luna burning
  • The Terra Luna Classic community has approved a proposal by Genuine Labs to disburse 256 million LUNC tokens for recent development work, including critical upgrades and security enhancements.
  • Despite this support, LUNC and USTC prices have seen recent declines, reflecting market volatility.

The Terra Luna Classic community has made a significant decision by approving a proposal from Genuine Labs to disburse 256 million LUNC tokens. This move aims to support the development work carried out on the chain over the past few months. The community’s unanimous decision underscores the importance of the tasks undertaken by Genuine Labs, which include upgrading the Terra Classic core to sdk47, preventing p2p storms, and updating relevant dependencies.

Driving Terra Luna Classic Forward

Genuine Labs has been a pivotal force in enhancing the security and functionality of the Terra Luna Classic chain. With the successful receipt of over 256 million LUNC tokens, worth approximately $30,000, the group can continue its crucial work. The approval came through proposal 12113, titled “Genuine Labs’s Community Spend Proposal,” which was passed after the community meticulously reviewed the tasks completed by the developer group.

The comprehensive upgrades provided by Genuine Labs in the Terra Classic v3.0.1 update include the deployment of Security Upgrade Packages and various improvements. Notably, they have fixed the dyncomm decorator and implemented measures to handle p2p storm attacks, which have significantly bolstered the chain’s resilience and performance.

The proposal enjoyed overwhelming support, with a remarkable 99.93% of the votes in favor. All 46 participating validators, including prominent names like Allnodes, Interstellar Lounge, and Interstake One, endorsed the community pool spend proposal. This level of consensus highlights the community’s trust in Genuine Labs and their appreciation for the enhancements brought to the Terra Luna Classic chain.

Market Reactions and Future Prospects

Despite this positive development, the market has shown mixed reactions. The price of LUNC has traded down by 7.89% in the last 24 hours, settling at $0.00009926. The 24-hour trading range saw lows of $0.00009875 and highs of $0.0001081, reflecting some volatility. Additionally, trading volume has slightly decreased over the same period.

On the other hand, USTC’s price has dropped by over 1%, currently trading at $0.02128. However, the 24-hour trading volume surged by 40%, indicating a renewed interest among traders, possibly in anticipation of the forthcoming FOMC meeting.

The Terra Luna Classic community currently holds 5.23 billion LUNC after disbursing the 256 million LUNC to Genuine Labs. As the community continues to invest in the chain’s development and security, there is cautious optimism about the future. The commitment demonstrated by both developers and community members suggests that Terra Luna Classic is on a path to greater stability and growth.

By vivian

Vivian Njoroge is a seasoned crypto and blockchain news writer with a passion for decoding the complexities of the digital financial world. Armed with a keen eye for emerging trends and a knack for simplifying intricate concepts, Vivian brings a unique blend of expertise and enthusiasm to her writing. Her articles, characterized by clarity and depth, aim to keep readers abreast of the ever-evolving landscape of cryptocurrencies and blockchain technology.