Terra Luna Classic Community Approves Major Proposal, LUNC Price Soars 5%

Terra Luna Classic’s proposal to make KYC compulsory for all L1 developers is approved by the community, with votes now surpassing the pass threshold. As the Terra Luna Classic community pushes to increase development on the chain with third-party developers, it became crucial to introduce some security measures to prevent detrimental damage to the chain.

Terra Luna Classic Community Approves KYC Proposal

Terra Luna Classic proposal 12033 “Compulsory KYC for all L1 developers” by SolidVote LUNC Validator is almost passed by the community, as per the latest voting details on the Station wallet. The voting on the proposal ends on February 8.

“Anybody can work on the Luna Classic blockchain anonymously. This poses a serious risk to the chain. For example, a rogue developer could open a short position and then damage the chain to gain profit,” said SolidVote Validator.

The proposal urges anyone seeking a governance vote for a spend proposal to work on the chain to undergo a compulsory KYC process with a third-party company. If a developer has not previously completed the KYC, the cost will be added to their spend proposal by the proposer.

After the passing of the proposal, each developer will complete the KYC process before working on the chain. The proposal also required any new member added to the team after a proposal is passed to complete the KYC. The set of safety and security measures are taken after new developer groups propose to work on the chain. The details will be undisclosed, and will only be released in legal action.

As per the current voting, the proposal received more than 38 ‘Yes’ votes, along with 16% ‘No’, 20% ‘No with veto’ and 26% ‘Abstain’ votes. Top validator Allnodes voted Abstain, but 38 validators are in favor of the proposal.

Read More: Terra Classic Community Passes Genuine Labs Proposal

LUNC and USTC Prices Soar

LUNC price rallied 20% in the last few days, with the price currently trading at $0.0001097. The 24-hour high and low are $0.0001041 and $0.0001107, respectively. The community remains bullish after the enormous jump in trading volumes recently.

Meanwhile, USTC price also jumped over 3% in the last 24 hours, with price is currently trading at $0.02561. The 24-hour low and high are $0.02488 and $0.02594, 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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