The Terra Classic community is once again engaged in a decisive vote regarding a funding proposal from the USTC repeg team. This comes after the initial proposal failed to secure the minimum votes required for approval due to technical difficulties with the Terra Station wallet.
Now, in a bid to rectify the situation, the USTC repeg team has resubmitted the proposal, emphasizing the need for significant turnout from validators during this revote.
USTC Relegates Proposal 11730 for Community Voting
Proposal 11730, titled “USTC / Stable Algo Quant Team,” has been reintroduced for community voting from the 26th of August until the 2nd of September. With the Station wallet now functioning as intended after a prolonged period of downtime, the USTC repeg team hopes to foster a more robust turnout of validator votes, culminating in a more conclusive outcome.
A representative from the LUNC community expressed the necessity of resubmitting the proposal, stating, “Quant Team is too nice and proud to re-submit it, so somebody has to do it. This time, since TS is working again, we can expect proper validator voting turnout and live with the final results.”
The LUNC proposal 11730, intended to fund the USTC Quant Team for the month of August, is currently open for voting.
$LUNC proposal 11730 to fund the $USTC Quant Team for the month of August is now live for voting. The author states due to Terra Station being down during the last vote proper validator turnout was not received and this will be the official decision. 💎🤲🏻 #Crypto #LUNC pic.twitter.com/FosK8ROK0C
— Mr. Diamondhandz1💎 (@MrDiamondhandz1) August 26, 2023
Hexxagon Facilitates Proposal Advancement
Hexxagon, the sponsor of the USTC proposal, has settled the outstanding balance necessary to push it forward for governance voting on Terra Station. Concurrently, they have shown their support by voting in favor of the proposal, appealing to the Terra Classic community for their endorsement.
We’ve paid the remaining balance on Proposal 11730 to get it out of the deposit stage! We’ve also voted Yes!!! We hope you join us in supporting the teams working on #LUNC #USTC #LUNCARMY pic.twitter.com/E2ctjCIZFz
— Hexxagon (@hexxagon_io) August 26, 2023
The proposal has so far received 43% Yes, 28% No, and 29% “No with veto” votes. Amongst the validators, nine showed support, while six rejected the proposal. The JESUSisLORD validator cast a “No with veto” vote, citing unprofessional and dangerous behavior as grounds for dissent.
The community had previously rejected the proposal through governance voting. However, members of the USTC Quant team placed the blame on certain validators, accusing them of manipulating the outcome.