Terra Classic Endorses Genuine Labs Proposal, Why LUNC Price Soared 20%?
Highlights
- Terra Luna Classic community agrees to pay for developments successfully completed by Genuine Labs
- Validators voted in support of the spending proposal after carefully tracking the developments
- Genuine Labs to receive $16,000 for four weeks work
- LUNC price jumps 20% after descending channel breakout
The Terra Luna Classic community has approved developer Genuine Labs’ spending proposal to pay for the work completed by the developer team in the last few weeks. The proposal received majority support from Terra Classic validators.
Terra Classic Community Approves Genuine Labs Proposal
Terra Luna Classic developer Genuine Labs’ proposal 12019 surpassed the “pass threshold” as the community members and validators voted in favor of the proposal. The voting on the proposal ends on February 6.
Over 84% of the votes cast were in favor of the proposal. As per current voting details, 40 validators have voted “Yes” and 9 voted “Abstain”. Top validators such as Orion, Interstellar Lounge, Jesusislord, Stakely, TerraCVita, and others voted in favor, agreeing with the successful completion of tasks.
The developer group asked for $16,000 in funding in LUNC from the community pool for the tasks completed successfully. Validators have carefully evaluated their four-week work on implementing end-to-end tests, interchain tests, and addressing PacketForwardMiddleware (PFM) and IBC hooks issues.
“Our focus has been on implementing end-to-end (E2E) tests, interchain tests, and addressing issues related to the PacketForwardMiddleware (PFM) and IBC hooks. We have maintained transparency throughout the works by providing biweekly reports on our progress,” said Genuine Labs.
Read More: Terra Classic (LUNC) Price Targets $0.00015 as Trading Volume Surges by 1000%
LUNC and USTC Soar Higher
Terra Classic token LUNC saw massive shorts liquidated due to strong technical chart patterns. The token recorded immense trading volumes after descending channel breakout to the upside.
Both LUNC and 1000LUNC shorts were liquidated, indicating bullish sentiment among investors. However, a retest above the channel is expected by analysts before it starts to rise again.
LUNC price rallied 20% in the last few days, with the price currently trading at $0.0001091. The 24-hour high and low are $0.0001031 and $0.0001153, respectively. The community remains bullish after enormous jump in trading volumes.
Meanwhile, USTC price moving range-bound in a week. The price is currently trading at $0.02556 and trading volume has faded in USTC charts. The 24-hour low and high of $0.0248 and $0.0265, respectively.
Also Read:
- Ripple Vs SEC: Can Ex-SEC Chair Jay Clayton Talk About XRP Lawsuit Now?
- Crypto & Bitcoin’s Big Week: Must-Know Events This Week, Powell’s Rate Cut Caution
- Bitcoin & Solana Saw $716 Million Inflow, BTC Rally Imminent?
- Cyber Hornet Seeks SEC Nod for S&P 500 and XRP ETF
- Cathie Wood’s Ark Invest Eyes Stake in Tether as USDT Issuer Targets $500B Valuation
- Kraken Secures $500M at $15B Valuation, Eyes IPO in 2026
- Bybit Lists Ripple’s RLUSD Following BlackRock and VanEck Integration
- SWIFT Plans Stablecoin and On-Chain Messaging Pilot on Linea, Challenging Ripple
- Solana Price Set for Q4 Surge as Canary Capital ETF Filing Meets Wyckoff Accumulation
- 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?
- Shiba Inu Price Eyes Recovery From Demand Zone With Burn Rate Soaring Nearly 400%
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.
