Although 45% of the community voted “Yes,” 43% voted “No with veto” and 11% voted “No,” resulting in the rejection of the spending proposal. Notably, some validators such as Lunanauts, PFC, StakeBin, and Coinpayu voted in favor of the proposal, while others like SolidVote, Vegas Node, and JESUSisLORD rejected it.

Read Also: State-of-the-art Machine Learning System Sets Terra Classic (LUNC) Price For August 31, 2023

The Quant Team is seeking 285 million LUNC (approximately $20,000) in funding for August to enhance a tool for the USTC Incremental Repeg Buybacks & Staking Swaps algorithm.

Additionally, they intend to identify sources of “zombie USTC” to burn without requiring additional funding. Currently, the team is preparing for the 800 million USTC related to the Ozone protocol, which the Terra Classic community has agreed to incarcerate.

Although the LUNC price has been falling and failed to stay above the $0.00009 level, the recent decline has led to an increase in the LUNC burn rate.

StakeBin data shows a significant rise in the Terra Classic burn rate from August 15. Presently, LUNC is trading at $0.00006658, experiencing about a 5% increase over the past 24 hours.

On the other hand, the USTC price has also recovered by 3% in the last 24 hours, currently trading at $0.012. However, the trading volume for USTC has decreased during this period.

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Read Also: LUNC to $1 Target on Course as Binance Discusses USTC Repeg Initiative with Terra Classic Team

Concerns over Spending Proposal Rejection

The rejection of the spending proposal by the Terra Classic community has raised concerns among stakeholders. While there were validators and community members supporting the proposal, the majority felt that it did not meet their expectations or requirements.

This decision may have implications for the development and progress of the USTC Quant Team’s initiatives, as well as the overall trajectory of the Terra Classic ecosystem. It remains to be seen how this rejection will impact future funding proposals and the community’s willingness to support them.

Some community members argue that rejecting the proposal may hinder the advancement of the USTC Incremental Repeg Buybacks & Staking Swaps algorithm, which is aimed at improving stability and efficiency within the ecosystem.

On the other hand, those who opposed the proposal may have had valid concerns about the allocation of funds, the necessity of additional funding, or alternative approaches to achieving the desired objectives.

Read Also: Terra Classic (LUNC) Governance and Decentralization Proposal Successfully Approved

The result of this vote highlights the decentralized and community-driven nature of Terra Classic (LUNC), where decisions are made collectively based on the opinions and perspectives of various stakeholders.

With the recent increase in the LUNC burn rate due to the falling prices, it remains to be seen whether this will have a positive impact on the sentiment within the community. The rise in burn rate may indicate increased token scarcity, which could potentially lead to higher demand and value in the long run.

However, it is important to monitor the market closely and assess the impact of price volatility on the overall ecosystem and the stakeholders involved, including investors, validators, and users alike.

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Proponents of this idea argue that Terra Classic (LUNC) is too decentralized to survive on its own. They point to the fact that the network has no clear leadership structure, which has made it difficult to make decisions and implement changes. They also argue that the lack of a CEO has made it difficult to attract new users and developers to the network.

Read Also: Exploring Four Factors With Potential To Drive Terra Classic (LUNC) to $0.1 and Beyond

Opponents of this idea argue that creating a CEO position would go against the original ethos of LUNC, which is to be a decentralized network. They also argue that a CEO would have too much power and could potentially abuse that power.

Classy Crypto Weighs In

Recall that the Terra Classic community once pondered on choosing Changpeng Zhao (CZ), the CEO of Binance Exchange, to take charge of the affairs of the crypto project.

In a recent video, prominent crypto proponent Classy weighed in on the idea of making CZ the leader. debate, He argued that fully decentralized blockchains do not succeed. He mentioned that successful networks such as Bitcoin (BTC), Ethereum (ETH), and Cardano (ADA) all have their fair share of centralization. According to him, the presence of a governing body makes the protocols succeed until the present day.

Classy Crypto also noted that while the crypto space may attain a better decentralized system in the future, the current lack of a central authority in LUNC is crumbling the ecosystem’s growth.

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Read Also: LUNC and USTC to $1? Terra Classic Community Officially Passes Proposal to Burn 800M USTC

Terra Classic (LUNC) Layer One Task Force

In light of the debate, the Terra Classic layer one task force has proposed that they take charge of the ecosystem. The task force is composed of experienced developers and community members who are committed to reviving the LUNC network.

The task force has outlined a plan to rebuild the LUNC network from the ground up. They plan to focus on improving the network’s scalability, security, and usability. They also plan to attract new users and developers to the network.

