In a bid to breathe new life into Terra Classic (LUNC) and USTC, a promising contender has emerged on the scene. Genuine Labs, a team of seasoned developers hailing from the Cosmos stacks, has presented a comprehensive proposal aimed at addressing the challenges faced by these cryptocurrencies and ushering in a renaissance.
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#LUNC community,
I am registering a new proposal – 11940 – Genuine labs Terra Classic development proposal.
Honestly, we don't have enough information to vote at this time.
Anyway, Luna Classic Labs insists that a proposal must meet the criteria under our voting approach:
YES… pic.twitter.com/EI2dEctUKb
— 🧠 LunaClassicLabs.com (@LunaClassicLabs) December 23, 2023
The proposal, currently under community vote, meticulously identifies key areas for improvement, with a particular focus on IBC Hooks and Packet Forward Middleware (PFM) functionality. Genuine Labs envisions an integrated approach to enhance these features, including robust end-to-end and interchain testing to fortify the critical fee tax charging mechanism.
Boasting a team with a stellar track record, Genuine Labs brings forth experienced developers who have previously contributed to projects like Osmosis and Quicksilver, along with core repositories such as Gravity-Bridge and IBC-Go. Their specialization in fee abstraction modules adds a layer of credibility to their expertise.
Community response has been overwhelmingly positive, with an impressive initial approval rating of 97%. Validators, recognizing the proposal’s potential, have rallied behind Genuine Labs, signalling a shared vision for the future of Terra Classic. The community’s resounding support is evident in the numbers, reflecting a strong backing for the revival initiative.
Traders have also taken notice of the unfolding narrative. LUNC’s price has surged by 3%, accompanied by a notable increase in trading volume, indicative of renewed interest in the cryptocurrency. Similarly, USTC witnessed a 3% uptick, coupled with a staggering 120% surge in trading volume, driven by a flurry of USTC burn proposals circulating within the community.
While the initial signs are encouraging, challenges loom on the path to recovery. Genuine Labs must navigate the remaining 3% of community dissent to secure definitive approval. The implementation of their ambitious plans will demand overcoming technical and logistical hurdles, putting their capabilities to the test.
Genuine Labs’ intervention injects a much-needed dose of optimism into the Terra Classic narrative. With their expertise and unwavering community support, the collaboration holds the potential to spark a sustainable revival for LUNC and USTC. The upcoming weeks will be pivotal, in determining whether the Cosmos ecosystem’s helping hand can guide Terra Classic toward a brighter future.