Terra Luna Classic USTC Repeg Team’s Proposal Officially Passed, LUNC & USTC To $1?
LUNC News: The community pool spend proposal to provide funds to the USTC Quant team for the month of August is officially passed by the Terra Luna Classic community. The proposal was resubmitted by the USTC repeg team after it initially failed to receive minimum votes amid the Terra Station wallet issues.
Terra Luna Classic Community Passes Key Proposal
Proposal 11730 “USTC / Stable Algo Quant Team” has officially passed as the Terra Luna Classic community has approved the proposal. The proposal has received proper validator voting turnout this time as the Station wallet is live and working after being down for many days.
The proposal gets 50% “Yes” votes, making it surpass the “pass threshold.” Also, the proposal has received 8% “No” and 7% “No with veto” votes. The validator with the largest voting power Allnodes voted “Abstain”, making it 35% votes.
In total, 50 validators participated in the governance voting, with 35 validators favoring the proposal. These include DFLunc, Stakely, 1maxfee, TerraCVita, LUNC DAO, and StakeBin.
The proposal was earlier rejected by the community through governance voting. However, USTC Quant team members blamed some validators for changing the outcome of the proposal. A validator announced funding the USTC repeg team for their work through commissions.
The USTC repeg team plans to identify sources of “zombie USTC” for burn without any additional funding.
Read More: Terra Luna Classic (LUNC) Proposes A Decentralized Debit Card
LUNC and USTC Prices Fell Again
A selloff in the broader crypto market was witnessed after the U.S. SEC delayed its decision on all 7 Bitcoin ETFs. LUNC and USTC prices also dropped significantly.
LUNC price is currently trading at $0.000061, down 3% in the last 24 hours and 22% in a month. The 24-hour low and high are $0.0000612 and $0.0000644, respectively.
Meanwhile, USTC price also tumbled 5% in the past 24 hours, with the price currently trading at $0.011. However, the trading volume has increased by 150% in the past 24 hours.
Also Read:
- Ripple Unlocks One Billion XRP, Why Is It Significant?
- New Lawyer Enters Coinbase Vs US SEC Lawsuit
- XRP’s Legal Status Is Extensively Documented Over The Years, Says Deaton
- Breaking: Trump Pardons Binance’s Changpeng “CZ” Zhao, BNB Spikes
- Peter Schiff Challenges Binance Founder CZ to Debate as Bitcoin Vs. Gold Rivalry Heats Up
- Robinhood Lists HYPE As Hyperliquid Flips CZ Backed Aster In Perp DEX Volume
- Expert Warns More Crypto Bloodbath Ahead of CPI Data Tomorrow
- US President Promises Deal With China on Everything As ‘Trump Insider’ Begins To Close Bitcoin Shorts- Is A BTC Recovery Ahead?
- Dogecoin Price Crash Looms as Flag, Death Cross, Falling DOGE ETF Inflows Coincide
- Solana Price Eyes $250 as Osprey’s S-1 Filing and Hong Kong’s ETF Launch Fuel Reversal Hopes
- Ethereum Price Poised for Breakout as Wyckoff Re-Accumulation Meets BlackRock’s $110M Purchase
- BNB Price Prediction as Analysts Eye $1500 Ahead of Fresh Coinbase and Robinhood Listings
- XRP Price Classical Pattern Points to a Rebound as XRPR ETF Hits $100M Milestone
- Chainlink Price Eyes $27 Rebound as Whales Accumulate 54M LINK
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.
