The LUNC community has received a proposal from Authentic Labs, a group of experienced developers who want to contribute to the Terra Classic ecosystem, something that could help revive the USTC and LUNC tokens.
What the latest LUNC proposal is about
According to the proposal Titled ‘Genuine Labs Terra Classic Development Proposal’, the developers with extensive experience in Cosmos stacks want to work with L1 teams to improve the functions of IBC Hooks and Packet Forward Middleware (PFM). They will also “improve end-to-end testing and interchain testing for the fee charging mechanism.”
These plans, if implemented, apparently bringing many benefits to the Terra Classic ecosystem. First, the IBC Hooks would be able to improve liquidity and cross-chain DeFi applications. IBC hook token transfers will also help facilitate direct dApp interaction. Meanwhile, the PFM will enable multi-hop transfers and robust interchain applications.
Improving and integrating testing mechanisms also brings benefits. This will ensure that the tax mechanism is efficient and reliable and that developers can simulate real-world scenarios for thorough testing. Finally, implementing this will also help accelerate development in the world Terra Classic ecosystem.
If the proposal is approved, Echt Labs will implement these plans in two phases. The developers also said that the implementation will take six weeks and cost $16,000. So far, most validators appear to support the proposal, as 57.32% of the total votes cast voted in favor of the proposal.
However, the quorum has yet to be met, as just over 8% of those entitled to vote have actually voted. The vote on the proposal ends on December 30. There is therefore still sufficient time to scale up the proposal.
LUNC price at $0.00015 | Source: LUNCUSDT on Tradingview.com
Update on the plan to burn 800 million USTC
Bitcoinist had Previously reported the LUNC community’s proposal to burn 800 million USTC from the Luna Classic treasury. The vote on the proposal had begun, and then it seemed more likely than not that the proposal would pass. Since then, however, things have taken a drastic turn.
Data from the voting forum shows that more validators have since voted against the proposal. In fact, some of these validators have gone so far as to vote against it the proposal with their veto power. This is important because the veto votes are currently 24.55% of the total votes cast so far and the veto threshold is 33.40%.
Validators seem to be against this move because of the legal ramifications. This proposal had been said to have cleared them legally, but maybe they still don’t think so and choose to be cautious. Voting ends on December 27 and it will be interesting to see how that turns out.
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