LUNC News: Top Validator Flags Controversial Terra Luna Classic Proposal

In recent developments, a major disagreement has been brewing in the Terra Luna Classic (LUNC) community after a popular validator, MrDiamondhandz, strongly opposed a new governance proposal. 

In an X post, MrDiamondhandz, who runs LuncLiveOrg, called the proposal one of the worst in recent times. He warned that it could have serious consequences for the network if approved.

Terra Classic Proposal for Sub DAOs

The governance proposal under criticism seeks to create a Terra Classic Sub-DAO. This proposal hinges on plans to decentralize decision-making processes within the LUNC ecosystem. 

It also suggests creating a special team to respond to emergencies without waiting for full governance approval. The goal is to make decision-making faster and more efficient.

However, this proposal has spurred mixed reactions among community members. Critics claim it could grant excessive, unchecked power to a select group and undermine the blockchain’s decentralized ethos. 

Similarly, critics fear that bypassing traditional governance mechanisms could lead to decisions misaligned with the broader interests of the LUNC ecosystem.

Notably, the proposal has garnered 39.41% approval, 7.95% opposition, and 25.47% votes marked as “No with veto.” The voter turnout is 28.95%, falling short of the 40% quorum required for passage.

The Terra Luna Classic Proposal Pushback

MrDiamondhandz has emerged as a vocal critic of the proposal. In an X post, he termed it a realistic effort to develop centralized legitimacy under the pretense of decentralization. 

Meanwhile, a LUNC Telegram group screenshot has added to the debate. In the chat, a community member said they might leave the blockchain if the proposal fails. Another user agreed, raising concerns that the issue could split the community.  

Speaking on the above, MrDiamondhandz pointed out that some supporters of the proposal have even threatened to leave if it does not pass. However, he firmly believes their departure would benefit the Terra Luna Classic network.

Unfortunately, this dissension comes as the Terra Luna Classic (LUNC) community recently celebrated a major achievement. Reports show that the total number of LUNC tokens burned in the network has passed 400 billion.

Market Reaction and LUNC Price Outlook

It is worth mentioning that despite market volatility and controversy, LUNC’s price has stayed relatively stable, with no significant fluctuations observed. 

However, Investors closely monitor the situation, as substantial governance changes could influence market sentiment. As of this report, Terra Classic was trading at $0.00006361, increasing by 1.11% in the last 24 hours.

In related news, CoinGape reported that the Terra Luna Classic community is considering reducing the 21-day waiting period for withdrawing staked LUNC.