It remains to be seen whether the Terra Classic layer one task force will be successful in reviving the network.

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While it appears highly unlikely for Terea Classic (LUNC) to pull something unusual that would see the token price ascend to unprecedented levels, we at TimesTabloid have decided to look into some factors that could be crucial for LUNC’s price ascent to prices like $0.1.

Read Also: LUNC and USTC to $1? Terra Classic Community Officially Passes Proposal to Burn 800M USTC

Attractive Terra Classic Ecosystem For Capital Influx

Designing an attractive ecosystem would go a long way in propelling LUNC’s growth and adoption. This would encourage viable firms to develop significant projects on the Terra Classic network, especially decentralized apps (DApps). 

Apart from pushing its growth for greater adoption, an inviting ecosystem would also attract more users and investors to purchase and hodl LUNC rather than being in a hurry to sell out. This would help boost the token’s utility for a brighter future in terms of price.

Meanwhile, attracting potential investors implies that the Terra Classic platform would gain capital influx in the form of investment funds, which is a positive fundamental for LUNC’s price growth.

Outcome of SEC and Terraform Labs Lawsuit

Just like the outcome of the legal dispute between the United States Securities and Exchange Commission (SEC) and Ripple, resulting in the 90% spike in XRP price, Terra Classic might replicate a similar pattern if the court verdict favors Terraform Labs and Do Kwon.

Time Factor Coupled With Massive LUNC Burn

The time factor has been identified to be a significant part of any project. Most formidable crypto projects today are all testimonies of substantial growth time. Terra Classic is just two years into recovering from the historic collapse, which implies that the token still needs a significant timeframe to attain any reasonable height.

Moreover, the consistent burning of LUNC tokens is also a notable factor to send its price beyond $0.1. This is the recommended recovery initiative for the wrecked project, as a reduction in the gargantuan Terra Classic supply will help bring the scarcity that would result in a massive boost in price. However, this also depends on the time factor as the supply can’t be burned down at once.

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Read Also: Professor Edward Kim Transfers CommonWealth Admin Role to Terra Classic (LUNC) L1 Team. Here’s why

Broader Crypto Market Outlook  

A positive crypto market sentiment would undoubtedly favor the growth of any crypto project that seeks expansion.

While we hope that the Terra Classic development team is working actively to guarantee LUNC’s growth, we also hope that the crypto market outlook is favorable enough to accommodate the token’s growth.

Terra Classic (LUNC) Market Printings Today 

Per CoinGecko, LUNC’s price at press time is $0.00007790, reflecting a 0.7% increase with a market cap valued at about $452,810,972 that saw it rank 92 on the cryptocurrencies ranking. LUNC boasts a 24-hour trading volume of $16,385,995 and a massive circulating supply of 5,815,590,354,774 tokens from a total supply of 6,839,018,440,411 coins.

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TVL Plummet: A Gloomy Outlook for Terra Classic

According to data from decentralized finance (DeFi) analytics platform Defi Llama, Terra Classic’s TVL has dwindled to a mere $2.09 million in staking value, representing a record low.

This sharp decline in TVL marks a significant setback for the underlying blockchain, which experienced a staggering TVL of $20.49 billion back in May 2022. The collapse of LUNA and TerraUSD (UST), coupled with mass withdrawals, caused a drastic reduction in TVL. Notably, Terra Classic’s staking value has plummeted by 63.87% in 2023 alone.

Read Also: LUNC and USTC to $1? Terra Classic Community Officially Passes Proposal to Burn 800M USTC

Falling Behind Prominent Crypto Assets

Terra Classic (LUNC) current TVL pales in comparison to that of other prominent cryptocurrencies. Solana (SOL), for instance, boasts over $300 million in staking value, which is more than 150 times higher than Terra Classic’s meager TVL. Likewise, Cardano (ADA) currently records a TVL of $179.12 million, nearly 85 times larger than that of Terra Classic.

At the time of writing, Terra Classic is trading at $0.0000781. While it has experienced a modest 1% gain in the past 24 hours, the cryptocurrency faces a decline of 2.32% over the previous seven days, according to CoinMarketCap. These figures highlight the challenges that LUNC has been grappling with in recent times.

Efforts to Revive Terra Classic Falling Short

In July, Terra Classic’s core developer group, the Joint L1 Task Force (L1TF), shared plans to reduce the circulating supply of LUNC and stablecoin TerraClassicUSD (USTC) through the burning of LUNC by validators.

Read Also: Professor Edward Kim Transfers CommonWealth Admin Role to Terra Classic (LUNC) L1 Team. Here’s why

Meanwhile, Binance, the world’s largest crypto exchange, announced its support for the Terra network upgrade. However, despite these developments and the proposal for revival put forth by the anonymous “Six Samurai” group of blockchain developers, Terra Classic’s staking values have continued to collapse unabated.

