In a bid to revive Terra Classic (LUNC) and USTC, a new player has emerged on the scene. Genuine Labs, a group of experienced developers from the Cosmos stacks.
With its proposal now up for community vote, Genuine Labs aims to lend a helping hand and propel these cryptocurrencies closer to the coveted revival.
#LUNC community,
I am registering a new proposal – 11940 – Genuine labs Terra Classic development proposal.
Honestly, we don't have enough information to vote at this time.
Anyway, Luna Classic Labs insists that a proposal must meet the criteria under our voting approach:
YES… pic.twitter.com/EI2dEctUKb
— 🧠 LunaClassicLabs.com (@LunaClassicLabs) December 23, 2023
Read Also: Tax2Gas, A Terra Classic Proposal For LUNC and USTC Full Recovery: Details
Identifying Weaknesses for Improvement
Genuine Labs has meticulously examined the challenges faced by Terra Classic, focusing on areas such as IBC Hooks and Packet Forward Middleware (PFM) functionality.
Their proposal outlines a comprehensive plan to integrate and enhance these features, culminating in robust end-to-end and interchain testing for the crucial fee tax charging mechanism.
This group brings a team of seasoned veterans to the forefront. With a proven track record that includes contributions to projects like Osmosis and Quicksilver, as well as core repositories such as Gravity-Bridge and IBC-Go, these developers possess a wealth of experience. Their expertise in fee abstraction modules further solidifies their credentials.
The numbers speak volumes about the community’s backing. Genuine Labs’ proposal has received an impressive initial approval rating of 97% from community members. Validators have also thrown their support behind the initiative, recognizing the potential it holds for the future of Terra Classic.
We are on twitter, follow us to connect with us :- @TimesTabloid1
— TimesTabloid (@TimesTabloid1) July 15, 2023
Market Responds to the Whispers of Revival
Traders have taken notice as well. LUNC’s price has surged by 3%, accompanied by a significant increase in trading volume, indicating a renewed interest in the cryptocurrency.
Similarly, USTC experienced a 3% uptick, with its trading volume skyrocketing by 120%. The flurry of USTC burn proposals circulating within the community has fueled this surge.
While the initial signs are encouraging, the path to recovery remains challenging. Genuine Labs’ proposal must navigate the remaining 3% of community dissent and secure definitive approval. Implementing their plans will also require overcoming technical and logistical hurdles, serving as a test of their abilities.
Read Also: LUNC News: Major Terra Classic Recovery Proposal Enters Voting Stage
Hope For Terra Classic Revival
Genuine Labs’ intervention injects the needed dose of optimism into the Terra Classic story. With their expertise and the unwavering support of the community, their collaboration has the potential to ignite a sustainable revival for LUNC and USTC.
The coming weeks will be pivotal in determining whether this helping hand from the Cosmos ecosystem can guide Terra Classic toward a brighter future.
Follow us on Twitter, Facebook, Telegram, and Google News
