LUNC News: Terra Luna Classic validator Happy Catty Crypto has come up with another proposal after the community adopted a revised proposal to build a community-owned Station wallet by core developer Joint L1 Task Force. The new proposal aims to improve the transition of governance and decentralization from Agora to Commonwealth.
Terra Luna Classic Proposal for Commonwealth Governance and Decentralization
Terra Luna Classic validator Happy Catty Crypto’s proposal 11653 “Improving Governance and Decentralization in the Transition to the Commonwealth” is up for vote.
The proposal aims to address concerns related to the recent transition from Agora to Commonwealth, which took place without community voting and transparency. He claims the transition was moderated by Edward Kim, Rexx and Bilbo Baggins with no community involvement. It caused Rexx and Bilbo Baggins to become trustees, going against the core principles of decentralization.
“Edward Kim and Rexx have stated that they are moving away from the LUNC blockchain, and they are currently focused on developing a separate blockchain called Entropy AI Blockchain. Since they have no direct involvement with LUNC, their admin roles are questionable and should be addressed and/or revoked.”
According to the proposal, L1TF lead developer Vinh Nguyen should become administrator until a new proposal is passed to determine future administrators. The community-owned Station wallet will integrate the Commonwealth button, so it’s critical to reduce unfair scrutiny.
The community is currently in favor of the proposal as it received 90% “Yes” votes. Meanwhile, it has received 2% “No” and 8% “No with veto” votes. Validators including HappyCattyCrypto, SolidVote and Community First LUNC supported the proposal, but other top validators have yet to vote. The proposal has a deadline of August 1.
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LUNC Price is looking for support
The price of LUNC is up 2% in the past 24 hours with the price currently trading at $0.000083. The 24-hour low and high are $0.0000810 and $0.0000832, respectively. Terra Luna Classic fell under major support during a recent sell-off in the wider crypto market.
LUNC appears to be reaching the $0.000090 support level again amid USTC repeg news. Meanwhile, Terraform Labs and Do Kwon try to dismiss the US SEC lawsuit.
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