Wednesday, June 19, 2024
HomeCryptocurrencyTerra Classic (LUNC) Governance and Decentralization Proposal Successfully Approved

Terra Classic (LUNC) Governance and Decentralization Proposal Successfully Approved

In a significant development, the Terra Classic (LUNC) community has successfully passed a key proposal aimed at enhancing governance and decentralization within the Commonwealth forum.

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.


Follow us on Twitter, Facebook, Telegram, and Google News

Adedoyin Aka
Adedoyin Aka
Adedoyin is a graduate of Law and a Crypto & Blockchain expert who strongly believes that Blockchain is the future. At TimesTabloid, she focuses on crypto and blockchain educational content.
RELATED ARTICLES

Latest News & Articles