Terra Classic Community Promises KYC; 105 Billion LUNC Burned
LUNC News: The terra luna Classic community continues to adhere to the previously accepted KYC proposal, considering the importance of KYCed developers for further development on the chain. The community has rejected claims that KYC requirements for developers have stalled Terra Luna Classic’s growth.
Meanwhile, LUNC and USTC prices are gaining upward momentum following the sell-off in futures and expiry of the largest options. The next target price for LUNC remains at $0.0002.
Terra Luna Classic Community Rejects Proposal to Repeal KYC
Proposition 12091 “Repeal of Support #12033 [KYC prop]The proposal was rejected by the Terra Luna Classic community because it did not even reach the passage threshold. The proposal was introduced to repeal KYC proposal 12033, which claimed that the KYC requirement for developers hindered the growth of the chain, especially in the bull market.
The proposal received only 18 percent “Yes” votes. Most community members appear to disagree with the proposal, voting “No” and “Indifferent” at 39% and 41% respectively. Validators mostly opposed the proposal; Some, like Allnodes, voted Abstained.
The proposal claims that LUNC investors see the negative effects of KYC as outweighing the positive effects. Additionally, the revival of LUNC and USTC’s efforts to KYC developers may never move forward. The proposal suggests enlisting the help of experienced developers to advance developments on the chain.
LUNC Cape Exceeds 105 Trillion
Meanwhile, according to StakeBin data, the total amount of LUNC burned by the community has exceeded 105 billion, and the total amount of burning has soon reached the 110 billion milestone.
In particular, the LUNC burn rate has decreased over the past few weeks as prices continue to move upwards. The burn rate dropped by approximately 50% due to the community’s commitment to chain improvements.
The community claims that the LUNC price may reach $1 in this bull run, especially after the successful v2.4.2 upgrade. Additionally, Original Laboratories announced progress on the Terra Classic Security Suite upgrade. This will increase security, functionality and interoperability. The development team planned to complete all developments in 8 weeks.
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LUNC and USTC Prices Returned from Support
LUNC price has recovered 3% from support in the last few hours. The price is currently trading at $0.000153; The 24-hour high and low are $0.000152 and $0.000156 respectively. Additionally, the transaction volume decreased by 45%, indicating a decrease in interest among traders.
CoinGlass data shows that open interest for LUNC and 1000LUNC futures increased by 2% on Binance and other exchanges in the last few hours. The OI increase in LUNC futures signals positive sentiment among investors and a higher rate of $0.0002.
USTC price is down 2% in the last few hours and the price is currently trading at $0.0282. The 24-hour low and high are $0.02870 and $0.0289 respectively.
Also Read: Vitalik Buterin Praises Worldcoin and WLD Prices Returning to $10?
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