- Terra Luna Classic’s community has voted decisively to establish a dedicated core team responsible for overseeing the development and governance of the blockchain, following the disbandment of the Joint L1 Task Force.
- The proposal garnered strong support with an 82% approval rate, signaling a shift towards community-driven governance and sustained project growth.
In a pivotal moment for the Terra Luna Classic (LUNC) ecosystem, community members have decisively voted in favor of establishing a core team dedicated to steering the future development of the chain. This significant proposal comes in the wake of the disbandment of the Joint L1 Task Force (JL1TF) and marks a strategic move towards community governance and development independence.
The Proposal
At the heart of this initiative is Text Proposal 12093, titled “Establish a Terra Classic Team,” which has been put forth for community voting on the Station wallet platform. The proposal aims to form a permanent team responsible for overseeing the ongoing evolution of the Terra Luna Classic blockchain. This team would be compensated from the community pool, aligning their interests directly with the growth and success of the project.
The proposed core team, distinct from Terraform Labs which serves Terra (LUNA), would encompass key roles such as developers and contributors. However, specific details regarding roles, salaries, responsibilities, and the number of developers are subject to further governance approval via a subsequent proposal.
Community Engagement
The Terra Luna Classic community, along with validators, will engage in robust discussions on Commonwealth to define the team’s requirements, roles, and responsibilities. If the initial proposal fails to garner community approval, iterative adjustments will be made until a consensus is achieved, reflecting the decentralized ethos underpinning the project.
“After roles and responsibilities have been ratified by Governance, the community and validators will collaborate on Commonwealth to nominate developers for the newly established positions,” as outlined in the proposal.
Community Consensus and Market Response
The recent vote on the proposal yielded an overwhelming 82% approval rate, reflecting a strong consensus among stakeholders in favor of establishing a dedicated core team. However, the decision wasn’t without dissent, with some community members expressing concerns about centralization risks, payment structures, and the absence of developer KYC requirements.
Simultaneously, market indicators have responded positively to this development. The LUNC token saw a modest 1% price increase over the last 24 hours, currently trading at $0.0001301. Notably, LUNC futures open interest has exhibited notable growth, suggesting increased market confidence and anticipation of a potential rebound.
As the Terra Luna Classic community moves forward with solidifying the core team’s framework, all eyes are on the subsequent governance processes that will define the team’s composition and responsibilities. This initiative marks a critical step towards community-driven governance and development autonomy within the Terra Luna Classic ecosystem, setting the stage for a new chapter of growth and innovation.
In an era defined by decentralized governance and grassroots engagement, the establishment of this core team signifies a resolute commitment to community empowerment and project sustainability. As discussions continue on Commonwealth and governance mechanisms evolve, the Terra Luna Classic community remains poised to shape the future of their blockchain ecosystem.
