Professor Edward Kim Transfers Admin Access To Terra Luna Classic L1TF

LUNC News: Terra Luna Classic core developer Joint L1 Task Force (L1TF) has received admin access to the Commonwealth forum from professor Edward Kim, a most trusted member of the community. With a proposal to improve governance and decentralization submitted by validator Happy Catty Crypto officially passed, the admin access is transferred to L1TF until a proposal to appoint admins.

L1TF Gets Admin Access To Terra Luna Classic Commonwealth

Joint L1 Task Force lead Vinh Nguyen in a tweet on August 2 revealed that professor and developer Edward Kim has transferred the admin rights of Commonwealth to L1TF. Moreover, ReXx has also revoked his admin right and becomes a moderator of the Commonwealth forum. However, Bilbo Baggins still remains an admin despite community concerns about it.

Proposal 11653 “Enhancing Governance And Decentralization In The Transition to Commonwealth” aims at addressing concerns that the transition from Agora to Commonwealth happened without community voting and transparency.

L1TF lead developer Vinh Nguyen should become admin until a new proposal is passed to determine future admins. Community-owned Station wallet will integrate the Commonwealth button, thus it’s crucial to reduce unfair control.

However, Quant USTC repeg team Bilbo Baggins denies turning down his admin rights due to the Commonwealth forum as believes it’s better for the community.

If you want to have a CW for Terra Classic, by all means please go ahead and make your own and see if the community engages with it. Do not try to use governance in an attempt to steal the one that I have made for the community.

— Bilbo Baggins (@OhhBilboBaggins) August 2, 2023

Also Read: Binance Burns 1.41 Billion Terra Luna Classic (LUNC) Tokens

LUNC Price Moving Sideways

Terra Luna Classic is trading below the $0.000082 support level after failing to hold the $0.000090 support level last month. However, the community can expect $0.000090 again if the price holds above $0.000085, as per a CoinGape Market analysis.

LUNC price jumped 2% in the past 24 hours, with the price currently trading at $0.000081 amid positive news. The 24-hour low and high are $0.0000788 and $0.0000818, respectively.

Also Read: Odds Of Spot Bitcoin ETF Approval By US SEC Rises To 65% – Bloomberg

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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