Terra Classic Community Backs Development Fund for Genuine Labs

The Terra Classic community has overwhelmingly approved a proposal to allocate 256 million LUNC (roughly $30,000) to developer group Genuine Labs for development work completed in recent months.

Community Shows Strong Support

Proposal 12113 received near-unanimous approval with 99.93% of votes in favour. This strong endorsement reflects the community’s confidence in Genuine Labs’ contributions to the Terra Classic project. All 46 participating validators also voted for the proposal, highlighting their support for the community pool expenditure.

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Genuine Labs Delivers Key Upgrades

The approved funds will compensate Genuine Labs for successfully implementing several critical upgrades. These include:

  • Upgrading the Terra Classic core to sdk47
  • Implementing security enhancements in the Terra Classic v3.0.1 update
  • Fixing the dyncomm decorator vulnerability
  • Mitigating p2p storm attacks on the Terra Luna Classic chain

These upgrades bolster the security and stability of the Terra Classic blockchain.

Terra Classic’s Current Status

Following the disbursement of LUNC to Genuine Labs, the Terra Classic community pool now holds approximately 5.23 billion LUNC. This decision prioritizes long-term development and reinforces the community’s commitment to the project’s future.

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While the LUNC price has dipped slightly in the last 24 hours, there are positive signs. Data suggests increased buying activity in derivatives markets, indicating potential investor optimism. Despite a price decline for USTC, its trading volume has surged by 67%, suggesting continued interest.

Focus on Security and Scalability

Terra Classic prioritizes security and scalability in its development roadmap. The community’s support for Genuine Labs’ efforts demonstrates their commitment to building a robust, efficient, reliable blockchain ecosystem.

The ongoing implementation of upgrades and security measures is expected to benefit the Terra Classic ecosystem by attracting more developers, users, and projects. As Terra Classic matures, it has the potential to play a significant role in driving adoption, innovation, and growth within the broader Terra ecosystem.

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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.