A group of experienced developers known as Genuine Labs has openly supported the Terra Luna Classic community. The team extended a helping hand that could potentially assist in reviving LUNC and USTC repeg. The developer team conducted reviews and discovered multiple issues with Terra Classic, proposing a vote to address these problems.
New Developer Group in Terra Luna Classic
The “Genuine labs Terra Classic Development Proposal,” numbered 11940, is ready for governance voting in the community-supported Station wallet. The team’s mindset indicates plans to work in collaboration with L1 teams on Terra Luna Classic.
The developer group’s plans are beginning to emerge. The team intends to focus on integrating IBC Hooks and Packet Forward Middleware (PFM) features into the system and developing end-to-end and cross-chain tests for the tax fee mechanism.
The team consists of senior developer Nguyen, senior developer Minh, and junior developer Dong. They have contributed to significant projects such as Osmosis, Quicksilver, Stride, and Composable, and have been involved in various projects like Gravity-Bridge, IBC-Go, and Cosmos-SDK. In addition to these tasks, they also developed a module that could minimize fees.
The team aims to make valuable improvements that could contribute to the Terra Luna Classic ecosystem. The fee requested for this process is $16,000 for a 6-week period.
The initial vote shows that they have the support of 97% of community members, which indicates a high approval rate rarely seen even in low-risk proposals. Nevertheless, 2% voted to veto the proposal, and 1% voted no.
Current Status of LUNC Price
Looking at the LUNC price, it has fallen by 3% in the last 24 hours. At the time of writing, the price is trading at $0.000161. The lowest and highest prices in the 24-hour period were $0.000153 and $0.000170, respectively.
Despite the price drop, the trading volume has increased by over 40% in the last 24 hours, indicating increased interest among traders.
On the other hand, the USTC price has fallen by 7% in the last 24 hours to $0.0356 and is trading at this level. The trading volume has increased similarly to LUNC. After a 119% increase in the 24-hour trading volume, it rose to $109 million. The overall volume remained neutral at $322 million.
