The Terra Luna Classic (LUNC) community is voting on a proposal to establish a core team responsible for the blockchain’s development. This follows the disbandment of the Joint L1 Task Force (JL1TF) earlier this year.
Proposal: Establish a Terra Classic Team
The proposal, titled “Establish a Terra Classic Team” (Proposal 12093), seeks community approval for a permanent team funded from the community pool. Similar to Terraform Labs for Terra (LUNA), this team would focus solely on the Terra Classic blockchain.
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Details regarding specific roles, salaries, and team size are to be determined in a follow-up proposal contingent on the current one’s success. The Terra Luna Classic community and validators will discuss and finalize these details on the Commonwealth forum.
What could be the fate of the proposal?
If the proposal is rejected, the team’s requirements, roles, and responsibilities will be revised until a revised proposal garners community approval. Following successful governance approval for team structure, the proposal outlines engaging the community and validators on Commonwealth to nominate developers for the created positions.
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Currently, the proposal enjoys strong community support with 82% approval. However, some community members have raised concerns about potential centralization, conflicts with the existing pay-per-job model, and the lack of developer KYC requirements.
LUNC and USTC Price Movement
Despite the ongoing proposal, LUNC’s price movement remains subdued. The token is currently trading at $0.0001301, up slightly over the past 24 hours. While trading volume has decreased by 23%, LUNC futures open interest has seen a 5% increase, suggesting some traders anticipate a potential rebound.
Meanwhile, USTC’s price has exhibited minimal movement over the past week, currently hovering around $0.0250.
The establishment of a dedicated development team could be a significant step forward for Terra Luna Classic. However, the community’s concerns regarding team structure and transparency need to be addressed to ensure the project’s sustainable growth.