Two Critical Votes from the Terra Classic Community: Is the Expected Recovery Near?

Terra Classic The burns are slowly starting to lose their effect. The community is looking for various improvements in the chain to increase the benefits of blockchain, interoperability and security. In this process, intense efforts are being made to revive LUNC and return USTC to $1.

Terra Classic Community Votes on Sub-KYC Proposals

Follow-up proposals for KYC proposal 12033 are currently up for voting on the Station wallet. Text proposals 12058 and 12059 aim to identify KYC providers for all L1 developers seeking community spend for major work on the Terra Classic chain and set further requirements on contributions to the chain without KYC. Under these offers, Certik is included as a reputed KYC provider, but the details will not be disclosed and will only come to light in case of legal disputes.

During the first vote, the proposal received over 65% votes in favour, with 34% vetoing “No” votes, along with some “No” and “Abstain” votes. Interstellar Lounge voted “No with Veto” due to recent conflicting beliefs. JesusIsLord has supported 13 affirmative motions, including StakeBin and LUNC Development Fund.

Proposition 12059 aims to address concerns of developers working on minor code or bug fixes. It also includes validators who voluntarily contribute to Terra Classic improvements.

“After review by the KYC party and upon merging of the code, individuals/teams will be allowed to contribute code through a party that has completed KYC with one of the approved providers, provided that the KYC party accepts responsibility for the code to be transferred to them,” SolidVote Lunc Validator stated.

Some community members shared contribution ideas that would cover the full cost of KYC for volunteer developers. According to the proposal, this can be achieved on X with concrete communications.

During the first vote, it received 33% votes in favour, with 33% voting “No”, 33% voting “No with veto” and 1% voting “Abstain”. 11 validators voted in favor, including StakeBin, LUNC Development Fund, and Lunanauts. JesusIsLord and Interstellar Lounge opposed the proposal.

LUNC and USTC Prices Withdrawn As we reported, LUNC price erased all of last week’s gains amid profit booking in the last 24 hours. The price is currently trading at $0.0001127. The lowest and highest prices were recorded as $0.0001116 and $0.0001188 respectively. However, trading volume has decreased by 40% in the last 24 hours, indicating low interest from investors.

However, it is likely to recover as LUNC price is moving in an ascending channel. Latest analysis predicts that Terra Classic is in the process of consolidation and experiencing a squeeze before reaching the final breakout of $0.0002.

On the other hand, USTC price also decreased by 5%. It is currently trading at $0.0256. The lows and highs were set at $0.0252 and $0.0268 respectively. Transaction volume also decreased by 35%.

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