Terra Luna Classic Rejects Core Team Proposal, LUNC Plummets

Terra Luna Classic community drops a bombshell: core team proposal gets shunned, triggering LUNC price havoc.

Man worried about Terra luna coins.
Created by Kornelija Poderskytė from DailyCoin
  • Terra Classic validators bin proposal #12093 due to breaking new rules.
  • Aiming to establish a core dev team, this proposal requires a monthly wage.
  • LUNC employs a Pay Per Job system and the latest KYC feature for devs.

The community behind Terra Luna Classic (LUNC) has recently turned down a game-changing governance proposal for the Layer-1 chain. Proposal #12093, “Establish a Terra Classic Team, aimed to assemble a core developer collective after the Layer-1 Joint Task Force (L1JTF) was dissolved late last year.

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However, veteran Terra Classic community members haven’t enthusiastically welcomed the idea of assembling a new team to replace the L1JTF. Some validators see the proposal as a “return to our dark past.” That’s because the proposal seeks to employ a roster of developers every month, in contrast to the pay-per-job (PPJ) consensus currently activated on the network.

Luna Classic Labs, one of the most active chain validators, has insisted that the monthly salary mechanism has proved ineffective “in terms of management, efficiency, transparency, and sustainability.” Instead, the Terra Classic chain validator argued that a new team that plays by the PPJ rules reserves the right to pay in advance for specific tasks.

How Is Terra Classic Faring Amid Market-Wide Pullback?

As governance proposal #12093 was nowhere near passing the threshold, prominent Terra Classic validators cited risks of centralization, ineffectiveness, and the devs’ anonymity. Certainly, the establishment of a Terra Classic team in the way proposed would conflict with the recently applied Know Your Customer (KYC) requirement for all Terra Luna Classic developers.

Meanwhile, LUNC’s price continues to stagger during the market-wide crypto drawdown, which has seen Bitcoin (BTC) retesting pre-claimed support levels below $62K. LUNC now sports a market cap of $585,488,386 despite approaching a $1 billion market cap a month ago.

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According to CoinGecko, LUNC trades at $0.0001004 as of Press Time. The slight market rebound on Wednesday has put LUNC above the critical support of $0.0001, even though the altcoin slumped by 29% over the previous 30 days.

On a brighter note, experienced crypto analysts believe that LUNC could repeat December’s bull run of up to 500% if the price charts deliver a break in the multi-month bearish triangle pattern. Last December, LUNC claimed $0.00025813 as the yearly peak, but the swift market correction wiped out those gains in the coming months, resulting in an early TOP 100 exit for the token.

On the Flipside

  • Most Terra Classic chain validators still agree that LUNC Layer-1 lacks a permanent maintenance team that could review and merge codes according to approved proposals.

Why This Matters

The sophisticated and caring Terra Classic community aims to revitalize a once-thriving blockchain by democratically implementing new rules and upgrades via governmental proposals.

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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.