Empowering Decentralization: LUNC's Terra Luna Classic Proposal for Enhanced Governance

Bombolo | News and Media

In the ever-evolving world of blockchain technology, governance and decentralization play pivotal roles in ensuring the stability and fairness of a blockchain network. Terra Luna Classic (LUNC), a prominent blockchain platform, has been at the forefront of adopting innovative measures to enhance its governance mechanisms. In a recent development, one of its validators, Happy Catty Crypto, has put forth a proposal seeking to augment governance and decentralization during the transition to Commonwealth.

Also Read: The Battle of Terra Classic (LUNC): Unveiling Controversies and Allegations

The Proposal: Enhancing Governance and Decentralization

Happy Catty Crypto's Proposal 11653, titled "Enhancing Governance And Decentralization In The Transition to Commonwealth," has garnered significant attention within the LUNC community. The proposal addresses concerns related to the recent transition from Agora to Commonwealth, which occurred without community voting and transparency.

According to Happy Catty Crypto, the transition was moderated by individuals not directly involved with LUNC, namely Edward Kim, Rexx, and Bilbo Baggins. As a result, Rexx and Bilbo Baggins assumed administrative roles, leading to questions about the core principle of decentralization.

The proposal suggests that Edward Kim and Rexx, who have already declared their departure from the LUNC blockchain to focus on another project, the Entropy AI Blockchain, should not retain administrative roles in LUNC. To ensure a fair and democratic process, the proposal recommends that L1TF lead developer Vinh Nguyen take on the administrative role temporarily until a new proposal is passed to determine future administrators.

Furthermore, the proposal aims to integrate the Commonwealth button into the community-owned Station wallet. This integration is critical to reducing any instances of unfair control and empowering the community in the decision-making process.

Also Read: Token Recovery and the Journey to $1: Terra Luna Classic L1TF's Ambitious Plan Unveiled

Community Response and Voting

The LUNC community has exhibited a keen interest in the proposal, with 90% of the votes in favor, demonstrating a strong endorsement for the initiative. While 2% of the votes opposed the proposal, another 8% expressed disagreement with a veto option. Notably, influential validators such as HappyCattyCrypto, SolidVote, and Community First LUNC have thrown their support behind the proposal. However, some of the top validators are yet to cast their votes, making the outcome of the proposal eagerly anticipated. The voting deadline is set for August 1, and all eyes are on the final verdict.

LUNC Price Movement

Amid the proposal's discussions and voting, the price of LUNC has experienced some fluctuations. Over the past 24 hours, LUNC price has seen a 2% increase, with the current trading price at $0.000083. The 24-hour trading range oscillates between $0.0000810 and $0.0000832.

Nevertheless, the broader crypto market recently witnessed a selloff that impacted the support levels of various cryptocurrencies, including Terra Luna Classic. However, the project remains resilient as it seeks to regain stability by targeting the $0.000090 support level. Notably, the news of USTC repeg has added to the market's volatility, further influencing LUNC's price movements.

Additionally, Terraform Labs and Do Kwon, key players in the LUNC ecosystem, are determined to resolve the ongoing legal matter with the US SEC lawsuit, demonstrating the project's commitment to regulatory compliance.

Happy Catty Crypto's proposal for enhancing governance and decentralization in the transition to Commonwealth has ignited enthusiasm within the LUNC community. By addressing concerns related to previous administrative decisions and promoting community involvement, the proposal aligns with the core principles of decentralization, which underpin the success of any blockchain project. As the voting deadline approaches, stakeholders eagerly await the final outcome, anticipating a more democratic and robust governance framework for Terra Luna Classic.

Also Read: Empowering the Future: Terra Classic's Community-Owned Wallet Proposal Passes, Sparking LUNC and USTC Surge

FAQs

1. What is Proposal 11653 about?

Proposal 11653, put forth by Happy Catty Crypto, aims to enhance governance and decentralization during the transition to Commonwealth in the LUNC blockchain.

2. Why is the transition from Agora to Commonwealth significant?

The transition to Commonwealth is crucial as it sets the stage for a more decentralized and community-driven blockchain network.

3. Who are the major supporters of the proposal?

Influential validators such as HappyCattyCrypto, SolidVote, and Community First LUNC have favored the proposal.

4. What is the current price of LUNC?

The current trading price of LUNC stands at $0.000083.

5. When is the voting deadline for the proposal?

The voting deadline for the proposal is August 1.