Just-In: Terra Classic Development Proposal By Genuine Labs Officially Passed
The Terra Luna Classic community has approved a major proposal by Genuine Labs, a group of developers experienced in Cosmos stacks, to work with L1TF and other developers on Terra Classic chain development. The developer team discovered a number of issues with Terra Luna Classic and offered a helping hand to address these issues.
Genuine Labs Proposal Passed By Terra Luna Classic Community
Proposal 11940 “Genuine labs Terra Classic Development Proposal” is passed successfully in governance voting on the Terra Luna Classic community-backed Station wallet. The team proposes to work in collaboration with the L1 teams on Terra Luna Classic.
The proposal has received 84.98% ‘Yes’ votes showing the community approves the developer team to work on Terra Classic development. However, the proposal has also received 3.23% “No” and 0.43%% “No with veto” votes, as well as 11.37% “Abstain” votes. Most top validators including Allnodes voted in favor of the proposal.
The developer group plans to initially focus on integrating and improving the IBC Hooks and Packet Forward Middleware (PFM) features, as well as enhancing the end-to-end testing and interchain testing for the fee tax charging mechanism. Former L1TF member Fragwuerdig noted that IBC-hooks and PFM have already been implemented on the following branch and Genuine Labs may need to repost the job proposal.
It consists of senior developer Nguyen, senior developer Minh, and junior developer Dong. They contributed to Osmosis, Quicksilver, Stride, and Composable; worked on core repositories like Gravity-Bridge, IBC-Go, Cosmos-SDK; and developed fee abstraction module among other assignments.
The team looks to bring valuable improvements to Terra Luna Classic ecosystem and seeks $16,000 for a timeline of 6 weeks.
Read More: Terra Classic (LUNC) & USTC Outperform Terra (LUNA) This Year, Should You Switch?
LUNC price fell 3% in the past 24 hours, with the price currently trading at $0.000140. The 24-hour low and high are $0.000138 and $0.000146, respectively. Moreover, trading volume has decreased by 20% in the last 24 hours, indicating a lack of interest among traders.
Meanwhile, USTC price trades at $0.0323, down 1% in the last 24 hours. The trading volume has decreased by 20% amid despite a number of USTC burn proposals.
Also Read:
- Grayscale Bitcoin ETF: CEO Michael Sonnenshein Weighs On Leading Spot Bitcoin ETF Race
- Ark Invest Sells Coinbase (COIN) Shares Ahead Spot Bitcoin ETF, Cathie Wood Bearish?
- Bitcoin Whales Reshuffle 14.5K BTC As Price Slips Below $42K, What’s Next In 2024?
- LBank Signs Sponsorship Deal with Argentine National Team, Launches $100M Bonus
- ASTER Leads Perp DEX Volumes Despite $4.8M Wintermute Transfers
- USDH Launch Boosts Hyperliquid Amid Competitive Market Pressure
- SEC to Decide on Six Spot XRP ETF Applications in October
- Ripple Partners with Ondo Finance to Tokenize U.S. Treasuries on XRPL
- Pepe Coin Price Bounce Likely as Support Zone Aligns With Rising Social Activity
- Solana Price Set for Recovery Amid Wyckoff Accumulation and Canary Capital ETF Filing
- Avalanche Price Could Surge to $50 as Transactions Jump 200%
- CHMPZ Price Prediction:Will This Net-Zero Community Token be the Next Gem?
- Ethereum (ETH) Price Set for a rebound as Whales Accumulate $1.6B ETH and Outflows Hit $622M
- HYPE Price Prediction As Bitwise Files For Hyperliquid ETF – Is $55 In Sight?
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal 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.
