LUNC News: Terra Classic Community Vows to KYC; 105 Billion LUNC Burned
Highlights
- Terra Luna Classic community remains committed to the earlier passed KYC proposal
- Validators voted against the proposal and claim the KYC is necessary.
- LUNC and USTC prices rebound from support levels.
LUNC News: The Terra Luna Classic community remains committed to the earlier passed KYC proposal, considering the importance of KYC’ed developers for further development on the chain. The community has turned down claims that KYC requirements for developers have stalled the growth of Terra Luna Classic.
Meanwhile, LUNC and USTC prices gain upside momentum after the futures selloff and largest options expiry. The next target price for LUNC remains $0.0002.
Terra Luna Classic Community Rejects KYC Repeal Proposal
Proposal 12091 “Repeal prop #12033 [KYC prop]” was denied by the Terra Luna Classic community as the proposal even failed to reach the pass threshold. The proposal was submitted to repeal 12033 KYC proposal claiming that the KYC requirement for developers hindered the growth of the chain, especially in the bull market.
The proposal received a mere 18% “Yes” votes. Most community members seem to disagree with the proposal and have voted “No” and “Abstain”, accounting for 39% and 41%, respectively. Validators mostly opposed the proposal, with some such as Allnodes voted Abstain.
The proposal claims LUNC investors have seen the negative effects of KYC outgrow the positives. Also, the LUNC revival and USTC repeg efforts by KYC’d developers may never go ahead. The proposal suggests taking help of experienced developers to push developments on the chain.
LUNC Burn Surpasses 105 Billion
Meanwhile, the total LUNC burned by the community has surpassed 105 billion, with the total burn reaching 110 billion landmark soon, as per data by StakeBin.
Notably, the LUNC burn rate has dropped in the last few weeks as prices continued to move upside. The burn rate has dropped by nearly 50% as the community is steadfast on chain developments.
The community claims LUNC price can hit $1 in this bull run, especially after the successful v2.4.2 upgrade. Moreover, Genuine Labs announced progress on the Terra Classic Security Package upgrade. This will boost security, functionality, and interoperability. The developer team planned to complete all developments in 8 weeks.
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LUNC and USTC Prices Rebound from Support
LUNC price has rebounded 3% from the support in the last few hours. The price currently trades at $0.000153, with a 24-hour high and low of $0.000152 and $0.000156, respectively. Moreover, the trading volume has decreased by 45%, indicating a drop in interest among traders.
CoinGlass data indicate LUNC and 1000LUNC futures open interests rising 2% on Binance and other exchanges in the last few hours. LUNC futures OI rise signals a positive sentiment among investors and high odds of $0.0002.
USTC price fell 2% in the last few hours, with the price currently trading at $0.0282. The 24-hour low and high are $0.02870 and $0.0289, respectively.
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