The declining TVL of LUNC raises concerns about the cryptocurrency’s long-term viability, necessitating a reassessment of its current trajectory. It remains to be seen whether the ongoing efforts to revive the ecosystem will be able to turn the tide in Terra Classic’s favor.

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According to a recent report, the proposals that are meant to return and burn 800 million USTC have been officially passed by the community. The approval of these proposals implies that the community has favored sending the whopping tokens to the dead wallet over returning them to the community pool.

Read Also: Binance CEO’s Disclosure of LUNC Holdings Revives Hope of Terra Classic Recovery and USTC Repeg

Howbeit, another proposal that aims to split the 800 million USTC into two is in the works. It aims to burn 80% and send the rest to the community pool. So, the Terra Classic community members need to wait patiently for a few days.

About the Two Proposals

Proposal 11658 named “Return of Community funds not used”, which was introduced by Vegas, a former member of the Terra Rebels developer group, was passed with 70.27% “Yes” votes.

The proposal is meant to return 800 million USTC on-chain funds to the Terra Classic community pool due to the failure of Ozone Protocol to stick to the proposed development plan.

The second proposal (11660), which has also been passed with 82.55% “Yes” votes, was introduced to counter the recommendation Proposal 11658. It aims to destroy all of the 800 million USTC tokens.

So, counter Proposal 11660 is expected to be considered due to the larger percentage of Yes votes.

Read Also: 1.6 Million USTC Going to Terra Classic Grants Program As Proposal Passes with Massive Support

As aforementioned, the community needs to wait for another proposal that suggests the split of the 800 million tokens. While 80% is destroyed, 20% will be moved to the community pool for developers, says the proposal.

It is worth noting that the proposal is still live for voting. It has managed to attract only 46% yes, indicating the possibility of rejection.

The designated team has already started preparing to return the funds as the community decided.

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The proposal has been met with mixed reactions from community members. Some have expressed support for the proposal, arguing that burning a large chunk of USTC would help to restore the stablecoin’s value. Others have argued that all 800 million USTC tokens should be burned, as sending any to the community pool would only serve to dilute the supply.

Read Also: Binance CEO’s Disclosure of LUNC Holdings Revives Hope of Terra Classic Recovery and USTC Repeg

The proposal is currently being voted on by the Terra Classic community. If it passes, it would be a significant step towards reviving the USTC stablecoin. It implies that 80% of the 800 million USTC (640 million USTC), will be destroyed. While the remaining 20% (160 million USTC), is expected to be sent to the Terra Classic community pool.

$LUNC community, an important proposal has come to light!

80% of the 800 million $USTC burned and 20% of the 800 million $USTC to the community pool (prop 11671)

This is the best middle ground that benefits both the community and the developers.

I'm voting yes! pic.twitter.com/njCWmTh3xm

— Levi (@LeviRietveld) August 3, 2023

USTC Quant Team Makes Progress on Repegging

In other news, the USTC Quant Team has made significant progress on the repegging of the stablecoin. The team has initiated a direct line of communication with Binance and is working on a number of other initiatives to restore the value of USTC.

The repegging of USTC is a top priority for the Terra Classic community. If the stablecoin is able to regain its peg to the US dollar, it would be a major boost for the Terra ecosystem.

Read Also: LUNC to $1 Target on Course as Binance Discusses USTC Repeg Initiative with Terra Classic Team

The Future of TerraClassUSD (USTC)

The future of USTC is uncertain, but the recent proposal to burn 640 million tokens is a positive sign. If the proposal passes, it would be a significant step towards restoring the stablecoin’s value.

As aforementioned, the repegging of USTC is also a top priority for the Terra Classic community, and the USTC Quant Team is making progress on this front.

Only time will tell whether USTC will be able to regain its peg to the US dollar. However, the recent developments are good indications that there is hope for recovery.

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Edward’s decision to forfeit his role was community-driven as the Terra Classic community continues seeking means to incorporate a decentralized style of governing the Terra Classic project.

Read Also: Sneak Peek into Edward Kim’s AI Chain Built on Terra Classic. How Does LUNC Benefit? Details

“Prof Edward Kim has transferred the admin role of Terra Classic Commonwealth to L1 Terra Classic Task Force,”  Vinh Nguyen, the project manager at the L1 Joint Task Force (L1JTF) tweeted, while also acknowledging the HappyCattyCrypto’s (HCC) role in the whole saga that resulted in the change.

