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LUNC News: Here’s Why Terra Luna Classic EVM & Validator Proposals Failed

LUNC News: top Terra Luna Classic validator Allnodes voted "No" on the two proposal causing key proposal to fail.

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Published 18 Jan, 2024 | 01:06:49 PM UTC

LUNC News: Here’s Why Terra Luna Classic EVM & Validator Proposals Failed

The Terra Luna Classic (LUNC) community rejected two key proposals that would have helped boost the utility and security of the Terra Classic chain. A top validator with 15% voting power and other validators voted against the proposal, opposing the objective to introduce Ethereum virtual machine (EVM) support and restore validators count to 130.

Terra Luna Classic Proposals Rejected

Proposal 11978 “Investigate EVM Functionality” is rejected by the Terra Luna Classic community. It was near approval, but the last-hour votes by a number of validators led to its failure. Notably, the proposal was still passing with 44.94% “Yes” and 42.81% “No” votes after Allnodes votes.

Top validator Allnodes voted “No” on the proposal, opposing research on the EVM capabilities on the LUNC chain. Allnodes stated in a memo, “Even with a focus on a compiler only, the near-term cost for research and development, but also potential long-term maintenance cost remains unclear. An assessment of this should be done before considering a positive signal for funding.”

The EVM would have expanded Terra Luna Classic use cases by bringing the programmability and composability of the EVM and sovereignty and interoperability of the Cosmos.

Allnodes also voted “No” on Proposal 11966 “Restore Validator List to 130“. The proposal aims to streamline the process and prioritize restoring 130 validators on Terra Classic chain. “Our objective is to ensure the continued decentralization and robustness of the network while minimizing the burden on developers.”

The proposal has 30% “Yes” and 49% “No” votes. Validators such as JESUSisLORD, HappyCattyCrypto, and TerraCVita support the proposal, while Allnodes, Interstake One, Luna Station 88, and PFC, and Lunanauts.

LUNC and USTC Pump

LUNC price jumps 1% in the last 24 hours, with the price currently trading at $0.000126. The 24-hour high and low are $0.000120 and $0.000128, respectively. Moreover, trading volume has increased by 85% in the last 24 hours, indicating a rise in interest among traders.

Meanwhile, USTC price is currently trading at $0.0307, up over 8% in the last 24 hours. The 24-hour high and low are $0.0286 and $0.0327, respectively. The trading volume has jumped by 300%.

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Varinder Singh

Published 18 Jan, 2024 | 01:06:49 PM

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