Terra Classic Proposal for Community-Owned Wallet Passed, LUNC and USTC Surge

Terra Classic blockchain has recently achieved a significant milestone with the passing of a proposal to create a community-owned wallet. The proposal, presented by the joint L1 Task Force (L1TF) and supported by LUNC validator Happy Catty Crypto, received favorable votes from the Terra Luna Classic community.

Community-Owned Wallet for Terra Classic

Happy Catty Crypto’s “Proposal 11645: L1 Team To Build Wallet Infrastructure” was submitted for voting and has now been officially passed, surpassing the required threshold. The proposal received nearly 71% “Yes” votes and 2% “No” votes, with 27% of voters choosing to abstain.

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Among the 20 validators that supported the proposal were prominent names like Allnodes, HappyCattyCrypto, JESUSisLORD, Classy’s Sphere, and PFC. However, validators such as Interstake One, Luna Station 88, and StakeBin opted to abstain, while one validator rejected the proposal.

The proposal, based on the L1TF proposal, outlines the development of a community-owned web version of Station, as well as mobile apps for iOS and Android, and a Chrome browser extension. The Joint L1 Task Force will oversee the development of the wallet infrastructure, with associated costs covered by their compute budget.

Prioritizing Wallet Development

While a separate proposal is being drafted for endpoint infrastructure, the community has prioritized the development of the wallet and its infrastructure. Additionally, the establishment of an L2 team dedicated to managing all aspects of the wallet is on the agenda.

The community shares the belief, similar to L1TF, that reducing privatization and reliance on Terraform Labs is crucial to improving the reliability and uptime of the Station. Some community members argue for the discontinuation of funding to Terra Rebels’ Rebel Station and infrastructure.

Read Also: LUNC Journey to Recovery: Terra Classic L1JTF Reveals Grand Plan

LUNC and USTC Price Movement

Following the news of the passed proposal, the price of LUNC, the native token of Terra Luna Classic, experienced a 3% jump in the past 24 hours. LUNC is currently trading at around $0.000088, with a 24-hour low of $0.0000867 and a high of $0.0000896. However, the digital asset faced a slight setback as it fell below a key support level amid the recent pullback in the broader cryptocurrency market.

Meanwhile, USTC, the depegged stablecoin of the Terra Classic ecosystem, saw a 7% increase in price over the past 24 hours, reaching $0.018. The token has experienced a significant 40% increase in value over the course of a week, accompanied by a doubling of trading volume in the last 24 hours.

As the development of the community-owned wallet progresses, it will be interesting to observe how these positive developments impact the Terra Classic ecosystem.

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