In a significant development for the Terra Classic (LUNC) community, a key proposal aimed at improving governance and decentralization within the Commonwealth forum has been successfully passed. The proposal, titled “Enhancing Governance and Decentralization in the Transition to Commonwealth,” was submitted by Terra Classic validator Happy Catty Crypto and has garnered widespread support.
The proposal addresses concerns related to the recent transition from Agora to Commonwealth, which had taken place without community voting and transparency. This lack of community involvement resulted in certain individuals assuming administrative roles without proper consensus.
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Overwhelming Support for Proposal 11653 for the purpose of improving governance and decentralization
The Terra Classic community has shown strong support for Proposal 11653, with an impressive 94% of votes in favour. This overwhelming majority signifies an important step towards a more inclusive and transparent decision-making process.
One of the significant aspects of the approved proposal is the appointment of Vinh Nguyen, Joint L1 Task Force developer, as the new admin. This appointment is temporary and will be in effect until a subsequent proposal is passed to determine future administrators. The aim is to reduce unfair control and uphold the principles of decentralization, ensuring that administrative positions are chosen through a more democratic process.
The approved proposal also emphasizes the integration of the Commonwealth button into the community-owned Station wallet. This integration will promote inclusivity and transparency within Terra Luna Classic, allowing community members to participate more actively in decision-making processes.
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Impact on LUNC Price
News of the successful proposal’s passage has sparked anticipation among investors regarding its potential impact on the price of LUNC. As of now, LUNC is trading below the $0.000082 support level after failing to maintain the $0.000090 level. The current trading price stands at $0.000081, representing a slight decline of 1% in the past 24 hours. The 24-hour trading range for LUNC is between $0.0000813 and $0.0000824.
The successful passing of Proposal 11653 is likely to bring increased confidence to the Terra Classic community, as it signifies a commitment to transparent governance and decentralization. As the community continues to work towards strengthening its decision-making processes, investors will closely monitor how these developments may affect the future trajectory of LUNC’s price and overall market sentiment.