The Terra Luna Classic (LUNC) community has voted overwhelmingly to reject a proposal from developer group BLV Labs. Despite the setback, LUNC’s price climbed 5% in response to the latest developments.
Why the Proposal Was Rejected
Proposal 12146, submitted by BLV Labs, aimed to secure $5,000 in LUNC from the community pool for work on the blockchain’s governance module. However, nearly 90% of voters opposed it, including prominent validators such as Allnodes, Interstellar Lounge, and Interstake One.
The community argued that BLV Labs did not meet the required standards for governance updates. Specifically, they failed to execute testnet and mainnet deployments, which are essential for validating proposed changes.
Validators noted that while BLV Labs suggested enhancements to the Oracle module to adjust the minimum deposit required for proposals, these claims were not substantiated with sufficient progress. Despite publishing code on GitHub, the group had not completed testing or integration work.
Terra Classic Validators Take Charge
In parallel, the Terra Classic community approved a separate proposal transferring CoinMarketCap dashboard access to validator Allnodes. This move signals a shift in trust and responsibility toward more active contributors within the ecosystem.
LUNC and USTC Prices Surge
Amid the governance drama, LUNC’s price rose 5% in the past 24 hours, trading at $0.000118. Over the last week, LUNC has climbed 15%, with $0.00012 serving as a crucial resistance level. If it surpasses this threshold, LUNC could rally to $0.0002.
Terra Luna Classic’s open interest has also increased by 8%, with strong buying activity observed on Binance and OKX. However, Bybit reported some selling pressure in its 1000LUNC futures contracts.
USTC also experienced a 5% price increase, trading at $0.0245. However, trading volume for USTC fell 31% over the last 24 hours, indicating a lack of sustained momentum.
