USTC Repeg Proposal Rejected By Terra Classic Has Been Reintroduced. Here Are Details of the Proposal

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.

Read Also: Terra Classic Passes Proposal to Burn 800M Tokens To Aid USTC Repeg and LUNC Recovery

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.

Read Also: Terra Classic Faces Market Turmoil, Rejects Key Proposal, Whales Dumping LUNC and USTC

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.

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.

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