The Terra Luna Classic community pool spending proposal submitted by core developer Joint L1 Task Force (L1TF) for chain development and maintenance in Q3 has been officially accepted by the community. The LITF developer group primarily uses the market module. LUNC and USTC plans to develop and accelerate supply reduction. All Terra ecosystem tokens have increased by over 3% in the last 24 hours.
Terra Classic Community Accepts L1TF Q3 Offer
11599 “Joint L1 Task Force 3rd Quarter Proposal” has crossed the ‘pass threshold’ despite community concerns about depletion of funds in the Terra Luna Classic community pool. The Joint L1 Task Force (L1TF) will receive a total of $116.7k to complete the proposed missions in Q3.
According to the current voting details, the proposal received 56% “Yes” votes while 29% “Abstain”. There were also those who opposed the proposal with 9% “No” and 6% “No with Veto” votes. Meanwhile, Coinpayu supported 26 validating bids such as JESUSisLORD, Happy Catty Crypto, DFLunc, and StakeBin. Others cited low community pool funds, recent disagreements, and other personal reasons for rejecting the offer.
The community even turned down a proposal to revive the Terra ecosystem by forming the Terra Allies “Six Samurai” team of 6 senior developers due to low funds in the community pool. Other reasons included lack of transparency about developers and their capabilities, trust in the existing Joint L1 Task Force dev team, and bad actors on the team. The Six Samurai team has a better roadmap than the Joint L1 Task Force.
L1TF Revised Q3 Offer
L1TF proposes to move from Columbus-5 to Columbus-6, upgrade the Cosmos SDK, test the Oracle pool funding rate, test the market module in the USTC test environment, and impose a maximum cap on the LUNC supply. There are other developments outlined by L1TF.
The joint L1 Task Force will also work with Edward Kim to incorporate the Block Entropy AI application chain into Terra Classic, assisting external teams such as ‘quant’ for the USTC repeg.
Full-time developer Superman has returned to the Joint L1 Task Force team, and Till (fragwuerdig) will only be available for a limited time this quarter.
LUNC and USTC Price Responses
LUNC price is currently trading at $0.000088, up 3% in the last 24 hours. The 24-hour low and high prices are $0.000086 and $0.000090, respectively. USTC price is trading at $0.012, up 4% in the last 24 hours. However, trading volumes for both LUNC and USTC have dropped in the last 24 hours.
Meanwhile, Terra (LUNA) price is also up 3% in the last 24 hours and is currently trading at $0.63. LITF recently completed a parity upgrade to increase cross-chain functionality.