Terra Luna Classic Community Rejects Funding Proposal
The Terra Luna Classic community has voted against a proposal to fund the USTC Quant team for the second month. The proposal failed to receive enough votes and was vetoed by community members.
Key Points:
- The proposal received 45% “Yes” votes, but 43% voted “No with veto” and 11% voted “No”.
- 11 out of 17 validators, including Lunanauts, PFC, StakeBin, and Coinpayu, voted in favor of the proposal.
- The Quant Team is seeking 285 million LUNC ($20,000) funding for August to enhance a tool for the USTC Incremental Repeg Buybacks & Staking Swaps algorithm.
- The team also plans to identify sources of “zombie USTC” for burn without additional funding.
LUNC Burn Rate Increases
The decline in LUNC price has led to an increase in the burn rate. The Terra Luna Classic burn rate has risen significantly since August 15, according to StakeBin data.
Key Points:
- LUNC price is currently trading at $0.000064, up 3% in the last 24 hours.
- USTC price has also recovered 3% in the past 24 hours, currently trading at $0.012.
- However, the trading volume has decreased in the past 24 hours.
Hot Take:
The rejection of the funding proposal by the Terra Luna Classic community highlights the importance of community participation in decision-making. The increase in the LUNC burn rate suggests a potential market recovery, but the decrease in trading volume raises concerns about market liquidity. It will be interesting to see how these developments impact the future of Terra Luna Classic and its community.
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