As a seasoned analyst with years of experience in the cryptocurrency market, I find myself intrigued by the recent developments within the Terra Luna Classic (LUNC) community. The rejection of the community pool spend proposal by BLV Labs serves as a stark reminder that adhering to governance rules is crucial for gaining the trust and support of the community.
The Terra Luna Classic community rejected a proposal by BLV Labs, a team of Cosmos developers, regarding the use of a community pool for recent blockchain work. Critics argued that the developer group didn’t adhere to governance rules since there were no testnet or mainnet deployments. Concurrently, the price of LUNC increased by over 5% due to these latest events.
Terra Luna Classic Proposed Rejected By Community
12146 Proposal from BLV Labs for a community pool encountered an obstacle since the development team failed to carry out the projects on the Terra Luna Classic mainnet. This proposal garnered close to 90% negative votes, with Allnodes, Interstellar Lounge, Interstake One, and other validators among those casting “No” votes. The developer has requested $5000 in LUNC.
Validators indicated that there had been talks without any test network or main network deployment. The community urged the team to complete the work in order to receive compensation.
The programmer focused on employing the Oracle module for revising and computing the necessary minimum deposit to formulate a proposition within the governance module. It was proposed by BLV that the system would automatically adjust the minimum margin to preserve the worth of the proposal, should there be a significant drop or surge in LUNC value.
The group asserted they had uploaded their code to GitHub and submitted a pull request in the traditional Terra repository. Following this, our focus shifted towards fixing any testing and integration-related issues. In the future, the team intends to work on EVM upgrades, SDK50 enhancements, or improvements for IBC.
In other news, the Terra Classic community endorsed a plan that gives direct control of the CoinMarketCap dashboard account to leading validator Allnodes.
LUNC and USTC Price Jumps
In just the past day, the price of LUNC has climbed an impressive 5%. Over the last week, that growth has been even more significant, reaching 15%. At present, the coin is trading at around $0.000118. The previous 24-hour low and high were $0.0001102 and $0.0001199 respectively. A notable resistance level for LUNC lies at $0.00012, breaching this could potentially pave the way for a rally that might take it up to $0.0002.
Furthermore, there’s been a 8% increase in Terra Luna Classic open interest over the past 24 hours, primarily due to purchases on Binance and OKX. On the other hand, Bybit has experienced a sell-off in 1000LUNC futures.
Currently, USTC’s price has surged by over 5%, reaching a new level of $0.0245. Interestingly, there was a significant 31% drop in trading volume within the past day. Over the course of this month, the price has been fluctuating within a specific range.
Read More
- LUNC PREDICTION. LUNC cryptocurrency
- BTC PREDICTION. BTC cryptocurrency
- PlayStation and Capcom Checked Another Big Item Off Players’ Wish Lists
- EUR CAD PREDICTION
- APU PREDICTION. APU cryptocurrency
- Black Ops 6 Zombies Actors Quit Over Lack Of AI Protection, It’s Claimed
- POL PREDICTION. POL cryptocurrency
- XDC PREDICTION. XDC cryptocurrency
- MNT PREDICTION. MNT cryptocurrency
- Why Is Reserve rights (RSR) Price Up 130% Today?
2024-11-23 13:14