Terra Classic (LUNC) Genuine Labs’ Proposal Rejected After Facing Major Roadblock

Genuine Labs developer group’s proposal to enhance the functionality and interoperability of the Terra Luna Classic chain faces roadblocks after notable developers raised concerns over some components slated for in the major core upgrade. LUNC and USTC prices are unfazed by the rejection of the proposal by validators as security upgrades will happen with different versions.

Terra Luna Classic Proposal Rejected by Community

Signaling proposal 12087 “Genuine Labs Terra Classic Upgrade Proposal” was rejected by validators on concerns raised about the stability of Cosmos SDK 0.50. The proposal aimed to boost Terra Luna Classic functionality and interoperability, with a plan outlining strategic upgrades to Cosmos SDK 0.50.1 (Eden), IBC go v8, and Wasmd 0.50.0.

The proposal failed to reach quorum and failed to pass after validators discussed concerns with top developers after Notional Labs’ Jacob Gadikian raised concerns over upgrading Cosmos SDK 0.50. LUNC developers Frgwuerdig and StrathCole have voted No on the proposal.

Top validator Allnodes voted “No” on the proposal citing that Cosmos SDK 0.50 could have negative consequences for the chain as not many Cosmos chains have upgraded to the new version.

As reported earlier by CoinGape, Genuine Labs plans to complete major developments coming weeks, with an estimated budget of $30K. The slated upgrades in the security package are Wasmd, Comet BFT, Cosmos SDK, IBC hooks, and PFM, ibc-go v8, cosmos proto and cometbft-db, and other security updates.

A proposal has been under discussion for core upgrade v2.4.0 and L1 developers have created a new release of the “terrad” client as part of the core upgrade.

Read More: Terra Classic Core Dev JL1TF Founded by Edward Kim Disbands, Here Why

LUNC and USTC Prices Amid Meme Coin Rally

Terra Classic ecosystem tokens LUNC and USTC are moving sideways amid meme coins hype and Bitcoin price surpassing $65K. The prices are moving near psychological level as traders are buying in this bull market. The community eyes LUNC hitting the $0.0002 level soon.

LUNC price trades sideways after 46% jump last week, with the price currently trading at $0.0001798. The 24-hour high and low are $0.0001762 and $0.0001945, respectively. Moreover, trading volume has decreased by 45% in the last 24 hours, indicating a lack of interest among traders.

USTC price fell 2% today after a 5% upside move last week. The price is currently trading at $0.03657, with a 24-hour low and high of $0.03627 and $0.03838, respectively. Trading volume in the last 24 hours has also dropped to 60%.

Also Read: XRP Lawyer Predicts What’s Next In Ripple Vs SEC Lawsuit