The Terra Classic community has overwhelmingly rejected a proposal to create an independent community website, fueling market discussions. However, despite this setback, Terra Classic’s LUNC token saw a notable rally, gaining over 5%. This surge is likely attributed to recent positive developments surrounding Terraform Labs (TFL) and its Chapter 11 bankruptcy proceedings.
Terra Classic Community Rejects Key Proposal
The Terra Classic community has recently voted on a governance proposal to establish an independent website, modeled after Bitcoin.org. This proposed independent website was intended to integrate design processes and concept workshops, fostering a more cohesive community.
However, the Terra community’s proposal received minimal support. Only 4% of the votes were in favor, while over 21% voted against it. A significant 63% of the participants chose to veto the proposal, and 12% chose the “Abstain” option.
Meanwhile, the rejection of this proposal reflects the Terra Classic community’s reluctance to pursue this direction at this time. But despite the proposal failure, the price of Terra Classic (LUNC) experienced a surprising rally. The token’s value increased by about 5%, capturing market attention and demonstrating the resilience of the Terra ecosystem.
Also Read: Is Elon Musk Joining Donald Trump In Nashville Bitcoin Conference?
TFL Bankruptcy Update Boosts Price?
The recent rally in LUNC can be attributed to updates from Terraform Labs’ Chapter 11 bankruptcy proceedings. As reported by CoinGape Media earlier, a new court order has authorized the reopening of the shuttle bridge and a substantial 150 million LUNA burn. This development has sparked renewed interest and optimism within the Terra Classic community.
Meanwhile, the Terra community highlighted the importance of these updates. The reopening of the shuttle bridge allows for the movement of significant amounts of LUNC and USTC.
Specifically, the bridge contains 275.7 billion LUNC and 178.4 million USTC, according to data. Notably, the Terra Classic community plans to keep the bridge open for one month. If the funds are not withdrawn during this period, they will be burned, reducing the circulating supply.
This strategic move aims to bolster market confidence and support the long-term stability of the Terra ecosystem. Besides, additional wallets are also scheduled for burning, with detailed information expected by September 2024. This systematic approach to managing the token supply has been well-received by the community and investors alike.
As of writing, LUNC price was up 4.65% and exchanged hands at $0.00009108, while hitting a 24-hour high of $0.00009153. The token noted a surge of nearly 30% in the last seven days, reflecting the growing market interest.
On the other hand, USTC price was up about 4% to $0.02047. Furthermore, its one-day trading volume jumped about 60%, indicating significant trading activity.
Also Read: XRP Lawyer Targets Gary Gensler Amid SEC’s Latest Defeat
The post Terra Classic Rejects Major Proposal; TFL Update To Boost LUNC Rally? appeared first on CoinGape.