The Terra Luna Classic (LUNC) community stands at a critical juncture as they engage in a crucial vote to elect a core team responsible for steering the blockchain’s growth and strategic path. This decision follows the dissolution of the Joint L1 Task Force (JL1TF) in March, which has resulted in a leadership vacuum.
The proposal, named “Establish a Terra Classic Team” (number 12093), is now available on the Station wallet for community voting. If accepted, it will signify a notable transition towards a self-regulating structure. The suggested core team would be selected by the community and financially supported through a specific fund, ensuring their attention stays solely on the Terra Classic blockchain, separate from Terraform Labs, the organization behind Terra (LUNA).
The proposal sets the foundation, with more details to come later. Another proposal, depending on the first one’s approval, will decide on the number of developers, their roles, pay, and duties. To fine-tune the team setup, community members and validators will discuss the Commonwealth forum, ensuring openness and community input in forming the team.
The reaction from the market is varied. LUNC experienced a small 1% price rise in the past day, hitting $0.0001301. Nonetheless, a 23% decline in trading activity indicates a lack of strong buying interest. Yet, a slight uptick in LUNC futures open interest suggests that some traders are foreseeing a possible recovery.
USTC, the algorithmic stablecoin in the Terra Luna Classic system, has shown a distinct pattern. Its price has stayed fairly steady at around $0.0250 over the last week, with only small changes. This stability indicates a cautious mood in the market, as investors observe the core team vote and future events.
The result of this vote will have a big effect on the future of Terra Luna Classic. If it passes, it will lead to a development model that’s more focused on the community and long-lasting. But there are still hurdles ahead. It’s important to define roles clearly, find talented developers, and keep the community involved for the team to succeed. The next few weeks will show how the Terra Luna Classic community plans for what lies ahead.
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