Terra Luna Classic validators and the community are joining forces to advocate for the development of a community-owned wallet infrastructure, resulting in a surge in LUNC price. The push for decentralization and reduced reliance on centralized entities marks an important milestone for Terra Luna Classic’s ecosystem.
Terra Luna Classic validators are spearheading efforts to establish community-owned wallet infrastructure in a bid to prevent privatization. The Joint L1 Task Force (L1TF), composed of core developers from Terra Luna Classic, has proposed the creation of a wallet that will be managed by the LUNC community through a governance system. Validator Happy Catty Crypto has also submitted a similar proposal to prioritize the development of wallet infrastructure and safeguard against privatization.
The L1TF’s Proposal For Community-Owned Wallet Development
Happy Catty Crypto’s Proposal 11630, titled “L1 Team To Build Wallet Infrastructure,” has garnered considerable support from the community. As of now, the proposal has received almost 72% “Yes” votes and 28% “No” votes. Prominent validators, including Happy Catty Crypto, T.MOM, and Classy’s Sphere, have expressed their favor for the proposal. The voting period will conclude on July 14.
According to the proposal, Professor Edward Kim, a trusted figure in the Terra Luna Classic community, is suggested to oversee the domain and other controls related to the infrastructure. The Joint L1 Task Force has pledged to develop the community-owned wallet without any charges. The compute budget of the Joint L1 Task Force can be utilized to cover expenses like domain registration and hosting.
The Development Plan
Building upon Happy Catty Crypto’s proposal, the developer team aims to create a web version of the Terra Luna Classic community-owned Station, as well as mobile apps for iOS and Android, along with a Chrome browser extension. However, the team’s focus lies on prioritizing the wallet’s development and infrastructure. They also intend to establish a dedicated L2 team responsible for managing all aspects of the wallet.
Reducing Privatization And Relying Less On TFL
Like the L1TF, validators and members of the community are concerned about the overreliance on the Terraform Labs (TFL) and advocate for reducing privatization to enhance the reliability and uptime of Station. Many community members argue that funding for Terra Rebels’ Rebel Station and infrastructure should be discontinued.
LUNC Price Experiences Surge
Over the past 24 hours, the price of LUNC has surged by 4%, currently trading at $0.000083. The 24-hour low and high stand at $0.0000799 and $0.0000853, respectively. However, Terra Luna Classic faced a setback as it dipped below a crucial support level amidst a recent pullback observed in the broader cryptocurrency market.
The Terra Luna Classic community’s efforts to expedite the development of a community-owned wallet infrastructure reflect their commitment to decentralization and reducing dependence on centralized entities. With the proposal gathering substantial support, it remains to be seen how this initiative will shape the future of Terra Luna Classic and its ecosystem.