Terra Luna Classic Rejects Core Security Upgrade Proposal
The Terra Luna Classic community has rejected the core security upgrade proposal by L1 Task Force (L1TF), despite its importance in enhancing the chain’s security and stability. The proposal aimed to fulfill the requirement for TFL infrastructure support but received less than 30% of votes in favor. Validators such as Allnodes, Interstellar Lounge, Interstake One, Moon Rabbit Validator, and LUNC DAO voted against the proposal.
One validator expressed concerns about blocking pull requests, stating that it not only hinders the chain’s progress but also damages collaboration and trust within the community. Another proposal, 12013 “Repeal Proposal 11889 PPJ,” has been put forward to repeal the pay-per-job and governance-ruled job proposal.
LUNC and USTC Continue Falling
The price of LUNC has dropped over 3% in the past 24 hours, undoing previous gains. It is currently trading at $0.00009563, with a 24-hour high and low of $0.00009477 and $0.0001012 respectively. Additionally, trading volume has decreased by 30% within the same period.
Analysis from CoinGape Markets suggests that the breakdown of Terra Classic’s price below the support trendline of the pennant pattern indicates a potential prolonged downtrend of around 30%. Meanwhile, USTC price has decreased by 5% in the last 24 hours but remains up by 5% over a week. It is currently trading at $0.0247, with a 24-hour low and high of $0.0246 and $0.0267 respectively.
Hot Take: Terra Luna Classic Faces Setbacks with Core Security Upgrade Rejection
Terra Luna Classic’s rejection of the core security upgrade proposal by L1TF is a setback for the chain’s security and stability. Despite its necessity and importance, the proposal failed to gain sufficient support from validators. The rejection raises concerns about collaboration and trust within the community, as well as the long-term success and sustainability of Terra Classic. Additionally, the declining prices of LUNC and USTC indicate further challenges for the project. It remains to be seen how Terra Luna Classic will address these setbacks and regain momentum in the crypto market.
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