LUNC News: Terra Luna Classic Community Passes Key Proposal
The Terra Luna Classic community has officially passed Proposal 11730 “USTC / Stable Algo Quant Team” after it received the necessary votes. The proposal was resubmitted by the USTC repeg team after facing issues with the Terra Station wallet. Here are the key points:
- The proposal received 50% “Yes” votes, surpassing the pass threshold
- 8% of votes were “No” and 7% were “No with veto”
- Allnodes, the validator with the largest voting power, voted “Abstain” with 35% of votes
- A total of 50 validators participated, with 35 favoring the proposal
- Validators such as DFLunc, Stakely, 1maxfee, TerraCVita, LUNC DAO, and StakeBin supported the proposal
LUNC and USTC Prices Fell Again
The broader crypto market experienced a selloff following the U.S. SEC’s decision to delay its ruling on Bitcoin ETFs. This resulted in a drop in LUNC and USTC prices. Here are the key points:
- LUNC price is currently at $0.000061, down 3% in the last 24 hours and 22% in a month
- The 24-hour low and high for LUNC are $0.0000612 and $0.0000644, respectively
- USTC price also fell 5% in the past 24 hours, currently trading at $0.011
- The trading volume for USTC increased by 150% in the last 24 hours
Hot Take
Despite the initial rejection, the USTC Quant team’s proposal has now been approved by the Terra Luna Classic community. This shows the resilience and determination of the team in pursuing their funding. However, the decline in LUNC and USTC prices highlights the volatility of the crypto market, which can be influenced by external factors such as regulatory decisions. Investors should remain cautious and stay updated on market developments.
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