Terra Classic Endorses Genuine Labs Proposal, Why LUNC Price Soared 20%?

The Terra Luna Classic community has approved developer Genuine Labs’ spending proposal to pay for the work completed by the developer team in the last few weeks. The proposal received majority support from Terra Classic validators.

Terra Classic Community Approves Genuine Labs Proposal

Terra Luna Classic developer Genuine Labs’ proposal 12019 surpassed the “pass threshold” as the community members and validators voted in favor of the proposal. The voting on the proposal ends on February 6.

Over 84% of the votes cast were in favor of the proposal. As per current voting details, 40 validators have voted “Yes” and 9 voted “Abstain”. Top validators such as Orion, Interstellar Lounge, Jesusislord, Stakely, TerraCVita, and others voted in favor, agreeing with the successful completion of tasks.

The developer group asked for $16,000 in funding in LUNC from the community pool for the tasks completed successfully. Validators have carefully evaluated their four-week work on implementing end-to-end tests, interchain tests, and addressing PacketForwardMiddleware (PFM) and IBC hooks issues.

“Our focus has been on implementing end-to-end (E2E) tests, interchain tests, and addressing issues related to the PacketForwardMiddleware (PFM) and IBC hooks. We have maintained transparency throughout the works by providing biweekly reports on our progress,” said Genuine Labs.

Read More: Terra Classic (LUNC) Price Targets $0.00015 as Trading Volume Surges by 1000%

LUNC and USTC Soar Higher

Terra Classic token LUNC saw massive shorts liquidated due to strong technical chart patterns. The token recorded immense trading volumes after descending channel breakout to the upside.

Both LUNC and 1000LUNC shorts were liquidated, indicating bullish sentiment among investors. However, a retest above the channel is expected by analysts before it starts to rise again.

LUNC price rallied 20% in the last few days, with the price currently trading at $0.0001091. The 24-hour high and low are $0.0001031 and $0.0001153, respectively. The community remains bullish after enormous jump in trading volumes.

Meanwhile, USTC price moving range-bound in a week. The price is currently trading at $0.02556 and trading volume has faded in USTC charts. The 24-hour low and high of $0.0248 and $0.0265, respectively.

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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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