Terra Luna Classic Proposal to Establish LUNC Core Team

Terra Luna Classic proposes to establish a core team to look after all the developments of the Terra Luna Classic chain. After the disbandment of core developer group Joint L1 Task Force (JL1TF) in March, a proposal is suggested to set up a community-appointed team comprising key people including developers and contributors.

Terra Luna Classic Team Proposal

A text proposal 12093 “Establish a Terra Classic Team” is up for voting on the Station wallet for the Terra Luna Classic community. The proposal seeks the community’s approval to establish a permanent team to be paid monthly from the community pool.

The team to likely work directly for the Terra Classic blockchain, similar but quite different to Terraform Labs which works for Terra (LUNA). The roles, salary, responsibilities, and no of developers is to be established in a follow-up proposal depending on the governance approval of this proposal.

The Terra Luna Classic community and validators will discuss and decide the requirements, roles, and responsibilities of the team on Commonwealth. If the proposal is rejected by the community, a review of the requirements, the roles, and the responsibilities will be discussed until there is a positive vote and approval for the next phase of the process.

“Once the roles and responsibilities have been approved by Governance, the Community and validators are to be engaged on Commonwealth to propose developers to fill the positions created,” as per the proposal.

The proposal has received 82% votes in favor, with 5 “Yes” validator votes and 6 “No” validator votes. Some community members have opposed claiming centralization risks, conflicts with pay-per-job, and no mention of developer KYC requirements.

Also Read: Terra Classic Plans Security Package Upgrade This Month; $110B LUNC Burned

LUNC and USTC Price Performance

LUNC price has jumped 1% in the last 24 hours, with the price currently trading at $0.0001301. The 24-hour high and low are $0.0001276 and $0.0001315, respectively. However, trading volume has decreased by 23% in the last 24 hours, indicating low interest among traders.

LUNC futures open interest has climbed over 5% in the last 24 hours. Also, 1000LUNC futures OI on Binance and Bybit jumped 2% in the last 24 hours, indicating a potential rebound expected by traders.

.Meanwhile, USTC price traded mostly sideways in a week, with the price is currently trading at $0.0250. The 24-hour low and high are $0.0245 and $0.0252, respectively.

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Varinder has 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He is currently covering all the latest updates and developments in the crypto industry.

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