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.
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