Terra Luna Classic Proposal Is A “Make Or Break Moment”, LUNC Price To Crash?

Terra Luna Classic community currently focuses on reforming the Joint L1 Task Force (L1TF) core developer team. Two proposals are put for voting on the Station for a transparent and effective governance structure within Terra Luna Classic. The move comes in response to a closed-door agreement between L1TF and Hexxagon, a new team having former Terra Rebels members.

Terra Luna Classic Community To Reform L1TF

After days of initial voting, Proposal 11685 “Realignment Of The Current L1 Team With Governance (Revised Final) HCC” indicates support from the Terra Luna Classic members and validators to reform the L1TF developer team.

Until now, the proposal has received 55% votes in favor and 42% voted “No with veto,” while only a few voted “Abstain” and “No.” L1TF is the core developer team that looks after upgrades, maintenance, and other aspects of the Terra Luna Classic chain. Thus, the proposal is crucial and will impact projects and Dapps on the chain.

Validators including HappyCattyCrypto, Classy’s Sphere, and Coinpayu have favored the proposal, while key validators such as JESUSisLORD, Mr. Diamondhandz1’s LUNCLIVE, and Fragwuerdig’s frag_node have voted against the proposal. While the current voting show the community favors the proposal, top validators are yet to vote on the proposal

Closed-door negotiations between the L1TF and Hexxagon (Terra Rebels) for building community-owned Station wallet, Finder, web extension, and other developments. If the proposal is passed, it will halt funding for both Terra Classic L1 Development team and Hexxagon, the closed-door deal between L1TF and Hexxagon, and mandate community governance.

$LUNC Has Been Plagued By Development Teams That Have Ignored The Voice Of The People

Today, I vote “Yes” on the Controversial proposal 11685

Reason?

You must follow governance.
To not abide by governance is to ignore the will of the people.
Classy’s Sphere is the community. pic.twitter.com/MFiQaqsgnG

— Classy 🔮 (@ClassyCrypto_) August 9, 2023

Read More: Terra Luna Classic L1 Developer Team Announces Core Upgrade, LUNC To Recover?

Meanwhile, Proposal 11700 aims to halt funding for the developer teams and find a new “project manager” for L1TF. It also tasked L1TF to create a “Vision with Development Roadmap” for transparency and boost adoption.

LUNC price currently trades at $0.000077, up o.5% in the past 24 hours. However, the trading volume decreased in the past 24 hours. Meanwhile, USTC price fell 1% to $0.015 in the past 24 hours. Prices are expected to fall if these proposals pass, unless the community supports an upside move.

Also Read:

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.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.