Terra Luna Classic at a crucial juncture with significant proposals in play. The fate of LUNC price and platform’s governance hinges on votes.
The Terra Luna Classic community finds itself at a crossroads as it deliberates the fate of its Joint L1 Task Force (L1TF) core developer team. With two critical proposals up for voting on the Station platform, the outcome could significantly reshape the governance structure of Terra Luna Classic and potentially influence the price trajectory of its native token, LUNC.
The current focal point for the Terra Luna Classic community centers on reforming the L1TF core developer team, as per Proposal 11685 “Realignment Of The Current L1 Team With Governance (Revised Final) HCC.” This proposal, viewed as a make-or-break moment by many, aims to garner support for a transparent and effective governance setup within the Terra Luna Classic ecosystem.
Terra Luna Classic’s Voting Trends Lean Towards Favorable Proposal Outcome
Early indications from the voting process show that the proposal has gained favor among Terra Luna Classic members and validators. As it stands, approximately 55% of the votes are in favor of the proposal, with 42% voting “No with veto.” A smaller percentage of voters have opted for “Abstain” and “No.” The L1TF developer team plays a pivotal role in managing upgrades, maintenance, and various aspects of the Terra Luna Classic chain, making the proposal’s outcome crucial for the projects and Dapps utilizing the platform.
Notable validators like HappyCattyCrypto, Classy’s Sphere, and Coinpayu have expressed their support for the proposal, while significant validators including JESUSisLORD, Mr. Diamondhandz1’s LUNCLIVE, and Fragwuerdig’s frag_node have cast their votes against it. While the initial voting tally leans towards the proposal’s approval, key validators’ input remains to be seen, adding an element of suspense to the unfolding situation.
The proposal’s significance is further magnified by closed-door negotiations between L1TF and Hexxagon (Terra Rebels), a new team comprising former Terra Rebels members. This negotiation aimed to create a community-owned Station wallet, Finder, web extension, and other developmental efforts. Should the proposal pass, it could halt funding for both the Terra Classic L1 Development team and Hexxagon, effectively challenging the closed-door deal and prompting a shift towards community governance.
In parallel, Proposal 11700 offers an alternative path by proposing the cessation of funding for developer teams and the appointment of a new “project manager” for L1TF. The proposal also calls for L1TF to create a comprehensive “Vision with Development Roadmap” to enhance transparency and bolster adoption.
As the Terra Luna Classic community navigates this critical juncture, the market response is under scrutiny. The LUNC price, Terra Luna Classic’s native token, is currently trading at $0.000077, reflecting a modest 0.5% increase in the past 24 hours. However, trading volume has witnessed a decrease over the same period. Meanwhile, USTC price, another native token, has declined by 1% to $0.015 in the past 24 hours.
Market analysts are closely monitoring these proposals’ outcomes, speculating that their approval could potentially lead to a price decline unless the community rallies behind an optimistic shift. The fate of Terra Luna Classic’s governance structure and its associated impact on token prices remain pivotal factors shaping the future of the platform.