Terra Classic Community Passes Major Constructive Proposal, LUNC And USTC To $1?

The Terra Luna Classic community has passed another key proposal as they prepare for a revival of Terra Luna Classic (LUNC) and repeg USTC stablecoin to $1. The proposal aimed at having a guideline for a pay-per-job approach on the Terra Classic chain as core developer L1TF goes into maintenance mode for Q4.

Meanwhile, the community is also collaborating on other fronts to keep LUNC and USTC above key support levels as traders started booking profits amid the latest pullback in the crypto market.

Terra Luna Classic Passes Pay Per Job Proposal

Proposal 11889 “Pay-per-job and governance-ruled Job List” has passed successfully. The proposal deemed the monthly model of roadmap and payment planning as suboptimal and plans to switch to a pay-per-job model.

The proposal has received 91.99% “Yes” votes, with others mostly voting “Abstain”. The community believes it will optimize compensation structure, provide flexibility and transparency, boost community engagement, and risk mitigation.

Among 56 validators who participated, 49 voted in favor of the proposal and 7 voted “Abstain”. Top validators including Allnodes, Orion, Interstellar Lounge, Stakely, and StakeBin have approved the proposal.

As L1TF transitioned into a “maintenance mode” for Q4, there are many tasks awaiting attention on Terra Classic. The introduction of a pay-per-job approach will handle tasks more efficiently. New job listings can be proposed through governance text proposals, with details including job title, a detailed description, a budget, and an estimated duration.

“A monthly compensation model grants developers a consistent sense of financial security. However, it relies on a broad roadmap that might be subject to change as the quarter progresses. Given specific impending tasks, a more efficient model might be warranted.”

While the proposal will bring potential positive changes to Terra Classic, the initial hurdles still remain for the community. Furthermore, this system doesn’t account for ongoing maintenance tasks such as bug rectifications, release preparations, and deployment, which have been addressed by L1TF or voluntary contributors.

Also Read: Cathie Wood’s Ark Invest Sells $34M In Coinbase & $6M In GBTC Shares, Buys Robinhood

LUNC price fell more than 6% in the last 24 hours after falling from a high of $0.000275. The 24-hour low and high are $0.000197 and $0.000235, respectively. Furthermore, the trading volume has decreased by 30% in the last 24 hours, indicating a decline in interest among traders.

Meanwhile, USTC price trades at $0.046, down 14% after massive profit booking. The 24-hour low and high are $0.0449 and $0.0542, respectively. Moreover, the trading volume fell 33% in the past 24 hours.

Also Read: Coinbase Announcement Uplifts BTC, ETH, XRP, ADA, DOGE Rally, Here’s Why