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- Terra Luna Classic community overwhelmingly supports Genuine Labs’ proposal and allocates over 256 million.
- LUNA’s price rose slightly after these decisions, but trading volume dropped.
The Terra Luna Classic community has spoken, and its message is clear: strategic, well-planned proposals are the path forward. On June 3, 2024, the community voted for the Genuine Labs Community Spend Proposal, and the results were favoring the proposal with 99.98% of the vote. This is quite the opposite of their previous rejection of Proposal 12105, which aimed to raise the LUNC burn tax with no strategy.
Community Invests in Innovation
The recent proposal made by Genuine Labs to allocate 256,410,256 LUNC towards development projects is a new frontier for Terra Luna Classic. This fund will encourage innovation and sustainability in the ecosystem. The community’s near-unanimous approval reflects a collective optimism about enhancing the network’s capabilities.
The voter turnout was relatively high, with 84. 2 billion votes tallied. This high turnout shows that the community is very interested in Genuine Labs’ direction. With large investments, they allow developers to add new features and improve the system in general.
The community’s backing is a powerful endorsement of potential growth and long-term viability. It signals to developers and investors that Terra Luna Classic is actively shaping its future, not just clinging to its past. This support could bring about more talents and resources to fast-track the platform’s development.
Voters Reject “Lazy” Tax Plan
On the other hand, the Terra Luna Classic community recently voted against Proposal 12105. This proposal raised the burn tax of LUNC, but there was no clear strategy. Others criticized it as a “lazy effort” because it was only a text proposal that did not offer ways to implement changes shortly, as reported by Crypto News Flash.
The community was quick to act in this regard. Only 21. 35% supported the proposal, while 32% were against it. More significantly, 38% of the respondents chose the ‘No with veto’ option, signifying their opposition to its implementation. This rejection shows the community’s insistence on proper planning rather than trial and error approaches. Their discerning approach to governance is clear. They seek proposals offering clear, actionable solutions rather than temporary measures.
Market Reactions and Token Performance
The strategic decisions made by the community have impacted the performance of LUNA in the market. After these votes, Terra Luna’s native token experienced a price drop of 1.68%, trading at $0.0001168. Also, the 24-hour trading volume rose by 10%. This increase indicates that the market has a favorable perception of the community’s actions, especially given that they are supporting development projects.
This news comes when Binance, the world’s largest cryptocurrency exchange, recently stood by the Terra Classic community. On May 1st, 2024, Binance completed the 22nd LUNC burn, where a massive 1. 35 billion tokens were removed from circulation. This move takes Binance’s total burned tokens to over 60 billion, which translates to nearly 52% of all LUNC burned by the entire Terra Classic community. The exchange’s commitment to transparency shines through its detailed burn process. Binance identifies the specific burn address where the 1.35 billion tokens were sent.
