Terra Classic Community Divided Over Proposal To Appoint Binance CEO CZ As Ecosystem Leader

In a surprising turn of events, the Terra Classic (LUNC) community finds itself embroiled in a heated debate over the potential appointment of Changpeng “CZ” Zhao, the CEO of Binance, as the Ecosystem Leader for the project. Proposal 11614, submitted on June 29, aims to address persistent internal conflicts within Terra Classic and expedite the process of revitalizing the ecosystem. However, this proposal has generated both support and opposition within the community.

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Terra Classic Proposes To Make Changpeng Zhao, the CEO of Binance, the Ecosystem Leader

The proposal highlights several concerns plaguing Terra Classic, including disagreements among community members, conflicts of interest among validators, and a cumbersome governance process that has hindered development and led to a decline in LUNC’s price. To overcome these challenges and breathe new life into the project, supporters of the proposal argue that a strong leader is needed to manage blockchain resources, developer teams, and decision-making processes.

https://twitter.com/CosmoSreXx/status/1675743190505144320

If the proposal is approved, CZ will assume the role of ecosystem leader for Terra Classic. His responsibilities would encompass overseeing the Terra infrastructure, coordinating development activities at both L1 and L2 levels, and making governance decisions for LUNC until its price reaches the desired $1 mark. The proponents of CZ’s candidacy cite Binance’s support for LUNC burns, CZ’s expertise in the crypto industry, and access to substantial funds as reasons why he would be an ideal candidate for the position.

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Terra Community Reacts to the new proposal

However, opposition to the proposal has also emerged within the community. Critics, such as LUNCDash, express concerns that CZ’s decisions may prioritize the well-being of Binance over the interests of LUNC. They fear that this could lead to market manipulation and potentially undermine the project’s autonomy. These opponents urge caution and emphasize the importance of safeguarding the community’s interests in any decision-making process.

Classy emphasized that Terra Classic is neither a meme coin nor a shitcoin and should be treated respectfully. He stressed the necessity of prior approval from CZ, stating that it makes the community look like a circus.

LETS MAKE CZ THE SUPREME LEADER OF $LUNC!?

What does this sound like to you? A memecoin narrative? A shitcoin?#LUNC is not a shitcoin, treat it with respect.

If you want to go to L1 to propose "CZ" be the supreme leader of #LUNC you better have already gotten approval from… pic.twitter.com/MruFLigGz0

— Jesus Martinez (@0xJesusMartinez) July 3, 2023

With three days remaining before the voting period concludes, the proposal has yet to secure the required pass threshold. At the time of reporting, 50.82% of the votes are against the proposal, with 9.83% in favour of a “No with Veto” option. However, 39.35% of governance votes support the appointment of CZ as the ecosystem leader. This division reflects the ongoing debates and differing opinions within the Terra Classic community regarding the best path forward for the project.

As the voting period draws to a close, all eyes are on the outcome of this significant decision. The Terra Classic community faces a critical juncture where it must strike a delicate balance between the need for strong leadership and the preservation of decentralization and community governance. The repercussions of this proposal’s acceptance or rejection will undoubtedly shape the future trajectory of Terra Classic, its ecosystem, and the broader crypto community’s perception of governance dynamics in decentralized projects.

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OLAJIDE SAMUEL

Dr. Olajide Samuel juggles the demands of medical studies with a passion for cryptocurrency. A seasoned blogger, Olajide shares his vast global knowledge of the crypto space, offering insights to enthusiasts. Despite his busy schedule, his commitment to crypto remains strong, and he actively seeks ways to contribute to its future.