The Terra Classic community has approved a proposal by Genuine Labs, a developer group, to disburse 256 million LUNC (worth $30,000) for development work completed over the past few months.
The proposal, numbered 12113, outlined various tasks undertaken by Genuine Labs, including upgrading the Terra Classic core to sdk47, preventing p2p storms, and updating relevant dependencies.
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Community Endorsement
The proposal received an impressive 99.93% votes from community members and validators, with all 46 participating validators supporting the community pool spending proposal. This unanimous approval demonstrates the community’s trust in Genuine Labs’ contributions to the project’s growth and development.
Development Milestones
Genuine Labs has successfully implemented several critical upgrades, including the Terra Classic v3.0.1 upgrade equipped with Security Upgrade Packages. Additionally, they fixed the dyncomm decorator and handled p2p storm attacks on the Terra Luna Classic chain, ensuring improved security and stability.
Current Terra Classic (LUNC) Status
Following the disbursement of 256 million LUNC to Genuine Labs, the Terra Luna Classic community currently holds 5.23 billion LUNC. The community’s decision to invest in development work reflects their commitment to the project’s long-term success.
Despite the community’s positive developments, the price of LUNC has experienced a slight downturn. According to data from CoinMarketCap, the token has experienced a 5.45% price decline in the last 24 hours and is currently trading at $0.0001006.
However, derivatives trading data indicates increased buying activity, suggesting traders are optimistic about the project’s future. Meanwhile, USTC price fell over 3.52% to $0.02063, with a notable 67% increase in trading volume.
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Terra Classic’s Focus on Security and Scalability
Terra Luna Classic has prioritized security and scalability in its development roadmap, aiming to create a robust, efficient, and reliable blockchain ecosystem. The community’s approval of the proposal demonstrates their strong support for Genuine Labs’ efforts in achieving these goals.
The continuous implementation of upgrades and security measures will positively impact the Terra ecosystem, attracting more developers, users, and projects to the platform. As Terra Classic continues to evolve and mature, it is expected to play a significant and influential role in the broader Terra ecosystem, driving adoption, innovation, and growth.
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