There are important developments in Terra Luna Classic (LUNC), which Turkish cryptocurrency investors also include in their baskets. The altcoin project community is voting on the major proposal, which risks wallets being blacklisted to override a previously accepted proposal.
Terra Luna Classic has its critical offer invalidated
The Terra Luna Classic community is discussing burning 800 million USTC to help revitalize the USTC and revitalize the LUNC. The community had accepted the proposal to blacklist the Ozone Protocol wallet containing 800 million USTC. Despite this, some developers and validators have expressed concerns about the code change having the potential to significantly impact the Blockchain. That’s why the altcoin project is voting again to invalidate the proposal.
Proposal #11849 “Reversing and Invalidating Blacklisting Proposal #11832” from validator JESUSisLORD aims to reverse and invalidate previously accepted proposal #11832, preserving the integrity of the LUNC Blockchain. In addition, the proposal will instruct L1TF to delete any blacklisting code from the LUNC codebase (Github). Thus, it aims to completely eliminate the risk of future use.
Altcoin project developer: They showed hypocrisy when they said YES!
Inon Man, an experienced L1 developer recommended by Edward Kim, warns that the proposal “will also change the situation and add a permanent threat to the Blockchain.” He also says the code changes have the potential to cause long-term damage to Terra Luna Classic. In this context, Man makes the following statement:
Validators showed hypocrisy when they voted YES to blacklist funds in third-party wallets. But they also strongly rejected Terraports’ proposal to blacklist stolen customer funds. This proves that greed is a strong motivator in some validators’ decisions when they arguably have a better bet for freezing a wallet.
According to the proposal, blacklisting one wallet could risk blacklisting others. It is possible that this could bring legal risks to the Blockchain, validators, and developers. Therefore, accepting the proposal is important for the altcoin community.
What is the latest situation in LUNC and USTC prices?
LUNC and USTC prices rebounded amid buying in the broader crypto market. Burning 800 million USTC is important for USTC repeg and LUNC revival. However, it is unclear to what extent this will affect altcoin prices.
LUNC price increased by 2% in the last 24 hours. The altcoin is currently trading at $0.000058. The 24-hour low and high price are $0.0000572 and $0.0000593 respectively. However, the price is still trading below the $0.000060 support level. Meanwhile, USTC price has moved sideways over the last 24 hours, trading at $0.011. The 24-hour low and high are $0.0113 and $0.0114 respectively.
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