Terra Luna Classic Revotes On USTC Repeg Team’s Proposal

The Terra Luna Classic community revotes on a crucial proposal to fund the USTC Quant team after an initial proposal failed to receive the minimum votes for the proposal to pass the benchmark. The USTC repeg team has resubmitted the proposal as they believe the voting lacked proper turnout after the Terra Station wallet encountered issues last week.

Terra Luna Classic Community Voting Again On USTC Proposal

Proposal 11730 “USTC / Stable Algo Quant Team” is up for voting from August 26-September 2. The proposal is submitted again for proper validator voting turnout as the Station wallet is live and working after being down for many days.

“This proposal has been re-submitted on behalf of LUNC community. Quant Team is too nice and proud to re-submit it, so somebody has to do it. This time, since TS is working again, we can expect proper validator voting turnout and live with the final results.”

$LUNC proposal 11730 to fund the $USTC Quant Team for the month of August is now live for voting. The author states due to Terra Station being down during the last vote proper validator turnout was not received and this will be the official decision. 💎🤲🏻 #Crypto #LUNC pic.twitter.com/FosK8ROK0C

— Mr. Diamondhandz1💎 (@MrDiamondhandz1) August 26, 2023

Hexxagon stated that they paid the remaining balance on the proposal to get it to the governance voting stage on Station. The validator has also voted in favor of the proposal and asked for support from the Terra Luna Classic community.

After the initial voting, the proposal has received 43% “Yes” votes. Moreover, it has 28% “No” and 29% “No with veto” votes. Among the validators, 9 have favored the proposal while 6 have rejected it. JESUSisLORD validator voted “No with veto” citing unprofessional and dangerous behavior as reasons.

The proposal was earlier rejected by the community through governance voting. However, USTC Quant team members blamed some validators for changing the outcome of the proposal. A validator announced funding the USTC repeg team for their work through commissions.

Read More: Terra (LUNA) And Terra Classic (LUNC) Impacted Amid Terra Money And Station Issues

LUNC and USTC Price Slightly Rebound

Terra ecosystem tokens LUNC and USTC recover slightly after the USTC proposal is resubmitted. However, the overall momentum is still low.

LUNC price is currently trading at $0.000063, up 1% in the last 24 hours. The 24-hour low and high are $0.0000617 and $0.0000633, respectively.

Meanwhile, USTC price also jumped 0.5% in the past 24 hours, with the price currently trading at $0.012. Moreover, the trading volume has decreased by 50% in the past 24 hours.

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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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