LUNC Community Passes DeFi Proposal To Combat Unfair Control

Terra Classic community validators and developers are looking to regain unlawfully taken control.

Terra Luna astronaut showing thumbs up in space through a galaxy door.
Created by Kornelija Poderskytė from DailyCoin
  • A new DeFi wallet by L1JTF aims to uphold decentralization and transparency.
  • LUNC community passed a proposal to revoke admin’s rights on Commonwealth.
  • Terra Luna Classic price dips below long-term support, market cap below $500M.

The struggling Terra Classic community recently passed proposal 11653 “Enhancing Governance And Decentralization In The Transition to Commonwealth.” Penned by popular YouTuber Happy Catty Crypto, this proposal revolves around a recent change from Agora to Commonwealth’s administration and asserts that current admin rights should be revoked.

The move to Commonwealth administration was deemed unfair control by 96% of the Terra community members, according to the proposal results. The current admins have allegedly moved the discussion platform from Agora to Commonwealth without any notice or community voting. 

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The community is calling for the removal of the three current admins Edward Kim, Bilbo Baggins, and Rexx and would like control of Commonwealth transferred to Layer-1 Joint Task Force developer Vinh Nguyen.

Additionally, the passed proposal confirms that a DeFi Community-owned Station wallet is being built for the community to regain control of the chain. Since the wallet will be DeFi, there is strong hope that it will be safer from previous issues the chain has dealt with from hacks and bad actors.

Veteran LUNC Validators Speak Out

Terra member PinkUnicorn80 stated that “Commonwealth has unfortunately been turned into a tool to serve certain agendas,” while prominent IT security specialist Mike P. also showed his support for the new proposal against the high-handed decision by Edward Kim, Bilbo Baggins & Rexx to switch to Commonwealth.

“The discussions on the Commonwealth do not have sufficient legal justification for me”, - said Mike P, adding “It's our collective failure as a #LUNC community and we need to fix it.” 

The Terra Luna Classic community is awaiting another proposal to determine who’s going to moderate Commonwealth governance platform from now on.

LUNC Price Dips Below Key Support

The recent developments didn’t have a positive outcome for #88 Terra Luna Classic’s (LUNC) price. The embattled altcoin has hovered above the multi-year support line of $0.00008 for the past year but now trades below the barrier at $0.00007953, according to CoinGecko at the time of publishing. 

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On top of that, the global market cap for $LUNC has fallen below $500 million and has failed to reclaim the mark since July 20th, 2023.

Meanwhile, the Terra Classic community is looking forward to burning the 800 million Terra Classic USD (USTC) tokens, which are to be returned from Ozone Protocol. Initiated by controversial founder Do Kwon, the allocated funds haven’t been fully used for their purpose – in doing so, the Terra community hopes to restore at least a fraction of the malfunctioning stablecoin’s price.

On The Flipside

  • Even though Professor Edward Kim previously claimed to be building an AI chain app on the Terra Classic blockchain, community members suspect that Block Entropy AI will be a separate blockchain.
  • Terra community members are divided into two camps on whether to return the 800 million Terra Classic USD tokens to the community pool or burn the retrieved USTC, ultimately taking it out of circulation.

Why This Matters

The struggling crypto community is searching for solutions to revoke unfair control and regain safe access to the DeFi tools the Terra Classic blockchain has to offer.

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Author
Tadas Klimasevskis

Tadas Klimaševskis is a Lithuanian journalist at DailyCoin, specializing in covering the lighter side of the crypto industry such as memecoins and pop culture in the metaverse. He has experience as a music artist, English language teacher, and freelance writer, and uses his creative writing skills to summarize valuable information in his work. He is also a strong believer in the potential of blockchain and spends his free time listening to music, traveling, and watching basketball games.