• The Terra Luna Classic community is rallying behind a proposal to establish a core development team, marking a significant step in revitalizing the blockchain ecosystem post-disbandment of the Joint L1 Task Force.
• Despite concerns from some members, the proposal has garnered strong support with 82% of votes in favor, signaling optimism for decentralized governance and future development efforts.

In a pivotal move for the Terra Luna Classic (LUNC) community, a crucial proposal aimed at establishing a core development team has received resounding support, with 82% of votes in favor. This proposal, known as Text Proposal 12093 “Establish a Terra Classic Team,” marks a significant step towards reinvigorating development efforts on the Terra Luna Classic chain following the disbandment of the Joint L1 Task Force (JL1TF) earlier this year.

The proposal seeks to form a dedicated team tasked with overseeing all aspects of development and maintenance on the Terra Luna Classic blockchain. Unlike Terraform Labs, which serves the Terra (LUNA) ecosystem, this proposed team will be community-appointed and financed through the community pool, underscoring a decentralized approach to governance and development.

Key details such as roles, salaries, responsibilities, and the number of developers will be determined in subsequent proposals pending governance approval. Community members and validators will actively participate in shaping these specifics on platforms like Commonwealth, fostering transparency and inclusivity in decision-making.

“If the proposal is rejected by the community, we will review and refine the requirements, roles, and responsibilities until we secure a positive mandate for the next phase of this process,” states the proposal.

Upon finalizing the roles and responsibilities, the community will engage in the selection of developers to fill these positions, further emphasizing a collaborative and community-driven approach to shaping the future of Terra Luna Classic.

Despite some opposition citing concerns around centralization risks, payment structures, and developer identification requirements, the proposal’s overwhelming support reflects a collective optimism about the potential of a dedicated core team to steer the project forward.

Price Dynamics and Market Response

In response to the community’s positive reception of the proposal, LUNC has experienced a modest 1% increase in price over the last 24 hours, currently trading at $0.0001301. The futures open interest for LUNC has also seen a notable uptick, signaling growing anticipation and confidence among traders regarding a potential market rebound.

Conversely, the native stablecoin of the Terra Luna Classic chain, USTC, has maintained a relatively stable trading range over the past week, hovering around $0.0250. This stability suggests that market participants are closely monitoring developments within the Terra Luna Classic ecosystem before making significant trading decisions.

As the community moves forward with the establishment of a core team and subsequent governance proposals, all eyes remain on Terra Luna Classic’s journey towards revitalized development and sustained growth within the broader blockchain landscape.

The resounding support for the establishment of a core team underscores the Terra Luna Classic community’s commitment to fostering decentralized governance and advancing the project’s technological capabilities. This pivotal step sets the stage for a new chapter of innovation and collaboration within the Terra Luna Classic ecosystem.