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The Terra Luna Classic community pool spend proposal submitted by core developer Joint L1 Task Force (L1TF) for chain developments and maintenance in Q3 is officially passed by the community. The LITF developer group primarily plans to enhance and expedite LUNC and USTC supply reduction by utilizing the market module. All Terra ecosystem tokens jump over 3% in the past 24hrs.
Terra Classic Community Passes L1TF Q3 Proposal
Proposal 11599 “Joint L1 Task Force Q3 Proposal” surpassed the ‘pass threshold’ despite community concerns over depleting funds in the Terra Luna Classic community pool. The Joint L1 Task Force (L1TF) will receive $116.7k in total to complete proposed tasks during Q3.
As per current voting details, the proposal received 56% “Yes,” while 29% voted “Abstain.” Also, some were against the proposal, with 9% “No” and 6% “No with veto” votes. Meanwhile, 26 validators such as Coinpayu, JESUSisLORD, Happy Catty Crypto, DFLunc, and StakeBin supported the proposal. Others cited low community pool funds, recent disputes, and other personal reasons for rejecting the proposal.
The community even turned down the proposal to revive the Terra ecosystem by forming the Terra Allies “Six Samurai” team of 6 senior developers due to low funds in the community pool. Other reasons included lack of transparency on developers and their abilities, trust in the existing Joint L1 Task Force developer team, and bad actors in the team. The Six Samurai team has a better roadmap than the Joint L1 Task Force.
Read More: Terra Classic Community Veto Against “Six Samurai” Team Proposal To Revive LUNC
L1TF Revised Q3 Proposal
L1TF proposes to migrate from Columbus-5 to Columbus-6, upgrade Cosmos SDK, test Oracle pool funding rate, test the market module in the USTC test environment, and implement a maximum cap for LUNC supply. There are other developments outlined by the L1TF.
The Joint L1 Task Force will also work with Edward Kim to incorporate the Block Entropy AI app chain into Terra Classic and assist external teams such as ‘quant’ for USTC repeg.
Full-time developer Superman is back to the Joint L1 Task Force team and Till (fragwuerdig) is to remain available for only a limited time this quarter.
Also Read: Terra Luna Classic (LUNC) Under Review By Hong Kong Virtual Asset Consortium
LUNC and USTC Price Responds
LUNC price currently trades at $0.000088, up 3% in the past 24 hours. The 24-hour low and high are $0.000086 and $0.000090, respectively. USTC price is trading at $0.012, up 4% in the past 24 hours. However, trading volumes for both LUNC and USTC fell in the last 24 hours.
Meanwhile, Terra (LUNA) price also jumped 3% in the last 24 hours, with the price currently trading at $0.63. The LITF recently completed a parity upgrade to boost interchain functionalities.
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