{"id":566831,"date":"2023-12-25T10:30:17","date_gmt":"2023-12-25T10:30:17","guid":{"rendered":"https:\/\/wncen.com\/?p=566831"},"modified":"2024-06-11T14:43:41","modified_gmt":"2024-06-11T14:43:41","slug":"ustc-lunc-to-1","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/ustc-lunc-to-1\/","title":{"rendered":"Crypto Veterans Team Up With New Proposal To Send LUNC And USTC To $1"},"content":{"rendered":"

The <\/span>LUNC community<\/span><\/a> has received a proposal from Genuine Labs, a group of experienced developers who aim to contribute to the Terra Classic ecosystem, something that could <\/span>help revive the USTC<\/span><\/a> and LUNC tokens.\u00a0<\/span><\/p>\n

What The Latest LUNC Proposal Is About<\/h2>\n

According to the <\/span>proposal<\/span><\/a> titled \u2018Genuine Labs Terra Classic Development Proposal,\u2019 the developers who boast extensive experience in Cosmos stacks aim to work with <\/span>L1 teams<\/span><\/a> to improve the IBC Hooks and Packet Forward Middleware (PFM) features. They will also enhance the \u201cend-to-end testing and interchain testing for the fee tax charging mechanism.\u201d<\/span><\/p>\n

Related Reading: Google AI Predicts When XRP Price Will Cross $5 And What Will Drive It<\/a><\/div>\n

These plans, <\/span>if implemented<\/span><\/a>, apparently come with a lot of benefits for the Terra Classic ecosystem. For one, the IBC Hooks is said to be capable of enhancing liquidity and cross-chain DeFi applications. IBC-hook token transfers will also help facilitate direct dApp interaction. Meanwhile, the PFM will enable multi-hop transfers and robust interchain applications.<\/span><\/p>\n

Improving and integrating testing mechanisms also comes with its benefits. This will ensure that the tax mechanism is efficient and reliable and developers will be able to simulate real-world scenarios for thorough testing. Lastly, implementing this will also help accelerate development in the <\/span>Terra Classic ecosystem<\/span><\/a>.\u00a0<\/span><\/p>\n

If the proposal gets approved, Genuine Labs will carry out these plans in two phases. The developers also mentioned that implementation will last for for six weeks and will cost $16,000. So far, <\/span>most validators<\/span><\/a> seem to be in support of the proposal, as 57.32% of the total votes cast have voted in support of it.\u00a0<\/span><\/p>\n

The quorum is, however, yet to be met as just over 8% of those meant to vote have actually voted. Voting for the proposal will end on December 30. Therefore, there is still enough time for the proposal to scale through.\u00a0<\/span><\/p>\n

