Genuine Labs, a group of experienced developers, Terra Luna Classic community, LUNC and USTC would potentially help revitalize repeg. The development team has identified a number of issues with Terra Classic. In this context, he submitted a proposal to the vote to resolve these problems.
New Developer Group in Terra Luna Classic
Proposal 11940 “Genuine labs Terra Classic Development Proposal” is up for governance vote on the Terra Luna Classic community-supported Station wallet. The team proposes to work collaboratively with L1 teams on Terra Luna Classic.
The developer group plans to initially focus on integrating and developing IBC Hooks and Packet Forward Middleware (PFM) features, as well as developing end-to-end testing and cross-chain testing for the fee tax charging mechanism. Former L1TF member Fragwuerdig noted that IBC hooks and PFM are already implemented in the branch below and Original labs may need to resubmit the job offer.
It consists of senior developer Nguyen, senior developer Minh, and junior developer Dong. They contributed to Osmosis, Quicksilver, Stride, and Composable; Worked on core repositories such as Gravity-Bridge, IBC-Go, Cosmos-SDK; and developed a wage abstraction module, among other tasks.
The team aims to bring valuable improvements to the Terra Classic ecosystem and is asking $16,000 for a 6-week timeline.
Initial voting reveals 97% of community members are in support. However, the proposal also received 2% “No with Veto” and 1% “No” votes. Some approvers also voted in favor of the proposal.
LUNC price increased by 3% in the last 24 hours. The price is currently trading at $0.000161. The 24-hour low and high price are $0.000153 and $0.000170 respectively. Additionally, trading volume increased by 60% in the last 24 hours, indicating increased interest among traders.
Meanwhile, USTC price is trading at $0.0361, up 3% in the last 24 hours. Trading volume increased by 120% amid a series of USTC burn offers.