LUNC News: Terra Luna Classic Proposal For Community-Owned Wallet Officially Passed

Terra Luna Classic To Get A Community-Owned Wallet

Happy Catty Crypto’s Proposal 11645 “L1 Team To Build Wallet Infrastructure” submitted for voting has received support from the community and is now considered officially passed as it surpassed the pass threshold. The proposal has received almost 71% “Yes” and 2% “No” votes, with 27% choosing to vote “Abstain.”

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Until now, 20 validators such as Allnodes, HappyCattyCrypto, JESUSisLORD, Classy’s Sphere, and PFC have favored the proposal. Meanwhile, validators including Interstake One, Luna Station 88, and StakeBin voted “Abstain” and one validator rejected the proposal.

The proposal is based on the L1TF proposal, the developer team will create a Terra Luna Classic community-owned web version of Station, iOS & Android mobile apps, and Chrome browser extension. The Joint L1 Task Force will develop the community-owned wallet free of charge. Costs such as domain registration and hosting can be used from Joint L1 Task Force’s compute budget.

A separate proposal will be drafted for the endpoint infrastructure proposal, which recommends professor Edward Kim, a trusted figure in the community, to be responsible for the domain and other controls of infrastructure.  However, the community prioritizes the development of the wallet and its infrastructure, as well as establishing an L2 team dedicated to managing all aspects of the wallet.

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Similar to L1TF, validators and the community also believe that privatization and reliance on TFL must reduce to improve reliability and uptime of Station. Many members argue the community should stop funding Terra Rebels’ for Rebel Station and infrastructure.

LUNC Price Jumps Near Support Level

LUNC price jumped 3% in the past 24 hours, with the price currently trading at $0.000088. The 24-hour low and high are $0.0000867 and $0.0000896, respectively. Terra Luna Classic fell below key support amid a recent pullback in the broader crypto market.

Meanwhile, USTC price trades at $0.018, up 7% in the past 24 hours and 40% in a week. The trading volume has increased by 100% in the last 24 hours.

Also Read:

  • Terra Vs US SEC: Coinbase CLO, XRP Attorneys Respond As SEC Denies Torres Doctrine
  • Dormant Bitcoin On The Move As Whales And Institutions Anticipate $100K BTC Price
  • Bitcoin Long-Term Holders Reach ATH, Is The Time For Quick Gains Over?

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