Terra Luna Classic L1TF Q3 Proposal To Revive LUNC And USTC To $1 Officially Passed

Terra Classic Community Passes L1TF Q3 Proposal

Proposal 11599 “Joint L1 Task Force Q3 Proposal” surpassed the ‘pass threshold’ despite community concerns over depleting funds in the Terra Luna Classic community pool. The Joint L1 Task Force (L1TF) will receive $116.7k in total to complete proposed tasks during Q3.

As per current voting details, the proposal received 56% “Yes,” while 29% voted “Abstain.” Also, some were against the proposal, with 9% “No” and 6% “No with veto” votes. Meanwhile, 26 validators such as Coinpayu, JESUSisLORD, Happy Catty Crypto, DFLunc, and StakeBin supported the proposal. Others cited low community pool funds, recent disputes, and other personal reasons for rejecting the proposal.

The community even turned down the proposal to revive the Terra ecosystem by forming the Terra Allies “Six Samurai” team of 6 senior developers due to low funds in the community pool. Other reasons included lack of transparency on developers and their abilities, trust in the existing Joint L1 Task Force developer team, and bad actors in the team. The Six Samurai team has a better roadmap than the Joint L1 Task Force.

Read More: Terra Classic Community Veto Against “Six Samurai” Team Proposal To Revive LUNC

L1TF Revised Q3 Proposal

L1TF proposes to migrate from Columbus-5 to Columbus-6, upgrade Cosmos SDK, test Oracle pool funding rate, test the market module in the USTC test environment, and implement a maximum cap for LUNC supply. There are other developments outlined by the L1TF.

The Joint L1 Task Force will also work with Edward Kim to incorporate the Block Entropy AI app chain into Terra Classic and assist external teams such as ‘quant’ for USTC repeg.

Full-time developer Superman is back to the Joint L1 Task Force team and Till (fragwuerdig) is to remain available for only a limited time this quarter.

Also Read: Terra Luna Classic (LUNC) Under Review By Hong Kong Virtual Asset Consortium

LUNC and USTC Price Responds

LUNC price currently trades at $0.000088, up 3% in the past 24 hours. The 24-hour low and high are $0.000086 and $0.000090, respectively. USTC price is trading at $0.012, up 4% in the past 24 hours. However, trading volumes for both LUNC and USTC fell in the last 24 hours.

Meanwhile, Terra (LUNA) price also jumped 3% in the last 24 hours, with the price currently trading at $0.63. The LITF recently completed a parity upgrade to boost interchain functionalities.

Crypto Market Outlook 2023 H2: Bitcoin, Ethereum, Altcoins To Rally Or Headwinds Coming?

Comments

Post a Comment

Popular posts from this blog

Manta Network battles DDoS attack after TGE as new Telegram bot steals the show

Manta Network battles DDoS post-MANTA launch; 135M RPC requests flood, causing delays. Bitbot revolutionizes retail trading on Telegram with non-custodial, AI-backed solutions. BITBOT token presale unfolds across 15 stages, offering investors a structured opportunity. In a whirlwind of recent events, Manta Network faced a DDoS attack right after the successful launch of its MANTA token, causing a stir in the crypto community. Meanwhile, Bitbot, a Telegram trading bot, is making waves by empowering retail investors. Jin us as we delve into the challenges Manta Network is facing and explore Bitbot’s mission to put institutional-grade tools in the hands of individual investors. Manta Network DDoS attack Manta Network, a modular blockchain protocol renowned for its focus on zero-knowledge (ZK) application development, encountered a significant setback shortly after the launch of its governance token, $MANTA. The network experienced a Distributed Denial of Ser
Read more

DOGE price prediction as expert forecasts target above $0.10

Image
With the previous week bringing gains for the cryptocurrency market, some digital assets displayed promising signals that might indicate their future movement. Dogecoin (DOGE) is one of those. The TD Sequential has recently generated a buy signal on the 3-day chart for Dogecoin. The probability of a resurgence to $0.100 or beyond appears favorable, contingent upon the sustained stability of the $0.074 support cluster, per a post on X by crypto analyst Ali Martinez on January 14. TD sequential for Dogecoin on a 3-day price chart. Source: Ali Martinez The TD sequential is a robust tool crafted to pinpoint the precise moment of trend fatigue and subsequent price reversal. As a counter-trend instrument, it addresses the limitations observed in various technical Analysis indicators that prove profitable in trending markets but exhibit suboptimal performance in sideways or ranging markets. Another technical indicator is not so optimistic Many technical indicators should be employed t
Read more

IRS, Treasury temporarily waive business crypto reporting requirements

IRS and Treasury say businesses do not have to report cryptocurrency receipts until new regulations are issued. In a press release on Jan. 16, the Internal Revenue Service (IRS) said in a joint statement with the U.S. Treasury Department that American business es do not have to report their receipts in crypto currencies the same way they do with cash. However, the regulators noted the exception will only last “until Treasury and IRS issue regulations.” “Treasury and the IRS intend to issue proposed regulations to provide additional information and procedures for reporting the receipt of digital assets, giving the public an opportunity to comment both in writing and, if requested, at a public hearing.” The IRS The announcement does not impact the rules in place before the Infrastructure Investment and Jobs Act for reporting cash received in the course of a trade or business, the IRS said, adding that cash transactions over $10,000 received in a trade or business still must be re
Read more