Terra Luna Classic Proposal For Community-Owned Wallet Officially Passed

Terra Luna Classic core developer Joint L1 Task Force (L1TF) suggested creating a community-owned wallet, which will be managed by the Terra Luna Classic (LUNC) community through governance. LUNC validator Happy Catty Crypto’s revised proposal to prioritize building wallet infrastructure and prevent privatization is officially passed by the Terra Luna Classic community.

Terra Luna Classic To Get A Community-Owned Wallet

Happy Catty Crypto’s Proposal 11645 “L1 Team To Build Wallet Infrastructure” submitted for voting has received support from the community and is now considered officially passed as it surpassed the pass threshold. The proposal has received almost 71% “Yes” and 2% “No” votes, with 27% choosing to vote “Abstain.”

Until now, 20 validators such as Allnodes, HappyCattyCrypto, JESUSisLORD, Classy’s Sphere, and PFC have favored the proposal. Meanwhile, validators including Interstake One, Luna Station 88, and StakeBin voted “Abstain” and one validator rejected the proposal.

The proposal is based on the L1TF proposal, the developer team will create a Terra Luna Classic community-owned web version of Station, iOS & Android mobile apps, and Chrome browser extension. The Joint L1 Task Force will develop the community-owned wallet free of charge. Costs such as domain registration and hosting can be used from Joint L1 Task Force’s compute budget.

A separate proposal will be drafted for the endpoint infrastructure proposal, which recommends professor Edward Kim, a trusted figure in the community, to be responsible for the domain and other controls of infrastructure.  However, the community prioritizes the development of the wallet and its infrastructure, as well as establishing an L2 team dedicated to managing all aspects of the wallet.

Similar to L1TF, validators and the community also believe that privatization and reliance on TFL must reduce to improve reliability and uptime of Station. Many members argue the community should stop funding Terra Rebels’ for Rebel Station and infrastructure.

LUNC Price Jumps Near Support Level

LUNC price jumped 3% in the past 24 hours, with the price currently trading at $0.000088. The 24-hour low and high are $0.0000867 and $0.0000896, respectively. Terra Luna Classic fell below key support amid a recent pullback in the broader crypto market.

Meanwhile, USTC price trades at $0.018, up 7% in the past 24 hours and 40% in a week. The trading volume has increased by 100% in the last 24 hours.

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Varinder has 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He is currently covering all the latest updates and developments in the crypto industry.

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