The Terra Luna Classic community remains steadfast regarding the previously endorsed KYC proposal, acknowledging the significance of KYC-compliant developers for further advancement on the chain. The proposition was declined alleging that KYC prerequisites for developers have impeded the expansion of Terra Luna Classic. Meanwhile, The price of LUNC and USTC experienced an upward momentum after the futures selloff and largest options expiry.
Terra Luna Classic Community Declines KYC Repeal Proposal
Proposal 12091 “Repeal prop #12033 [KYC prop]” was dismissed by the Terra Luna Classic community as the proposition even failed to achieve the pass threshold. The proposal was submitted to rescind 12033 KYC proposal asserting that the KYC obligation for developers hindered the growth of the chain, especially in the bull market.
The proposition garnered only 18% “Yes” votes. Most community members appear to dissent from the proposition and have cast “No” and “Abstain” votes, constituting 39% and 41%, respectively. Validators predominantly opposed the proposal, with some such as Allnodes voting Abstain.
The proposal contends that Terra Luna Classic investors have witnessed the adverse impacts of KYC overshadowing the positives. Additionally, the LUNC resurgence and USTC repeg efforts by KYC’d developers may never come to fruition. The proposal suggests enlisting the support of seasoned developers to propel developments on the chain.
LUNC Burned Tokens Surpass 105 Billion
Meanwhile, the overall tokens burned by the community has exceeded 105 billion, with the total burn approaching the 110 billion milestone soon, according to data provided by StakeBin.
Notably, the LUNC burn rate has decreased in recent weeks as prices continued to ascend. The burn rate has dwindled by nearly 50% as the community remains unwavering in chain developments.
The community asserts that LUNC price can reach $1 in this bullish cycle, particularly after the successful v2.4.2 upgrade. Furthermore, Genuine Labs announced advancements on the Terra Classic Security Package upgrade. This will enhance security, functionality, and interoperability. The developer team aims to complete all developments within 8 weeks.
LUNC and USTC Prices Rebound
LUNC price has rebounded 3% from the support in the past few hours. The price presently trades at $0.000155, with a 24-hour high and low of $0.000152 and $0.000162, respectively. Moreover, the trading volume has surged by 20%, indicating a slight uptick in interest among traders.
Data indicate LUNC and 1000LUNC futures open interests rising 2% on Binance and other exchanges in the past few hours. LUNC futures OI increase signifies a positive sentiment among investors and high likelihood of $0.0002. USTC price also rose 2% in the recent hours, with the price currently trading at $0.0289. The 24-hour low and high are $0.0287 and $0.0297, respectively.
