- The Terra Luna Classic core developer Joint L1 Task Force (L1TF) has proposed establishing a community-owned wallet.
- LUNC has experienced a remarkable increase of 40% from its low point in December, below $0.00013.
The Terra Luna Classic core developer Joint L1 Task Force (L1TF) has put forward a proposal to establish a community-owned wallet. Through governance, this wallet would be overseen by the Terra Luna Classic (LUNC) community. Additionally, LUNC validator Happy Catty Crypto has submitted a corresponding proposal for voting, aiming to prioritize the development of wallet infrastructure and safeguard against privatization.
Proposal 11630: Building Wallet Infrastructure
Happy Catty Crypto’s Proposal 11630, titled “L1 Team To Build Wallet Infrastructure,” has garnered community support and is currently being voted on. The proposal has obtained nearly 72% of “Yes” and 28% of “No” votes. Notably, validators like Happy Catty Crypto, T.MOM, and Classy’s Sphere have expressed their favor towards the proposal. The voting period will conclude on July 14.
The proposal puts forward the recommendation of Professor Edward Kim, a highly regarded figure in the community, to oversee the domain and other controls of the infrastructure. The Joint L1 Task Force will develop the community-owned wallet without any charges. Furthermore, the Joint L1 Task Force’s computing budget can cover domain registration and hosting expenses.
Given that Happy Catty Crypto’s proposal aligns with the L1TF proposal, the developer team will create various versions of the Terra Luna Classic community-owned web-based Station, iOS and Android mobile apps, and a Chrome browser extension. However, the emphasis lies on prioritizing the wallet’s development and infrastructure while establishing a dedicated L2 team responsible for overseeing all wallet aspects.
In a manner reminiscent of L1TF, validators, and the community believe that reducing privatization and dependence on TFL is necessary to enhance the reliability and uptime of the Station. Several members contend that the community should cease funding Terra Rebels’ Rebel Station and infrastructure.
Terra Luna Classic Price Projection Increases by 48%
The Luna Classic cryptocurrency, represented by the ticker symbol LUNC, has experienced a remarkable increase of 40% from its low point in December, below $0.00013. This surge comes as the original Terra blockchain has gradually become inactive.
However, despite cautious optimism surrounding short-term price forecasts, the cryptocurrency’s near-term technical analysis presents a highly positive outlook. At the beginning of this month, LUNC/USD broke free from a long-standing downtrend constraining its price movement since early October. Additionally, the cryptocurrency seems to follow an upward trending channel that has persisted since mid-December.
Although the near-term prospects for LUNC appear promising, reaching a value of $1.0 in 2023 is improbable unless the Luna Classic community makes significant modifications to the cryptocurrency’s tokenomics. This is primarily due to the substantial circulation of approximately 7 trillion LUNC tokens.
Luna Classic’s attainment of a market capitalization of $7 trillion is highly unlikely, especially in light of the impending collapse of the blockchain’s entire Web3 ecosystem in mid-2022 when the UST separates from the US dollar. Moreover, hyperinflation has already commenced within LUNC, further dampening the prospects of achieving such a milestone.
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