Altcoin News

Terra Luna Classic Community Approves 256 Million LUNC Community Pool Spend

The proposal from Genuine Labs to disburse 256 million to support months of development works on the chain has been approved

Published by

Varinder Singh

Updated 02 Sep, 2024 | 10:57:49 AM UTC

Terra Luna Classic Community Approves 256 Million LUNC Community Pool Spend

Highlights

Terra Luna Classic community unanimously passed a spend proposal by Genuine Labs developer group.
Genuine Labs has received over 256 million LUNC tokens from community pool.
LUNC and USTC prices fell under support.

Members of the Terra Luna Classic community have passed a proposal by Genuine Labs developer group that will see the disbursement of funds to developers for the work done in the last few months. The proposal represents tasks undertaken including upgrade Terra Classic core to sdk47, prevent p2p storms, and update relevant dependencies.

Terra Luna Classic Disburse 256 Million to Genuine Labs

Genuine Labs has successfully received more than 256 million LUNC worth $30,000. The Terra Luna Classic community passed proposal 12113 “Genuine Labs’s Community Spend Proposal” after checking and considering the latest tasks including upgrade Terra Classic core to sdk47, prevent p2p storms, and update relevant dependencies.

Genuine Labs has successfully provided Security Upgrade Packages in the Terra Classic v3.0.1 upgrade. It also offered improvements including fixing dyncomm decorator and handling p2p storm attacks on the Terra Luna Classic chain.

The proposal received overwhelming support from the community. It recorded 99.93% votes in favor from the community members and validators. All 46 validators including Allnodes, Interstellar Lounge, Interstake One, and others who participated have voted in favor of the community pool spend proposal.

Source: StakeBin

The Terra Luna Classic community currently has 5.23 billion LUNC after the disbursement of 256 million LUNC to Genuine Labs.

Also Read: Terra Luna Classic Set To Implement Tax2Gas and End LUNC Burn Tax?

LUNC Price Awaits Another Push

LUNC price trading 7.89% down in the last 24 hours despite an earlier uptick, with the price at $0.00009926. The 24-hour low and high are $0.00009875 and $0.0001081, respectively. Moreover, trading volume decreased slightly in the last 24 hours.

However, derivatives trading data indicates buying in the last few hours as traders analyze markets before the FOMC meeting.

Meanwhile, USTC price fell more than 1%, with the price changing hands at $0.02128. The 24-hour trading volume saw a 40% rise in the last 24 hours, indicating interest among traders.

Also Read:

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.

Published by

Varinder Singh

Updated 02 Sep, 2024 | 10:57:49 AM

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