Terra Classic Development Proposal By Genuine Labs Officially Passed

The Terra Luna Classic community has approved a major proposal by Genuine Labs, a group of developers experienced in Cosmos stacks, to work with L1TF and other developers on Terra Classic chain development. The developer team discovered a number of issues with Terra Luna Classic and offered a helping hand to address these issues.

Genuine Labs Proposal Passed By Terra Luna Classic Community

Proposal 11940 “Genuine labs Terra Classic Development Proposal” is passed successfully in governance voting on the Terra Luna Classic community-backed Station wallet. The team proposes to work in collaboration with the L1 teams on Terra Luna Classic.

The proposal has received 84.98% ‘Yes’ votes showing the community approves the developer team to work on Terra Classic development. However, the proposal has also received 3.23% “No” and 0.43%% “No with veto” votes, as well as 11.37% “Abstain” votes. Most top validators including Allnodes voted in favor of the proposal.

The developer group plans to initially focus on integrating and improving the IBC Hooks and Packet Forward Middleware (PFM) features, as well as enhancing the end-to-end testing and interchain testing for the fee tax charging mechanism. Former L1TF member Fragwuerdig noted that IBC-hooks and PFM have already been implemented on the following branch and Genuine Labs may need to repost the job proposal.

It consists of senior developer Nguyen, senior developer Minh, and junior developer Dong. They contributed to Osmosis, Quicksilver, Stride, and Composable; worked on core repositories like Gravity-Bridge, IBC-Go, Cosmos-SDK; and developed fee abstraction module among other assignments.

The team looks to bring valuable improvements to Terra Luna Classic ecosystem and seeks $16,000 for a timeline of 6 weeks.

Read More: Terra Classic (LUNC) & USTC Outperform Terra (LUNA) This Year, Should You Switch?

LUNC price fell 3% in the past 24 hours, with the price currently trading at $0.000140. The 24-hour low and high are $0.000138 and $0.000146, respectively. Moreover, trading volume has decreased by 20% in the last 24 hours, indicating a lack of interest among traders.

Meanwhile, USTC price trades at $0.0323, down 1% in the last 24 hours. The trading volume has decreased by 20% amid despite a number of USTC burn proposals.

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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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