Terra Classic Community Holds Crucial Revote for USTC Repeg Proposal Amid Technical Challenges
In a pivotal turn of events within the Terra Classic community, a significant revote is underway to address a funding proposal from the USTC repeg team. This renewed effort comes in the wake of an initial proposal that fell short of the required votes for approval due to technical issues linked to the Terra Station wallet.
With a determined aim to rectify this setback, the USTC repeg team has resubmitted the proposal with an emphasis on garnering substantial participation from validators during this pivotal revote. The proposal, numbered 11730 and titled “USTC / Stable Algo Quant Team,” is now open for community voting from August 26th to September 2nd. Following a period of extended downtime, the Terra Station wallet has been restored to full functionality, providing renewed hope for a stronger turnout of validator votes and a more definitive outcome.
The need for a second submission Analysed
A representative from the LUNC community, recognizing the need for a second submission, highlighted the significance of this effort, saying, “Quant Team is too nice and proud to re-submit it, so somebody has to do it. This time, since TS is working again, we can expect proper validator voting turnout and live with the final results.”
$LUNC proposal 11730 to fund the $USTC Quant Team for the month of August is now live for voting. The author states due to Terra Station being down during the last vote proper validator turnout was not received and this will be the official decision. 💎🤲🏻 #Crypto #LUNC pic.twitter.com/FosK8ROK0C
— Mr. Diamondhandz1💎 (@MrDiamondhandz1) August 26, 2023
The core of proposal 11730, orchestrated by the LUNC community, seeks to allocate funds for the USTC Quant Team’s activities during August. With Hexxagon as the sponsor of the USTC proposal, the outstanding balance required to advance it to governance voting on Terra Station has been successfully settled. Hexxagon’s endorsement of the proposal, coupled with their affirmative vote, serves as a plea to the Terra Classic community for their approval.
We’ve paid the remaining balance on Proposal 11730 to get it out of the deposit stage! We’ve also voted Yes!!! We hope you join us in supporting the teams working on #LUNC #USTC #LUNCARMY pic.twitter.com/E2ctjCIZFz
— Hexxagon (@hexxagon_io) August 26, 2023
As of the latest statistics, the proposal has garnered a distribution of votes, with 43% in favour, 28% against, and 29% opting for a “No with veto” stance. Among the validators, nine have signified their support, while six have cast dissenting votes. An intriguing aspect of this dynamic is the “No with veto” vote submitted by the JESUSisLORD validator, who cited concerns over unprofessional and hazardous behaviour as the foundation for their opposition.
The Proposal once rejected
The backdrop to this development includes a previous rejection of the proposal via governance voting. However, the USTC Quant team has directed blame towards specific validators, accusing them of manipulating the outcome. This accusation adds an element of contention and intrigue to the proceedings, underscoring the complexities of decentralized governance and decision-making within the Terra Classic ecosystem.
As the Terra Classic community navigates this critical revote, the outcome holds profound implications for the USTC repeg team’s aspirations and the broader trajectory of the Terra Classic network. With renewed determination and the Terra Station wallet back in action, stakeholders are watching closely to see how this chapter unfolds in the ongoing saga of blockchain governance.
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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.
