Terra Luna Classic (LUNC) Core Team Proposal Fails, Here’s Why
Highlights
- Terra Luna Classic community has rejects proposal to establish a core team.
- Validators have opposed the proposal claiming it contradicts pay-per-job rule.
- LUNC and USTC prices jump 8% due to buying by derivatives traders.
Terra Luna Classic community has turned down a key proposal to establish a core team to manage all the developments on the Terra Luna Classic chain. While the proposal is promising, most members and validators think it lacks details and contradicts the pay-per-job (PPJ) rule.
Terra Luna Classic Community Rejects Core Team Proposal
Proposal 12093 “Establish a Terra Classic Team” not getting enough support from the community, failing to reach even the pass threshold. The proposal aimed to set up a community-appointed team comprising key people including developers and contributors, a move likely due to the disbandment of core developer group Joint L1 Task Force (JL1TF) in March.
The proposal has received only 38% votes in favor as 55% voted “No”, along with 1% “No with veto” and 5% “Abstain” votes. The voter turnout is low, but delegators are voting in favor of the proposal as opposed to validators. Terra Classic validators have cast “No” votes. Some community members have opposed claiming centralization risks, conflicts with pay-per-job, and no mention of developer KYC requirements.
Popular developer Fragwuerdig’s LuncGoblins validator said “Any such kind of proposals would need to add a specific statement on whether its overwriting PPJ – otherwise it is not in alignment with PPJ nor does it invalidate PPJ.”
As CoinGape reported earlier, the roles, salary, responsibilities, and no of developers are to be established in a follow-up proposal depending on the governance approval of this LUNC proposal.
Also Read: Crypto Market Showing Recovery Signals, Will It Bounce Back?
Traders Buy LUNC and USTC’s Dip
LUNC price has jumped 8% in the last 24 hours, with the price currently trading at $0.000106. The 24-hour high and low are $0.00009486 and $0.0001091, respectively. However, trading volume is still down 54% in the last 24 hours, indicating low interest among traders.
The price recovery came amid a market-wide recovery supported by derivatives trading. LUNC futures open interest on Binance climbed over 7% in the last 24 hours. Major buying came from Huobi with a 25% jump in LUNC futures OI.
Meanwhile, USTC price also traded higher at 7%, with the price currently trading at $0.0183. The 24-hour low and high are $0.0164 and $0.0186, respectively.
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