The LUNC community has received a proposal from Genuine Labs, a group of experienced developers, to contribute to the Terra Classic ecosystem. The proposal aims to improve the IBC Hooks and Packet Forward Middleware (PFM) features and enhance testing mechanisms. These improvements will benefit the Terra Classic ecosystem by enhancing liquidity, facilitating cross-chain DeFi applications, enabling direct dApp interaction, and supporting multi-hop transfers and robust interchain applications.
If approved, Genuine Labs will implement these plans in two phases over six weeks at a cost of $16,000. So far, most validators support the proposal, with 57.32% of votes in favor. However, the quorum has not been met yet, as only 8% of voters have participated. Voting will end on December 30.
In other news, there has been an update on the proposal to burn 800 million USTC from the Luna Classic treasury. More validators have voted against the proposal, including some with veto power. The veto votes currently stand at 24.55%, below the required threshold of 33.40%. Validators may be concerned about potential legal repercussions. Voting for this proposal ends on December 27.
Hot Take: LUNC Community Receives Proposal to Revive Terra Classic Ecosystem
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