The joint L1 Task Force (L1TF) of the core developer of Terra Luna Classic submitted a proposal to create a community-owned wallet that will be managed by the Terra Luna Classic (LUNC) community through governance. LUNC validator Happy Catty Crypto has put forward a similar proposal to vote to prioritize building wallet infrastructure and avoid privatization.

Terra Luna Classic L1TF to develop community owned wallet

Happy Catty Crypto’s proposal 11630 “L1 team to build wallet infrastructure” put up for vote gains support from the community. So far, the proposal has nearly 72% “Yes” and 28% “No” votes, with validators such as Happy Catty Crypto, T.MOM, and Classy’s Sphere favoring the proposal. The deadline for voting is July 14.

The proposal recommends Professor Edward Kim, a trusted figure in the community, be responsible for domain and other infrastructure controls. The Joint L1 Task Force will develop the community wallet for free. Costs such as domain registration and hosting can be used from the Joint L1 Task Force’s calculation budget.

Since Happy Catty Crypto’s proposal is based on the L1TF proposal, the developer team will create a Terra Luna Classic community web version of Station, iOS and Android mobile apps, and the Chrome browser extension. However, changes are prioritizing development of the wallet and its infrastructure, as well as establishing an L2 team dedicated to managing all aspects of the wallet.

As with L1TF, validators and the community believe that privatization and reliance on TFL should be reduced to improve Station reliability and uptime. Many members believe the community should stop funding Terra Rebels for Rebel Station and infrastructure.

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LUNC price jumps above support

The LUNC price is up 4% in the last 24 hours with the price currently trading at $0.000083. The 24-hour low and high are $0.0000799 and $0.0000853, respectively. Terra Luna Classic fell under major support during a recent pullback in the broader crypto market.

However, US jobs numbers and developer Edward Kim who launched AI app chain Block Entropy’s AI Playground resulted in a recovery. The next target price is $0.000090.

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Varinder has 10 years of experience in the Fintech sector, with more than 5 years dedicated to blockchain, crypto and Web3 developments. A technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in more than 5,000 news stories, articles and newspapers. With CoinGape Media, Varinder believes in the enormous potential of these innovative future technologies. He is currently covering all the latest updates and developments in the crypto industry.

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