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

Bombolo | News and Media

In a groundbreaking move, the Terra Classic blockchain has achieved a significant milestone with the successful passing of "Proposal 11645: L1 Team To Build Wallet Infrastructure," which aims to create a community-owned wallet. The proposal was put forth by the joint L1 Task Force (L1TF) and garnered widespread support, including backing from the LUNC validator, Happy Catty Crypto. With an overwhelming 71% of "Yes" votes and only 2% "No" votes, the proposal was officially approved, with 27% of the community members choosing to abstain from voting.

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

The Backing Validators and the Proposal Details

This proposal received strong support from 20 validators, including reputable names like Allnodes, HappyCattyCrypto, JESUSisLORD, Classy’s Sphere, and PFC. However, some validators, such as Interstake One, Luna Station 88, and StakeBin, chose to abstain, while one validator outrightly rejected the proposal.

The proposal outlines the development of a community-owned web version of Station, along with mobile apps for both iOS and Android, and a Chrome browser extension. The Joint L1 Task Force will be responsible for overseeing the development of the wallet infrastructure, with associated costs covered by their compute budget.

Also Read: Ascending to New Heights: How Terra's Phoenix Upgrade Transforms LUNA Token

Prioritizing Wallet Development for Terra Classic

The Terra Classic community has recognized the importance of reducing privatization and dependency on Terraform Labs. To achieve this, they have prioritized the development of the wallet and its infrastructure. Furthermore, there are plans to establish an L2 team dedicated to managing all aspects of the wallet.

Many community members argue for discontinuing funding to Terra Rebels' Rebel Station and infrastructure, as they believe this move will enhance the reliability and uptime of the Station.

Impact on LUNC and USTC Price Movement

Following the news of the proposal's approval, the native token of Terra Luna Classic, LUNC, experienced a 3% surge in its value over the past 24 hours. Currently trading at around $0.000088, LUNC saw a slight setback when it fell below a key support level amid a recent pullback in the broader cryptocurrency market.

On the other hand, USTC, the depegged stablecoin of the Terra Classic ecosystem, witnessed a remarkable 7% increase in price over the past 24 hours, reaching $0.018. Notably, the token has seen a significant 40% surge in value over the course of a week, with trading volume doubling in the last 24 hours.

As the development of the community-owned wallet progresses, it will undoubtedly play a crucial role in shaping the future of the Terra Classic ecosystem. The community's commitment to reducing centralization and fostering ownership among its members sets a promising precedent for the blockchain space.

Also Read: The Price of Terra Luna Classic (LUNC) Shows Resilience Amid Market Volatility

FAQs

1. What is Proposal 11645 about?

Proposal 11645 aims to create a community-owned wallet for the Terra Classic blockchain, reducing dependency on Terraform Labs and promoting decentralization.

2. How many validators supported the proposal?

The proposal received support from 20 validators, including Happy Catty Crypto, Allnodes, JESUSisLORD, and more.

3. What impact did the proposal's approval have on LUNC and USTC prices?

After the approval, LUNC experienced a 3% price increase, while USTC saw a 7% surge in value.

4. What will be the focus of the L2 team in the future?

The L2 team will be dedicated to managing all aspects of the community-owned wallet for Terra Classic.

5. What is the current trading value of LUNC and USTC?

LUNC is currently trading at around $0.000088, while USTC reached $0.018 after the recent increase.