- Terra Classic community approves Genuine Labs’ proposal, resulting in a 20% price increase for LUNC.
- Genuine Labs’ proposal receives broad support, indicating growing interest and optimism in the Terra Classic project.
The Terra Classic community has recently voted in favor of a Genuine Labs spending proposal, leading to a 20% increase in the price of the LUNC token. This favorable vote was a response to the work done by the Genuine Labs developer team in recent weeks, and the proposal has received widespread support from Terra Classic validators.
Approval of the Genuine Labs Proposal by the Terra Classic Community
Proposal 12019 from Genuine Labs, a key developer in the Terra Luna Classic project, has passed the required approval threshold in the community vote, which ended on February 6. More than 84% of the votes cast supported the proposal, with 40 validators voting in favor and 9 abstaining. Prominent validators such as Orion, Interstellar Lounge and TerraCVita have supported the proposal, acknowledging success in completing the assigned tasks.
Funding and Genuine Labs’ Work
Genuine Labs applied for $16,000 in LUNC funding from the community fund to compensate for successfully completed tasks. This funding will cover the team’s four-week work focused on implementing end-to-end testing, interchain testing, and resolving specific technical issues such as PacketForwardMiddleware (PFM) and IBC hooks. The validators have carefully evaluated this work, highlighting its importance for the progress of the Terra Classic project.
Impact on LUNC and USTC Pricing
Following the approval of this proposal, the Terra Classic LUNC token experienced a curious increase in value, driven by an upward pattern on the technical chart and a massive liquidation of short positions .
This move has generated growing interest and bullish sentiment among investors, although analysts suggest caution and expect a re-evaluation before forecasting a continued rise.
Relevance to the Investor Community
The Terra Classic communitydecision and the resulting increase in LUNC’s price highlight the importance of community proposals and their direct impact on the market. This event demonstrates how decentralized governance decisions can significantly influence market perception and investor confidence.
Future Signals for Terra Classic
The approval of the Genuine Labs proposal and the increase in the price of LUNC suggest a promising future for Terra Classic. The active community and continued commitment to the development and improvement of the platform may lead to further advancements and possibly a sustained increase in the value of the token.
