Terra Luna Classic Core Developer Group Disbanded, New Group to Take Over
The Joint L1 Task Force (JL1TF), a core developer group for Terra Luna Classic (LUNC), has officially disbanded, according to an announcement by group manager Edward Kim. The disbandment comes as most members have left the group for various reasons. With the group slowly breaking apart over the past year and the formation of the Terra Classic Coalition (TCC), the community has embraced a pay-per-job model and mandatory KYC requirements.
According to JL1TF, all repositories in Terra Classic’s GitHub are now the property of the Terra Classic community. Any changes to the chain will be approved by community governance until a new group takes over the responsibilities. Vinh Nguyen, as the remaining member of JL1TF, will transfer admin rights once a suitable party is selected.
Nguyen believes that Genuine Labs is the most suitable developer group for managing the Terra Classic codebase, given their latest developments and efforts to upgrade Terra Luna Classic to Cosmos SDK v0.50.x. He also mentioned that he will continue providing technical advice to any party selected through governance to manage the Terra Classic GitHub organization.
It is worth noting that the community has rejected several proposals from JL1TF and TCC, including a security upgrade proposal and a pay-per-job implementation in collaboration with TCC.
Performance of Terra Luna Classic Ecosystem Tokens
The prices of LUNC and USTC, tokens within the Terra Luna Classic ecosystem, are currently rallying and breaking resistance levels. For LUNC to reach $1, it first needs to break major resistance at $0.0005 in September 2022.
In the last 24 hours, LUNC price has jumped 1% following a 46% increase last week. The current trading price is $0.0001832, with a 24-hour high and low of $0.0001762 and $0.0001945, respectively. However, trading volume has only increased by 45% in the last 24 hours, indicating low interest among traders. Investors are hopeful that LUNC will soon surpass the $0.0002 resistance level.
On the other hand, USTC price has been trading sideways after experiencing a 5% upside move last week. The current trading price is $0.0369, with a 24-hour low and high of $0.03627 and $0.03838, respectively.
Hot Take: Terra Luna Classic Core Developer Group Disbanded
The disbandment of the Joint L1 Task Force (JL1TF), the core developer group for Terra Luna Classic (LUNC), marks a significant change within the ecosystem. With most members leaving the group for various reasons, a new group will need to take over the responsibilities of managing the Terra Classic codebase.
The community has embraced a pay-per-job model and mandatory KYC requirements, signaling their desire for a different approach to development and governance. This shift may bring about new opportunities for collaboration and innovation within the Terra Luna Classic ecosystem.
Investors are closely monitoring the performance of LUNC and USTC tokens, as they rally and break resistance levels. While LUNC has shown promising growth in recent weeks, it still faces major resistance at $0.0005 before it can reach $1. On the other hand, USTC has been trading sideways after a modest upside move.
Overall, these developments highlight the evolving nature of the Terra Luna Classic ecosystem and the importance of adaptability in the crypto space. As the community navigates these changes, it will be interesting to see how new developer groups and governance models shape the future of Terra Luna Classic.
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