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Highlights
- The Terra Luna Classic community voted with 99.98% approval to support the Genuine Labs Community Spend Proposal on June 3, 2024.
- The approved proposal will allocate over 256 million LUNC to fund development projects that enhance the ecosystem's innovation and sustainability.
- Following the voting outcomes, the price of Terra Luna's native token, LUNA, increased by 1.68%.
The Terra Luna Classic community overwhelmingly supporting the Genuine Labs community spend proposal. The proposal sees a 99.98% approval rate, with virtually no opposition. The voting represents work done by the developer to complete security upgrades and other updates for the chain’s components.
High Voter Turnout Boosts Terra Luna Projects
The Terra Luna Classic community is near approval of the proposal to give 256,410,256 LUNC to Genuine Labs for their pivotal work on Terra Luna Classic.
The voter turnout was notably high, with 84.2 billion votes cast, representing a substantial portion of the total voting power. This robust participation underscores the community’s strong interest and confidence in Genuine Labs’ strategic direction for the platform.
Moreover, this near-unanimous decision reflects a collective optimism toward enhancing the network’s capabilities. The community’s backing is a nod to potential growth and a commitment to the platform’s long-term viability. Such support is crucial as it empowers developers to undertake projects that can introduce new functionalities and improve the overall ecosystem.
Also Read: Terra Luna Classic Core Developer Submits Major Proposal, LUNC to $1?
Community Demands Strong Plans, Rejects Tax Proposal
Contrastingly, the Terra Luna Classic community recently rejected Proposal 12105, which aimed to increase the LUNC burn tax. The proposal was criticized for needing a concrete plan and rationality in its implementation. Critics deemed it a “lazy effort” because it was merely a text proposal without the means to effect immediate change. As a result, it only garnered 21.35% approval, with 32% outright opposition and 38% voting “No with a veto,” indicating a strong desire to prevent its passage.
This rejection highlights the community’s demand for well-thought-out strategies rather than quick fixes. The community’s discerning approach to governance is evident as they seek proposals that offer clear, actionable solutions rather than temporary measures.
As of writing, LUNC’s price has increased by 0.60% in the last 24 hours to $0.0001202. Moreover, the 24-hour trading volume has increased slightly, suggesting a potential continuation of the current upside trend. This shift in market dynamics indicates that the community’s decision has positively impacted the token’s price.
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