Terra Luna Classic’s Transformative Shift: Jax.Zone’s Smart Contracts and Proposal 11780 Vote
The world of JavaScript programming, home to approximately 17 million developers, is on the brink of a revolutionary transformation. Jax. Zone is about to launch an innovative smart contract platform, allowing developers to create and deploy smart contracts using JavaScript on the Terra blockchain. This groundbreaking development recently caught the attention of the crypto community with a Tweet from Terra, promising to reshape the blockchain landscape.
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The JavaScript programming language community is the largest in the world, standing at ~ 17M developers 👨💻@jaxdotzone is a smart contract platform that will allow developers to write and deploy contracts written in JavaScript on the Terra blockchain.
Here's a sneak peek 👀 pic.twitter.com/3U9dCGKOhh
— Terra 🌍 Powered by LUNA 🌕 (@terra_money) September 8, 2023
Terra Luna Classic’s Community at a Crossroads
At the same time, the Terra Luna Classic (LUNC) community is in the midst of a critical decision-making process with Proposal 11780 on the table. The primary aim of this proposal is to address the growing issue of spam proposals within the community. It suggests a substantial increase in the minimum deposit required for submitting proposals, from 1 million to 5 million LUNC. This proposal has been prompted by the lively activity in the crypto market, especially in anticipation of the v2.2.1 core upgrade scheduled for September 12 at 9.57 UTC. Key stakeholders, including validators and prominent developer groups like Hexxagon, agree that the current 1 million LUNC deposit is insufficient in deterring spam proposals.
However, the response to Proposal 11780 is far from unanimous, with the community divided: 34% in favour, 64% against, and an additional 2% voting “No with a veto.”
Leading validators, such as Hexxagon, Lunanauts, and Coinpayu, have voiced their support for the proposal, emphasizing the need to curb spam. In contrast, some community members, including JESUSISLORD, have expressed concerns that the proposed 5x increase could hinder regular community members from presenting their proposals, potentially stifling diversity and innovation within the ecosystem.
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LUNC’s performance is positive
Despite this internal debate, both LUNC and its parent token, LUNA, have been performing well in the market. LUNA witnessed a 5% increase in value over the previous week, attributed to initiatives by Terraform Labs (TFL). LUNC, the native token of Terra Luna Classic, has been displaying stability, currently priced at $0.00005987, with many attributing this stability to anticipation of the forthcoming core upgrade by the L1TF developer team. Simultaneously, LUNA’s trading price stands at $0.4095, demonstrating resilience despite a minor dip from its previous highs, reflecting overall positive market sentiment.
The Terra Luna Classic community is closely monitoring these unfolding developments. With the fate of Proposal 11780 potentially reshaping its governance structure and the positive market movements of LUNC and LUNA, the community eagerly anticipates the long-term implications of these events on Terra Luna Classic’s future trajectory.
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