The Terra Luna Classic community (LUNC Community) rejected BLV Labs’ $5,000 proposal due to incomplete mainnet deployment and governance rule violations.
The Terra Luna Classic community has rejected a proposal from the Cosmos developer team, BLV Labs, to allocate a community allocation for their most recent blockchain work.
Several developers and community members emphasized that the developer group did not adhere to the governance standards, as there were no testnet and mainnet deployments. Recent developments resulted in a more than 5% increase in the price of LUNC.
The Terra Luna Classic proposal rejected by the community
The development group was unable to complete the developments on the Terra Luna Classic mainnet, resulting in a barrier for BLV Labs’ community pool spend proposal 12146. Allnodes, Interstellar Lounge, Interstake One, and other validators voted “No” to the proposal, which received nearly 90% of the vote. The developer is interested in acquiring $5000 in LUNC.
Validators reported that there was discussion, but no testnet or mainnet deployment occurred. The team was requested by the community to complete the work in order to receive a payment.
The developer was responsible for updating and calculating the minimum deposit necessary to generate a proposal in the governance module using the Oracle module. BLV proposed that the minimal margin be automatically increased by the system to guarantee that the proposal’s value is preserved in the event of a significant decrease or increase in the price of LUNC.
The team asserted that the code was uploaded to GitHub and that a merge request was generated on the Classic Terra repository. Following that, we continued to address all of the issues associated with testing and integration. The team intends to enhance the IBC, upgrade SDK50, or implement EVM.
In the interim, the Terra Classic community has ratified a proposition to directly grant access to the CoinMarketCap dashboard account to the top validator, Allnodes.
Price Increases for LUNC and USTC
The price of LUNC has increased by 5% in the past 24 hours and by 15% in the past week. The price is currently trading at $0.000118, with a 24-hour low of $0.0001102 and a high of $0.0001199. There is a critical resistance level of $0.00012 for LUNC, and the clearing of this level signals a rally to $0.0002.
Additionally, the open interest of Terra Luna Classic has increased by 8% in the past 24 hours, as a result of purchases on Binance and OKX. Nevertheless, Bybit experienced a decline in the price of 1000LUNC futures.
In the interim, the price of USTC has increased by over 5%, and it is currently trading at $0.0245. Nevertheless, the transaction volume experienced a 31% decrease in the past 24 hours. The price fluctuates within the range for the month.