Members of the Terra Luna Classic (LUNC) community are not willing to let the project die any time soon. Recently, a prominent member named Vegas has set the stage for an important community decision by making a new proposal for the Terra Luna ecosystem.
This proposal revolves around the fate of 800 million Terra USD (USTC) tokens held in a wallet linked to the Ozone Protocol. While Vegas advocates for their return to the Terra Luna Classic community pool, another influential figure, Alex Forshaw, contends that these tokens should be burned instead.
Vegas, an ex-Terra Rebels developer group member, has taken the matter to the Commonwealth forum, seeking input and discussion from the community. His rationale is rooted in the belief that the Ozone Protocol project has veered away from the proposed development plan. Consequently, he sees the retrieval of the 800 million USTC funds as a justifiable step, returning them to the community pool where they can be put to better use.
The Ozone Protocol, conceptualized by Terra co-founder Do Kwon and originally funded through the community pool, initially saw remarkable success with its Ozone V1 and Ozone V2 offerings, both garnering high demand for their underwriting capacity. However, the intended utilization of 1 billion USTC by the Risk Harbor team has fallen short of expectations. This lack of adherence to the project's original purpose, as perceived by Vegas, reinforces his belief in the necessity of returning the funds to the community pool.
On the other hand, Alex Forshaw, an esteemed former member of Terra Rebels and co-author of the Terra Classic Revival Roadmap, offers a divergent perspective. He asserts that the idle USTC tokens should not be returned to the community pool, as doing so may inadvertently lead to validators and stakers disposing of them, undermining the efforts of the USTC team. Instead, Alex advocates for burning the tokens, presenting it as a means to strengthen the repeg narrative - a crucial factor in the community's commitment to maintaining the $1 value.
Not content with merely advocating for token burning, Alex proposed an alternative solution - a combination of burning some of the USTC tokens while allocating the rest to the community pool. This, he contends, strikes a balance between reinforcing the desired narrative and utilizing the funds for the community's collective benefit.
Within the Terra Luna Classic community, the pursuit of a stable $1 value remains a driving force. Recent developments have seen positive momentum, with the USTC repeg and LUNC initiatives gradually gaining traction. Developers have unveiled ambitious plans to introduce significant changes to the chain, further solidifying the community's commitment to stability.
As the discussion unfolds within the Commonwealth forum, Terra Luna Classic members find themselves at a critical juncture. The decision they make regarding the 800 million USTC tokens could have far-reaching consequences for the community's future. Whether they opt for their return to the community pool or embrace the burning solution to reinforce the repeg narrative, one thing is certain - the community's shared vision of stability and progress will guide them towards making the right choice. In the end, the Terra Luna Classic community's unity and collective resolve will undoubtedly shape the path they tread on their digital journey.
This was not the only proposal brought forward to the Terra Classic community over the past week. The Terra Luna Classic validator, Happy Catty Crypto, continues to play an active role in shaping the community's future. Following the successful passage of a revised proposal to construct a community-owned Station wallet, put forth by core developer Joint L1 Task Force, Happy Catty Crypto has introduced Proposal 11653, titled "Enhancing Governance and Decentralization in the Transition to Commonwealth," which is now open for voting.
The primary goal of this proposal is to address concerns that have arisen during the recent transition from Agora to Commonwealth. Happy Catty Crypto contends that the transition occurred without community voting and lacked transparency, with Edward Kim, Rexx, and Bilbo Baggins serving as moderators without community involvement. This, in turn, led to Rexx and Bilbo Baggins becoming administrators, a situation that contradicts the core principles of decentralization.
To rectify the situation, the proposal suggests appointing L1TF lead developer, Vinh Nguyen, as an administrator until a new proposal can be passed to determine future administrators. Additionally, the integration of the Commonwealth button into the community-owned Station wallet is viewed as vital in reducing unfair control over the platform.
Currently, the proposal enjoys strong support within the community, with an impressive 90% of votes in favor of it. However, there are a minority of dissenting voices, with 2% casting "No" votes and 8% choosing "No with veto" votes. Notably, validators such as Happy Catty Crypto, SolidVote, and Community First LUNC have all expressed their favor for the proposal, while other top validators are yet to cast their votes. The proposal will remain open for voting until 1 August 2023, providing the community ample time to reach a consensus.
As the community rallies behind this new proposal, it becomes evident that the drive for enhanced governance and decentralization remains a focal point for Terra Luna Classic. By actively participating in the voting process, community members are collectively shaping the future of the platform. The emphasis on transparency and community involvement is essential to ensure that decisions align with the broader vision of a decentralized and thriving ecosystem.
As the deadline approaches, Terra Luna Classic members eagerly await the final tally of votes. The outcome of Proposal 11653 will undoubtedly serve as a testament to the community's unity and shared commitment to forging a path that fosters fair governance, decentralization, and prosperity for all. With the constructive engagement of stakeholders, Terra Luna Classic is poised to usher in a new era of inclusive and democratic decision-making, solidifying its position as a force to be reckoned with in the ever-evolving blockchain landscape.
LUNC Has Had a Tough Week
4-hour chart for LUNC/USD (Source: TradingView)
The past week has been somewhat rough for LUNC, as the cryptocurrency’s price breached below multiple support lines in a swift move over this period. The overwhelming sell pressure for LUNC did not hinder traders’ optimism, however, as the altcoin did attempt to challenge the resistance level at $0.00009006 this past Saturday. This level held its own and rejected the attempt in the hours that followed. Consequently, LUNC’s price entered into a bearish move that eventually led to it losing the support of the $0.00008587 mark on Monday.
There was a brief pause in LUNC’s steep price drop during Monday’s trading session, but the collective momentum of sellers proved to be too overwhelming for the altcoin’s price. Shortly after this short break, LUNC’s price had also fallen below the $0.00008363 support in a 4-hour candle that saw it drop from an open of $0.00008471 to a low of $0.00007821. The altcoin’s price then closed off the candle at $0.00008183.
The cryptocurrency’s price rebounded off of the next crucial support level at $0.00008111 towards the end of Monday’s trading session. This resulted in a short-term consolidation phase, which continued up until yesterday, between $0.00008111 and the aforementioned $0.00008363 mark. Bears then reintroduced themselves, causing LUNC’s price to drop below $0.00008111 in the hours that followed.
Meanwhile, Terra Classic (LUNC) was changing hands at $0.00008106 at press time according to the crypto market tracking website, CoinMarketCap. This was after the altcoin experienced a 0.92% price drop in the past day of trading. Despite the drop in its price, the cryptocurrency’s total daily trading volume had risen 4.48%. As a result, LUNC’s total trading volume stood at $20,586,896.
Furthermore, the price of Terra (LUNA) stood at $0.6007 at press time. Similar to LUNC, LUNA had printed a 24-hour loss, and saw its price drop 1.2% throughout the past day of trading. Last but not least, the Terra Luna ecosystem’s stablecoin coin, TerraClassicUSD (USTC), was trading well below the $1 mark at 0.01521. The coin also saw its price drop more than 4% over the past 24 hours.