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The Terra Luna Classic community has rejected a community pool spending proposal presented by the Cosmos developer team BLV Labs. Some developers and community members noted that the proposal was inconsistent with governance rules due to its relation to recent works on the blockchain.
Process of Proposal Rejection
Proposal number 12146, submitted by BLV Labs, failed due to the lack of developments on the Terra Luna Classic mainnet. The proposal received approximately 90% “No” votes from validators, including Allnodes, InterStellar Lounge, Interstake One, and others. The developer team had requested 5,000 LUNC.
Validators indicated that while discussions occurred, there were no deployments on testnet or mainnet, urging the developer team to complete their work and justify the payment.
Developer Team’s Efforts
“We pushed the code to GitHub and created a pull request in the Classic Terra repository. We continue to work on all bugs related to testing and integration,” said a BLV Labs representative.
The developer team worked on using the Oracle module to update and calculate the minimum deposit required to create proposals in the governance module. BLV suggested that the minimum margin would be automatically increased to maintain the proposal value in the event of sudden drops or spikes in LUNC price.
Other Community-Approved Proposals
Meanwhile, the Terra Classic community accepted a proposal to transfer access to the CoinMarketCap dashboard directly to the top validator, Allnodes.
The LUNC price has increased by over 5% in the last 24 hours, currently trading at $0.000118. The $0.00012 level is noted as a significant resistance, and breaking this level may lead to a potential rise to $0.0002.
The USTC price is also trading at $0.0245, up over 5%, but experienced a 31% decrease in trading volume over the last 24 hours. The price has been fluctuating within a specific range this month.
