Terra Luna Classic USTC Repeg Team Proposal Officially Passed

LUNC News: The community pool spend proposal to provide funds to the USTC Quant team for the month of August is officially passed by the Terra Luna Classic community. The proposal was resubmitted by the USTC repeg team after it initially failed to receive minimum votes amid the Terra Station wallet issues.

Terra Luna Classic Community Passes Key Proposal

Proposal 11730 “USTC / Stable Algo Quant Team” has officially passed as the Terra Luna Classic community has approved the proposal. The proposal has received proper validator voting turnout this time as the Station wallet is live and working after being down for many days.

The proposal gets 50% “Yes” votes, making it surpass the “pass threshold.” Also, the proposal has received 8% “No” and 7% “No with veto” votes. The validator with the largest voting power Allnodes voted “Abstain”, making it 35% votes.

In total, 50 validators participated in the governance voting, with 35 validators favoring the proposal. These include DFLunc, Stakely, 1maxfee, TerraCVita, LUNC DAO, and StakeBin.

The proposal was earlier rejected by the community through governance voting. However, USTC Quant team members blamed some validators for changing the outcome of the proposal. A validator announced funding the USTC repeg team for their work through commissions.

The USTC repeg team plans to identify sources of “zombie USTC” for burn without any additional funding.

Read More: Terra Luna Classic (LUNC) Proposes A Decentralized Debit Card

LUNC and USTC Prices Fell Again

A selloff in the broader crypto market was witnessed after the U.S. SEC delayed its decision on all 7 Bitcoin ETFs. LUNC and USTC prices also dropped significantly.

LUNC price is currently trading at $0.000061, down 3% in the last 24 hours and 22% in a month. The 24-hour low and high are $0.0000612 and $0.0000644, respectively.

Meanwhile, USTC price also tumbled 5% in the past 24 hours, with the price currently trading at $0.011. However, the trading volume has increased by 150% in the past 24 hours.

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Varinder has 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He is currently covering all the latest updates and developments in the crypto industry.

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