Prof @edk208 has transferred the admin role of Terra Classic commonwealth to L1 Terra Classic Task Force.

The proposal has been fulfilled: https://t.co/zmcPynvxJs.

Acknowledgements to @HappyCatKripto for his contributions to the promotion of decentralization in governance. pic.twitter.com/yYjdsfGEuH

— The Vinh Nguyen (@TheVinhNguyen4) August 2, 2023

HCC’s Role That Resulted In Edward Vacating His Administrator Role 

Moves to relieve Edward of his position began after HCC reported that Edward Kim, Rexx, and Bilbo Baggins implemented a significant change without the approval of the LUNC community.

Meanwhile, the three officials implicated in HCC’s report were in charge of the transition from the Terra Classic discussion forum to the Commonwealth. 

Having reported the three officials, HCC submitted a proposal to relieve them of their admin roles while recommending the L1JTF project manager as a potential replacement. 

The proposal was successful and passed on July 31st, with more than 94% “Yes” votes. Kim respected the community members’ decision by stepping down for Nguyen. However, Baggins and Rexx remain adamant about dropping their positions anytime soon.

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Read Also: Edward Kim Reveals TGF’s Plan To Source External Funding For Terra Classic (LUNC)

What Is the LUNC Community Saying? 

As expected, the latest development spurred mixed reactions and comments among the Terra Classic community members. 

Some LUNC enthusiasts who seem to support the new development claimed that it was a step in the right direction for decentralization. While some members think otherwise, especially concerning the circumstances surrounding the removal of administrators.

At the same time, some LUNC users, highlighting the singular fact that two out of the three implicated officials are still holding to their respective positions, remarked that the proposal might turn out to be void. 

Baggins, the co-creator of the CommonWealth Discussion and one of the implicated officials claimed that Nguyen’s takeover was never free from tricks and hostility. 

Baggins stated, “If you want to have a CW for Terra Classic, by all means, please go ahead and make your own and see if the community engages with it. Do not try to use governance in an attempt to steal the one that I have made for the community.”

In addition, Baggins noted that the new L1JTF project manager should have consulted the affected officials before making any move. “Some advice for you as the new “L1 Lead” – don’t try to mount a hostile takeover of something that someone else has put effort into for the community,” Baggins added.

Read Also: LUNC to $1: Edward Kim Ramps Effort to Launch AI Project Supporting LUNC Burning

In an unsuspected twist of events, Baggins emphatically stated that Nguyen’s admin role transfer has been reversed since Kim never consulted him or Rexx before transferring his position to the L1JTF project manager. “I have removed your adminship accordingly,”  Baggins stated.

Impacts Of Disputes Like This On Terra Classic (LUNC) Growth 

While disputes like this remain inevitable, efforts towards preventing them are crucial, as they are notorious for impeding growth, especially now that the Terra Classic (LUNC) project is on the verge of revitalization.

It is worth noting that privacy concerns surfaced in the past, resulting in a heated argument that saw two key developers, LuncBurnArmy and Fragwyerdig, relinquishing their roles in the development team.

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As LUNC’s price continues to plummet, experts appear to be turning to machine-learning algorithms to obtain a comprehensive valuation and market projection for the coin by the end of August 2023.

Read Also: Terra Classic (LUNC) Governance and Decentralization Proposal Successfully Approved

Terra Classic (LUNC) August 31st Price Prediction

Per an advanced machine learning algorithm employed for crypto price analysis on PricePredictions, a renowned crypto price prediction platform for both long and short-term digital assets price valuation, the Terra Classic (LUNC) price might not be witnessing any significant boost in value anytime soon. 

The latest data obtained from the data analytics model as of August 2nd revealed that Luna Classic will not trade above the $0.000076 price level, implying that the token could drop by 4.93% from its current price at press time.

Notably,  some factors were crucial in the machine-learning algorithm analysis. These factors include Average True Range (ATR), Relative Strength Index (RSI), and Moving average convergence divergence (MACD), among others.

Read Also: LUNC and USTC to $1? Terra Classic Considers Burning 800 Million USTC Tokens: Details

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— TimesTabloid (@TimesTabloid1) July 15, 2023

Latest Terra Classic (LUNC) Market Trends And Performances 

At press time, LUNC’s evaluation was pegged at $0.00007994, reflecting a spike of 0.1% in the past 24 hours. Throughout last week, LUNC’s maximum and minimum selling costs were $0.00008250 and $0.00007885, respectively, indicating that the token might be experiencing a seemingly strong resistance at the $0.00008530 price mark. 

