Terra Classic Community Votes on Two Major KYC Proposals, LUNC price to $0.0002?

Highlights

Terra Classic Proposal 12058 aims to add Certik as a recognized KYC provider for all L1 developers
Proposal 12059 to allow developers continue work voluntarily on small code or bug fixes
LUNC price fall 4% after profit booking on recent gains

As the narrative of the Terra Luna Classic burn fades, the community continues to push for the revival of LUNC and the USTC repeg to $1 while also looking for various blockchain technologies to improve blockchain utility, interoperability, and security.

Terra Classic Community Votes on Sub KYC Proposals

Follow-up proposals for KYC proposal 12033 are now up for voting on the Station wallet. Text proposals 12058 and 12059 set further requirements and provide clarification on KYC providers and contributions to the chain without KYC.

Proposal 12058: It aims to add Certik as a recognized KYC provider for all L1 developers seeking community spending for major works on the Terra Classic chain. Certik will be added as a recognized KYC provider as per the framework outlined in Proposal 12033.

If a developer has not previously completed the KYC, the cost will be added to their spending proposal by the proposer. The details will be undisclosed, and will only be released in case there are legal disputes.

During the initial voting, the proposal received over 65% votes in favor, with 34% No with veto votes along with some “No” and “Abstain” votes. Interstellar Lounge has voted “No with veto” amid recent contradictory beliefs related to KYC. 13 validators including JesusIsLord, StakeBin, and LUNC Development Fund voted in favor of the proposal.

Proposal 12059: a paradigm shift for developers tackling small code or bug fixes

Proposal 12059: The proposal addresses concerns for developers who work on small code or bug fixes. Also, validators who voluntarily contributed to Terra Classic developments.

“Individuals/teams to be granted permission to contribute code through a party that has completed KYC with one of the approved providers, on the condition that after the KYC party has reviewed and upon merging the code, the KYC party accepts liability for the code to be transferred to them,” said SolidVote Lunc Validator.

Some community members shared ideas of contributions to cover the full cost of KYC for volunteer developers. This can be done with concrete communications on X, as per the proposal.

It received 33% votes in favor during the initial voting, with 33% “No”, 33% “No with veto” and 1% “Abstain” votes. 11 validators including StakeBin, LUNC Development Fund, and Lunanauts voted in favor. JesusIsLord and Interstellar Lounge are against the proposal.

LUNC and USTC Prices Pullback

LUNC price pares all last week’s gains amid profit booking in the last 24 hours, with the price currently trading at $0.0001134. The 24-hour low and high are $0.0001116 and $0.0001188, respectively. Furthermore, trading volume has decreased by 47% in the past 24 hours, signaling low interest from traders.

However, the LUNC price will recover as it’s moving in an ascending channel. The latest analysis predicts that Terra Classic is in consolidation, undergoing a squeeze before the ultimate break out to $0.0002.

Meanwhile, USTC prices rose 2.2%, with the price trading at $0.0265 . The 24-hour low and high are $0.0252 and $0.0268, respectively. Trading volume is also up by nearly 88%.

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