Terra Luna Classic Community Holds Ground on KYC; 105 Billion LUNC Tokens Incinerated

• Terra Luna Classic community sticks to KYC for devs despite proposal rejection, citing security importance.

• LUNC burn hits 105 billion, eyeing 110 billion landmark; prices rebound, aiming for $1 in bullish market.

The Terra Luna Classic community is optimistic following a successful blockchain upgrade. On March 25, version 2.4.2 was introduced, which marked a significant transition for the Layer-1 chain in accordance with governance proposal 12090. This aims to repeal the KYC (Know Your Customer) requirement for developers, proposed under Proposal 12033, which was resoundingly rejected. 

BREAKING: Congratulations to the #LunaClassic community on the current upgrade to v2.4.2. 🔥

A big thanks to all the $LUNC validators who made this possible. 💎🤲🏻 #Crypto https://t.co/nA7Xta8e0C

— Mr. Diamondhandz1💎 (@MrDiamondhandz1) March 25, 2024

 The Terra Luna Classic community has not wavered in supporting the previously approved KYC proposal, emphasizing its critical role in maintaining the chain’s security and integrity. Despite allegations that KYC requirements for developers have slowed expansion, the community has remained steadfast in its decision-making, especially during positive market conditions.

The proposal to repeal the KYC requirement failed to gather sufficient support and even reach the pass threshold. With only 18% of “Yes” votes in favor of the repeal, it became evident that most community members disagreed with the proposal. Notably, a significant portion of the community, comprising 39%, voted “No”, while 41% opted to “Abstain” from voting. Validators predominantly opposed the proposal, with notable abstentions from validators like Allnodes.

Blockchain Upgrade Ushers in Optimism

This upgrade, executed seamlessly through a Hard Fork, enhances Terra Classic’s infrastructure, including integrating IBC-Hooks. These improvements lay the groundwork for integrating new decentralized applications (dApps), such as Enterprise DAO, fostering innovation within the network.

Following the critical Hard Fork, Genuine Labs, the developer team behind the upgrade, released a bi-weekly report confirming the successful implementation of version 2.4.2. Their meticulous efforts ensured minimal disruption as Terra Classic validators swiftly returned online. The community lauded Genuine Labs for their dedication and expertise, underscoring the collaborative spirit within the Terra Luna Classic ecosystem.

Meanwhile, the total LUNC (Terra Luna Classic native token) burned by the community has surpassed the 105 billion mark, with expectations to reach the 110 billion landmark soon. Despite a recent drop in the burn rate attributed to the ongoing upside movement in prices, the community remains resolute in its commitment to chain developments. Optimism abounds within the community, with expectations of LUNC prices reaching $1 during the current bull run, particularly following the successful v2.4.2 upgrade.

Additionally, progress on the Terra Classic Security Package upgrade by Genuine Labs is poised to enhance security, functionality, and interoperability, with developments expected to be completed within an estimated 8-week timeframe.

LUNC and USTC Prices Show Signs of Recovery

Both LUNC and USTC (Terra Luna Classic stablecoin) have exhibited signs of recovery in price action. LUNC prices have rebounded by 1% from recent support levels, currently trading at $0.0001554. Although trading volume has notably decreased, CoinGlass data indicates a rise in futures open interests for LUNC, suggesting a positive sentiment among investors and an increasing likelihood of reaching the $0.0002 target price.

Conversely, USTC prices experienced a minor 2% decline in the last few hours, with the price currently hovering around $0.0248. Despite this, there are indications of stability within the ecosystem, with the community focused on sustaining positive momentum amidst market fluctuations.