Terra Classic Community Votes to Repeal KYC Proposal, When LUNC and USTC to Rally?

Highlights

Terra Luna Classic community starts voting on proposal to repeal KYC requirement proposal.
The community members and validators are against the proposal, believing that KYC is much needed addition.
LUNC and USTC prices tumble amid readjustments of position by derivatives traders.

Terra Luna Classic community voting on a key proposal to repeal the earlier passed KYC proposal based on claims that KYC requirements for developers have stalled the growth of Terra Luna Classic. Meanwhile, LUNC and USTC prices have taken a hit amid futures selloff and options expiry.

Terra Luna Classic KYC Proposal Repeal

Proposal 12091 “Repeal prop #12033 [KYC prop]” is under voting on the Station wallet. The proposal is a call by some Terra Luna Classic members to repeal 12033 KYC proposal claiming that the KYC requirement hindering growth, especially in the bull market.

“We as concerned community members call to repeal the KYC prop because it stifles the growth of Terra Luna Classic. This proposal was made in haste and voted in haste, without sufficient foresight about the consequences it will have in the future. This is clearly evidenced by the number of follow-up props trying to patch up the deficiencies of the initial KYC prop,” as per the proposal.

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.

Until now, the proposal has received a mere 39% “Yes” votes. Most community members seem to disagree with the proposal and have voted “No”, which accounts for 60%. Among validators, 4 voted in favor and 15 voted against the proposal. The deadline for voting on the proposal is March 28.

Also Read: Terra Luna Classic Holders Hit Record High of 5.5 Million

LUNC and USTC Prices to Rally?

Terra Luna Classic and USTC’s upside momentum hits a roadblock amid readjustments by derivatives traders, but spot volume remains higher.

LUNC price fell 1% in the last 24 hours, with the price trading at $0.000139 currently. The 24-hour low and high are $0.000137 and $0.000148, respectively. The trading volume has dropped slightly in the past 24 hours.

Total LUNC futures open interest (OI) on other crypto exchanges is up 2%. However, 1000LUNC futures on Binance and Bybit fell more than 7%, causing a drop in prices. The community expects a rebound ahead major v2.4.2 upgrade next week.

USTC price also fell 3% in the last 24 hours. The price currently trades at $0.0268, with a 24-hour low and high of $0.0267 and $0.0284, respectively. Furthermore, trading volume has decreased by 5% in the past 24 hours.

Also Read:

Recommended
Price Analysis

Best Crypto Presales To Invest In September 2025 – Top Upcoming Presale Tokens

Best Crypto AI Trading Bots In 2025

Top Meme Coins To Buy In September 2025

Varinder Singh

Varinder has over 10 years of experience and is known as a seasoned leader for his involvement in the fintech sector. With over 5 years dedicated to blockchain, crypto, and Web3 developments, he has experienced two Bitcoin halving events making him key opinion leader in the space. At CoinGape Media, Varinder leads the editorial decisions, spearheading the news team to cover latest updates, markets trends and developments within the crypto industry. The company was recognized as Best Crypto Media Company 2024 for high impact and quality reporting. Being a Master of Technology degree holder, analytics thinker, technology enthusiast, Varinder has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers.

Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.

Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.