Terra Luna Classic Community Approves Genuine Labs Proposal
The Terra Luna Classic community has given its approval to a proposal by Genuine Labs, a team of experienced developers in Cosmos stacks, to collaborate on the development of the Terra Classic chain. The developer team identified several issues with Terra Luna Classic and has offered to assist in addressing these issues.
Genuine Labs Terra Classic Development Proposal Passed
A proposal titled “Genuine Labs Terra Classic Development Proposal” (Proposal 11940) has been successfully passed in a governance vote on the Terra Luna Classic community-backed Station wallet. This proposal suggests working together with L1 teams on Terra Luna Classic.
The proposal received an overwhelming 84.98% “Yes” votes, indicating that the community supports the developer team’s involvement in Terra Classic development. However, there were also 3.23% “No” votes and 0.43% “No with veto” votes, as well as 11.37% “Abstain” votes. Most top validators, including Allnodes, voted in favor of the proposal.
Development Plans for Terra Luna Classic
The developer group intends to initially focus on integrating and improving IBC Hooks and Packet Forward Middleware (PFM) features. They also aim to enhance end-to-end testing and interchain testing for the fee tax charging mechanism. Fragwuerdig, a former L1TF member, mentioned that IBC-hooks and PFM have already been implemented on a specific branch, so Genuine Labs may need to repost the job proposal.
The team is comprised of senior developers Nguyen and Minh, as well as junior developer Dong. They have contributed to various projects such as Osmosis, Quicksilver, Stride, and Composable. They have also worked on core repositories like Gravity-Bridge, IBC-Go, and Cosmos-SDK, and developed a fee abstraction module among other assignments.
Price Update for LUNC and USTC
In the past 24 hours, the price of LUNC has experienced a 3% decrease and is currently trading at $0.000140. The 24-hour low and high for LUNC are $0.000138 and $0.000146, respectively. Additionally, trading volume has declined by 20%, indicating a lack of interest among traders.
On the other hand, USTC is currently trading at $0.0323, reflecting a 1% decrease in the last 24 hours. Despite several USTC burn proposals, the trading volume has decreased by 20%.
Hot Take: Genuine Labs to Drive Terra Luna Classic Development
The Terra Luna Classic community’s approval of Genuine Labs’ proposal marks an important step towards improving the Terra Classic chain. With their expertise in Cosmos stacks and experience in various development projects, Genuine Labs aims to enhance the ecosystem of Terra Luna Classic.
By collaborating with L1 teams and focusing on integrating essential features like IBC Hooks and Packet Forward Middleware (PFM), Genuine Labs strives to address existing issues and bring valuable improvements to the platform. With a funding request of $16,000 for a six-week timeline, they are poised to make significant progress in the development of Terra Luna Classic.
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