Terra Classic Core Dev JL1TF Founded by Edward Kim Disbands, Here Why

LUNC News: Terra Luna Classic core developer group Joint L1 Task Force (JL1TF) founded by professor and top LUNC developer Edward Kim was disbanded, as per an official announcement by the group manager.

LUNC Core Developer Group Disbandment News

JL1TF lead developer Vinh Nguyen in a post on X announced the official disbandment of the core developer group as most members left citing different reasons. With the group slowly breaking apart for nearly a year and the formation of Terra Classic Coalition, the community embraced pay-per-job model and mandatory KYC requirements.

According to JL1TF, all repositories in Terra Classic GitHub are property of the Terra Classic community. All changes to the chain will be approved by community governance until a new group takes over the responsibilities. As the remaining member of JL1TF, Vinh Nguyen will transfer admin rights as soon as a party is selected.

He believes Genuine Labs is the most suited developer group for managing the Terra Classic codebase, considering the latest developments and efforts to upgrade Terra Luna Classic to Cosmos SDK v0.50.x. “I will continue providing technical advises to any party selected through gov to manage the Terra Classic GitHub organization,” he added.

Notably, the community has rejected many JL1TF and TCC’s proposals including security upgrade proposal and a pay-per-job implementation in collaboration with TCC.

Read More: Terra Luna Classic Announces Game Changing v2.4.0 Upgrade, LUNC Price to $1?

Terra Luna Classic Ecosystem Tokens’ Performance

LUNC and USTC prices are rallying and breaking resistance levels. In order to kick off to $1, LUNC first needs to break major resistance at $0.0005 in September 2022.

LUNC price has jumped 1% in the last 24 hours after a 46% jump last week, with the price currently trading at $0.0001832. The 24-hour high and low are $0.0001762 and $0.0001945, respectively. However, trading volume has increased by 45% in the last 24 hours, indicating low interest among traders. Investors eye LUNC hitting the $0.0002 resistance level soon.

Meanwhile, USTC price trading sideways following a 5% upside move last week. The price is currently trading at $0.0369, with a 24-hour low and high of $0.03627 and $0.03838, respectively.

Also Read: Shytoshi Kusama Highlights RFK Jr Endorsing Shiba Inu, SHIB Price Up 23%

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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.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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