance platform security and functionality.

The approved proposal, titled “Genuine Labs’s Community Spend Proposal” (Proposal 12113), has resulted in the allocation of over 256 million LUNC tokens from the community pool to Genuine Labs. This allocation, valued at nearly $30,000, underscores the community’s dedication to advancing the Terra Luna Classic ecosystem through strategic development efforts.

Terra Luna Classic Community Supports Genuine Labs with Overwhelming Majority

The Terra Luna Classic community has shown strong support for Genuine Labs, with an impressive 99.93% of votes cast in favor of the developer group’s funding proposal. Notably, all 46 participating validators, including prominent names like Allnodes, Interstellar Lounge, and Interstake One, endorsed the initiative. As a result, Genuine Labs received over 256 million LUNC tokens from the community pool, boosting resources for key platform upgrades.

Following the disbursement, the community pool now holds 5.23 billion LUNC tokens, reflecting ongoing community commitment to the development and enhancement of Terra Luna Classic.

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Market Performance and Price Trends

Despite positive community developments, LUNC has faced downward pressure in its price. Currently trading at $0.0001068, LUNC’s value has decreased by 0.70% over the last 24 hours. The cryptocurrency’s 24-hour trading range saw a low of $0.0001052 and a high of $0.0001093. Additionally, trading volume experienced a slight decline, indicating cautious market sentiment ahead of the upcoming Federal Open Market Committee (FOMC) meeting.

In contrast, USTC’s price has fallen by over 1%, now trading at $0.02128. However, its trading volume surged by 40%, suggesting active trading interest despite market uncertainties.

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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