- LUNC fell sharply after TerraForm Labs filed for bankruptcy in the U.S.
- Terra Classic members vote on a crucial upgrade proposal by the L1JTF.
- Planned to be carried out in 11 weeks, the proposal received some doubts.
Terra Classic’s community is making huge strides towards reviving the battle-scarred Layer-1 blockchain. The network is bound for a makeover with a critical core security upgrade package, which revolves around updating core elements from the original Terra Luna chain.
According to the community pool spend proposal #12008 description, the “lack of new features originating from legacy components” prevents the Layer-1 blockchain from pursuing its revitalization plan. On top of that, the security upgrade package aims to tackle security risks, including the rising phishing attacks.
To carry out these security upgrades, the Layer-1 Joint Task Force (L1JTF) team requests the Terra Classic community for $51,000 in two installments. According to the roadmap laid out by L1JTF’s veteran developer Vinh Nguyen, the developer team would have a tight schedule of 11 weeks to complete the upgrades.
Top Validators Concur with L1JTF’s Upgrade Plan
Prominent developers and validators on Terra Classic’s chain weighed in on the latest community spending proposal. Christoper Harris, also known as JESUSisLORD, explained in a message on X that proposal #12008 aligns with the bounty-like system for developer jobs on the chain, similar to a pay-per-job freelance work system.
While most Terra Classic holders on X agreed with JESUSisLORD’s stance, the ongoing vote helped Terra Luna Classic (LUNC) tackle a slight rebound rally after an otherwise bloody red month. Indeed, LUNC dropped out of the TOP 50 by global market cap and lost an eye-watering 38.4%, with 21% of the deficit coming in the last seven days.
Upon the news of TerraForm Lab’s bankruptcy, the parent company’s mishaps were quickly priced in the charts, as LUNC and USTC lost over 10% in value on January 21, 2024. TerraForm Labs officially filed for insolvency in the United States Bankruptcy Court for the District of Delaware.
As TerraForm Labs compiles its defense strategy for the SEC’s upcoming court hearing, LUNC’s price movement could be shaken up by the developments in the groundbreaking case.
On the Flipside
- Some Terra Luna Classic members on Commonwealth discussion forums are against paying half the sum in advance.
- Other LUNC members argue that L1JTF has been reluctant to complete the work in Q4 of 2023, which included solving the chain’s technical debt.
Why This Matters
The embattled crypto community seeks ways to restore part of Terra Luna Classic’s former glory by voting on spending proposals, which could expand the Layer-1 chain’s utility.
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