On the other hand, Terra Classic’s strongest support zone got hinged at the $0.00007636 price level. Its bearish sentiment continues to prevail at 87% against that of the bulls at 13%.

Meanwhile, the technical analysis gauges on the finance and crypto market analytics platform TradingView appear bearish, indicating a “sell” at 15 as derived from Moving Averages (MA), a “Strong Sell” at 14, and oscillators in the “neutral” at 8. It is left to see if Terra Classic (LUNC) can succeed in turning the tide around before August ends.

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Binance’s latest burn effort brought the total number of LUNC tokens burned on the platform to about 37 billion. While the LUNC tokens already incinerated by the community now stand at relatively 71.5 billion LUNC.

Binance Burned 1.41 Billion LUNC

While Terra Classic is renowned for constantly pushing to burn down its massive circulating pool, it still has a long way to go to attain desirable results that would positively affect LUNC’s market value through burn mechanisms.

According to Binance’s burn transactions dated August 1st, the world’s largest crypto exchange forfeited about 7.06 million LUNC in transaction charges to send 1.41 billion Terra Luna Classic (LUNC) to the burn address.

Terra Classic (LUNC) Burn History

Meanwhile, due to Professor Edward Kim’s AI app chain Block Entropy, the USTC repeg plan, and the proposed parity upgrade in July, the LUNC burn rate increased significantly to about 2.65 billion burned LUNC tokens.

Notably, LUNC’s 11th batch burn mechanism lasted from June 30th to July 30th, 2023. With the latest burn, which would go down as the 12th batch, Binance has succeeded in burning about 37 billion LUNC in total from trading fees on spot and margin trading pairs.

On the other hand, the Terra Classic community has exceeded the 70 billion burned LUNC tokens landmark, with 71.5 billion LUNC tokens burned in total. Also, an 800 million USTC from the Ozone protocol has been mapped out to burn LUNC tokens.

Terra Ecosystem Tokens Fall Below Significant Support Levels

Prices of Terra ecosystem tokens, LUNA, LUNC, and USTC have all fallen below substantial support levels following Judge Rakoff’s unyielding stance that denied Terraform Labs and Do Kwon’s motion to dismiss the U.S. SEC lawsuit based on Judge Torres’ ruling as precedent. 

In light of the above, LUNC dropped by 2%, LUNA by 5%, and USTC plunged most significantly by 7%. On a lighter note, LUNC’s price today is $0.00008053, with a high chance of recovering well above the $0.00009 resistance level, following the triangle pattern formation.

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The proposal, submitted by Terra Classic validator Happy Catty Crypto, has garnered widespread support and signifies an important step towards a more inclusive and transparent decision-making process.

Read Also: OPNX Announces Airdrop for Terra (LUNA) and Terra Classic (LUNC) Holders, FatMan Reacts

Terra Classic Community Approves Proposal

The Terra Classic community has overwhelmingly voted in favor of Proposal 11653, titled “Enhancing Governance and Decentralization in the Transition to Commonwealth.” This proposal, which received an impressive 94% of votes in favor, aims to address concerns related to the recent transition from Agora to Commonwealth.

The transition had taken place without community voting and transparency, leading to certain individuals assuming administrative roles without proper community involvement.

A key aspect of the approved proposal is the appointment of Vinh Nguyen, Joint L1 Task Force developer, as the new admin until a subsequent proposal is passed to determine future administrators. The goal is to reduce unfair control and uphold the principles of decentralization.

Additionally, the proposal emphasizes the integration of the Commonwealth button into the community-owned Station wallet, further promoting inclusivity and transparency within Terra Luna Classic.

Positive Market Sentiment

As news of the successful proposal spreads, the impact on the LUNC price is eagerly anticipated by investors. Currently trading below the $0.000082 support level after failing to maintain the $0.000090 level, LUNC price has experienced a slight decline of 1% in the past 24 hours, with the current trading price at $0.000081. The 24-hour trading range for LUNC is between $0.0000813 and $0.0000824.

Read Also: LUNC and USTC to $1? Terra Classic Considers Burning 800 Million USTC Tokens: Details

Simultaneously, the USTC price, closely tied to Terra Luna Classic, is also down 1% in the past 24 hours, trading at $0.015. Recent market activities, including the USTC repeg plan and Terraform Labs’ efforts to dismiss the US SEC lawsuit, have generated considerable attention and are likely to influence the price action in the near future.

In conclusion, the Terra Luna Classic community’s approval of the governance and decentralization proposal marks a significant milestone in the quest for a more open and participatory decision-making process within the Commonwealth forum. As the community strives for fairness and transparency, investors will closely monitor market reactions to this news, assessing the potential implications for the LUNC price.

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