Excitement reverberates within the Terra Classic (LUNC) community as the proposal put forth by the USTC repeg team receives official approval. The community’s endorsement of the proposal has sparked optimism regarding potential price increases for both LUNC and USTC.
Terra Classic Community Embraces Key Proposal
The Terra Classic community has made a significant decision by passing Proposal 11730, titled “USTC/Stable Algo Quant Team.” This proposal, previously rejected due to low voting turnout caused by technical wallet issues, was later reintroduced. With the Terra Station wallet functioning reliably once again, validator voting turnout has now reached the necessary threshold.
The proposal garnered a 50% approval rating, surpassing the crucial “pass threshold.” There were also 8% “No” and 7% “No with veto” votes, while the validator with the largest voting power, Allnodes, abstained, accounting for 35% of the votes.
A total of 50 validators participated in the governance voting, with 35 expressing their support. Key validators that favored the proposal include DFLunc, Stakely, 1maxfee, TerraCVita, LUNC DAO, and StakeBin.
Previously, the proposal faced rejection in the governance voting process, but USTC Quant team members attributed this to certain validators altering the outcome. One validator has since committed to funding the USTC repeg team through commissions, aiming to identify and burn “zombie USTC” without additional funding.
Price Decline for LUNC and USTC Tokens
A broader cryptocurrency market selloff ensued following the US Securities and Exchange Commission’s decision to delay the approval of all seven Bitcoin exchange-traded funds (ETFs). As a result, LUNC and USTC prices experienced significant declines.
LUNC’s current trading price stands at $0.00006192, reflecting a 1.5% increase in the last 24 hours and a 22% decline over the past month. The day’s low and high for LUNC are $0.0000612 and $0.0000644, respectively.
Similarly, USTC prices have fallen by 5% in the past 24 hours, with the current trading price at $0.011954. Notably, trading volume has seen a 150% increase over the same period.
The Terra Luna Classic community’s support of the USTC repeg team’s proposal amplifies anticipation within the ecosystem. With price movements for LUNC and USTC tokens influenced by the broader crypto market conditions, investors closely monitor developments.
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