Based

Terra Classic

Terra

<p>The <a href="https://bitcoinist.com/terra-luna-classic-launches-bug-bounty-program/">LUNC community</a> has experienced a setback in their plans to revive the crypto token following the rejection of a proposal that was believed to be beneficial to the ecosystem. This latest proposal joins a <a href="https://www.newsbtc.com/analysis/lunc/ustc-lunc-to-1/#:~:text=Steady%20At%20%2446%2C000-,Crypto%20Veterans%20Team%20Up%20With%20New%20Proposal,LUNC%20And%20USTC%20To%20%241&amp;text=The%20LUNC%20community%20has%20received,the%20USTC%20and%20LUNC%20tokens." rel="nofollow noopener" target="_blank">growing list of proposals</a> that have been put forward in a bid to restore LUNC to its previous highs.&nbsp;</p> 
<h2 id="an-overview-of-the-rejected-lunc-proposal">An Overview Of The Rejected LUNC Proposal</h2> 
<p>The <a href="https://station.terraclassic.community/proposal/columbus-5/11978" rel="nofollow noopener" target="_blank">proposal</a> titled ‘(Signal Prop) Investigate EVM functionality’ was seeking to gain the community’s approval to open up the Terra platform to Ethereum Virtual Machine (EVM). That would have possibly led to the Terra chain becoming interoperable with a number of chains that already exist under the <a href="https://bitcoinist.com/evm-chains-see-slump-in-inscriptions/">EVM umbrella</a>.&nbsp;</p> 
<p>The proposal also highlighted how Terra, being compatible with <a href="https://bitcoinist.com/tvl-of-coinbase-base-layer-2-scaling-solution-53/">Rollups</a>, could increase the network’s processing power as more transactions will be able to be processed simultaneously. Terra’s potential compatibility with <a href="https://www.newsbtc.com/analysis/matic-analysis/polygon-zkevm-successfully-completes-first-major-upgrade-introduces-dragonfruit/" rel="nofollow noopener" target="_blank">Optimistic transactions</a> also meant that the network would not need to send direct security information on each transaction.&nbsp;</p> 
<p>This plan, if implemented, also has the potential to boost liquidity in the Terra ecosystem, something which could have a <a href="https://bitcoinist.com/extradition-do-kwon-decision-reversed-lunc-jumps-13/">positive impact on LUNC’s price</a>. This is because it would have been easy for existing decentralized applications (dApps) to migrate to the network with ” minimal or even no development time.”</p> 
<p><img loading="lazy" decoding="async" class="aligncenter size-medium" src="https://www.tradingview.com/x/7swDAsX1/" alt="LUNC price chart from Tradingview.com (Terra Classic)" width="3266" height="1530"></p> 
<h2 id="why-the-proposal-could-have-been-rejected">Why The Proposal Could Have Been Rejected&nbsp;</h2> 
<p>DiamondHandz, a prominent member of the LUNC community, provided insights into why the proposal might have been rejected. He shared an X (formerly Twitter) <a href="https://x.com/MrDiamondhandz1/status/1747603078277193947?s=20" rel="nofollow" target="_blank">post</a> that revealed a memo from Allnodes, one of the validators who voted against the proposal. Based on the memo, Allnodes looks to have had reservations about the cost involved in <a href="https://bitcoinist.com/ustc-lunc-1-terra-classic-proposal/">implementing</a> such a project.&nbsp;</p> 
<p>Following the post, another X user <a href="https://x.com/rksal01/status/1747622750280147140?s=20" rel="nofollow" target="_blank">responded</a> and noted how the proposal was just about carrying out an analysis and investigation as another proposal will need to be passed for implementation. The user further stated that members need to approve these kinds of proposals “otherwise there won’t be any progress.”</p> 
<p>Indeed, the proposal noted how this move was just to show how and why Terra should consider being EVM-compatible. Implementing the changes into the code would have required another proposal. It is a possibility that <a href="https://bitcoinist.com/binance-reduces-lunc-supply/">validators</a> like Allnodes misunderstood the objectives behind the proposal or simply believed that there was not enough funding to finance the project in the long run.&nbsp;</p> 
<p>Despite this setback, the <a href="https://bitcoinist.com/binance-major-catalyst-lunc-rally/">LUNC</a> community can derive joy in the fact that the ‘Genuine Labs Terra Classic Development Proposal’ was passed. That is <a href="https://www.newsbtc.com/analysis/lunc/ustc-lunc-to-1/#:~:text=Steady%20At%20%2446%2C000-,Crypto%20Veterans%20Team%20Up%20With%20New%20Proposal,LUNC%20And%20USTC%20To%20%241&amp;text=The%20LUNC%20community%20has%20received,the%20USTC%20and%20LUNC%20tokens." rel="nofollow noopener" target="_blank">another proposal</a> that can help make Terra more interoperable with other chains and help enhance liquidity and cross-chain DeFi applications.&nbsp;</p>

LUNC Recovery Impossible? Terra Classic Community Votes Against Revival Proposal

Table of Contents

Bitcoinist

Other articles published on Jan 18, 2024

AI Firm Anthropic Faces Legal Music Battle

Layoffs: 5% of global workforce will lose their jobs to AI in 2024- PwC survey shows

eBay & Amazon are looking closely at Pushd (PUSHD) to be the next PAYPAL. Ethereum (ETH) and Bitc...

XRP on Shaky Ground: Can THIS Key Support Hold or Is a Sell-Off Coming?

Justin Sun’s TrueUSD trades below $0.97 amidst selling on Binance

Ethereum Classic Price Displays Strong Bearish Move! ETC Price To Drop 20% Soon?

Join our free newsletter for daily crypto updates!