Terra Luna Classic Key Governance And Decentralization Proposal Officially Passed

LUNC News: Terra Luna Classic community passed a key proposal enhancing governance and decentralization in the transition to the Commonwealth forum. With the proposal submitted by Terra Luna Classic validator Happy Catty Crypto now passed, current Commonwealth administrators need to revoke their rights and pass access to Joint L1 Task Force developer Vinh Nguyen.

Terra Luna Classic Community Passes Key Proposal

Proposal 11653 “Enhancing Governance And Decentralization In The Transition to Commonwealth” is officially passed by the Terra Luna Classic community.

The proposal received 94% votes in favor of the proposal. Meanwhile, 3% voted “Abstain” and others voted to reject the proposal. Thus, the community favors the proposal to improve governance and decentralization in the Commonwealth forum.

Among 40 LUNC validators that voted, 25 validators such as Allnodes, 1maxfee, TCB, JESUSisLORD, StakeBin, and Lunanauts approved the proposal.

The proposal aims to address concerns related to the transition from Agora to Commonwealth recently, which happened without community voting and transparency. He claims the transition was moderated by Edward Kim, Rexx, and Bilbo Baggins without community involvement. It caused Rexx and Bilbo Baggins to become administrators, which is against the core principles of decentralization.

As per the proposal, 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.

Read More: Terra Luna Classic Burn Hits 70 Billion Milestone Ahead Major Burn By Binance

LUNC Price to Rise Amid Latest News?

Terra Luna Classic is trading below the $0.000082 support level after failing to hold the $0.000090 support level. LUNC price fell 1% in the past 24 hours, with the price currently trading at $0.000081. The 24-hour low and high are $0.0000813 and $0.0000824, respectively.

Meanwhile, USTC price trades at $0.015, down 1% in the past 24 hours. The prices witnessed a major jump recently amid USTC repeg plan and Terraform Labs seeking to dismiss the US SEC lawsuit.

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