\"LUNC<\/p>\n

LUNC price at $0.00015 | Source: LUNCUSDT on Tradingview.com<\/a><\/pre>\n
Update On The Plan To Burn 800 Million USTC<\/h2>\n
Bitcoinist had <\/span>previously reported<\/span><\/a> the LUNC community\u2019s proposal to burn 800 million USTC from the Luna Classic treasury. Voting on the proposal had begun, and then, it looked more likely than not that the proposal was going to scale through. However, things have taken a drastic turn since then.\u00a0<\/span><\/p>\n
Related Reading: $10 Million Worth Of Dogecoin Exit Robinhood \u2013 What This Could Mean For Price<\/a><\/div>\n
Data from the <\/span>voting forum<\/span><\/a> shows that more validators have voted against the proposal since then. In fact, some of these <\/span>validators<\/span><\/a> have gone as far as voting against <\/span>the proposal<\/span><\/a> with their veto power. This is significant as the veto votes currently stand at 24.55% of the total votes cast so far, and the veto threshold is 33.40%.\u00a0<\/span><\/p>\n
Validators seem to be against this move due to the legal repercussions. This proposal <\/span>was said<\/span><\/a> to have legally absolved them, but they might still not think so and are choosing to be cautious. Voting ends on December 27, and it will be interesting to see how that plays out.\u00a0<\/span><\/p>\n
Featured image from Block Builders, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"
The LUNC community has received a proposal from Genuine Labs, a group of experienced developers who aim to contribute to the Terra Classic ecosystem, something that could help revive the USTC and LUNC tokens.\u00a0 What The Latest LUNC Proposal Is About According to the proposal titled \u2018Genuine Labs Terra Classic Development Proposal,\u2019 the developers who boast extensive experience in Cosmos stacks aim to work with L1 teams to improve the IBC Hooks and Packet Forward Middleware (PFM) features. They will also enhance the \u201cend-to-end testing and interchain testing for the fee tax charging mechanism.\u201d Related Reading: Google AI Predicts When XRP Price Will Cross $5 And What Will Drive It These plans, if implemented, apparently come with a lot of benefits for the Terra Classic ecosystem. For one, the IBC Hooks is said to be capable of enhancing liquidity and cross-chain DeFi applications. IBC-hook token transfers will also help facilitate direct dApp interaction. Meanwhile, the PFM will enable multi-hop transfers and robust interchain applications. Improving and integrating testing mechanisms also comes with its benefits. This will ensure that the tax mechanism is efficient and reliable and developers will be able to simulate real-world scenarios for thorough testing. Lastly, implementing this will also help accelerate development in the Terra Classic ecosystem.\u00a0 If the proposal gets approved, Genuine Labs will carry out these plans in two phases. The developers also mentioned that implementation will last for for six weeks and will cost $16,000. So far, most validators seem to be in support of the proposal, as 57.32% of the total votes cast have voted in support of it.\u00a0 The quorum is, however, yet to be met as just over 8% of those meant to vote have actually voted. Voting for the proposal will end on December 30. Therefore, there is still enough time for the proposal to scale through.\u00a0 LUNC price at $0.00015 | Source: LUNCUSDT on Tradingview.com Update On The Plan To Burn 800 Million USTC Bitcoinist had previously reported the LUNC community\u2019s proposal to burn 800 million USTC from the Luna Classic treasury. Voting on the proposal had begun, and then, it looked more likely than not that the proposal was going to scale through. However, things have taken a drastic turn since then.\u00a0 Related Reading: $10 Million Worth Of Dogecoin Exit Robinhood \u2013 What This Could Mean For Price Data from the voting forum shows that more validators have voted against the proposal since then. In fact, some of these validators have gone as far as voting against the proposal with their veto power. This is significant as the veto votes currently stand at 24.55% of the total votes cast so far, and the veto threshold is 33.40%.\u00a0 Validators seem to be against this move due to the legal repercussions. This proposal was said to have legally absolved them, but they might still not think so and are choosing to be cautious. Voting ends on December 27, and it will be interesting to see how that plays out.\u00a0 Featured image from Block Builders, chart from Tradingview.com<\/p>\n","protected":false},"author":594,"featured_media":566834,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[6664,14690,86067,90558,86977,86796,65698,90869,90450,86791,90449],"class_list":["post-566831","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-crypto","tag-crypto-news","tag-lunc","tag-lunc-news","tag-luncusd","tag-luncusdt","tag-terra","tag-terra-community","tag-terra-news","tag-ustc","tag-ustc-news"],"acf":[],"yoast_head":"\nCrypto Veterans Team Up With New Proposal To Send LUNC And USTC To $1<\/title>\n<meta name=\"description\" content=\"The LUNC community has received a proposal from Genuine Labs, 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During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others. Scott\u2019s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott\u2019s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry. Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors. In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else. Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies. Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.","sameAs":["https:\/\/x.com\/https:\/\/twitter.com\/MathersonScott"],"url":"https:\/\/wncen.com\/author\/mathersonscott1\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Crypto Veterans Team Up With New Proposal To Send LUNC And USTC To $1","url":"http:\/\/wncen.com\/news\/ustc-lunc-to-1\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/ustc-lunc-to-1\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/12\/LUNC-USTC-Terra-Small-1.jpeg?resize=200%2C180","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/12\/LUNC-USTC-Terra-Small-1.jpeg?fit=320%2C180"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Scott Matherson"}],"creator":["Scott Matherson"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["crypto","crypto news","lunc","lunc news","luncusd","luncusdt","terra","terra community","terra news","ustc","ustc news"],"dateCreated":"2023-12-25T10:30:17Z","datePublished":"2023-12-25T10:30:17Z","dateModified":"2024-06-11T14:43:41Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Crypto Veterans Team Up With New Proposal To Send LUNC And USTC To $1\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/ustc-lunc-to-1\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/ustc-lunc-to-1\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/12\\\/LUNC-USTC-Terra-Small-1.jpeg?resize=200%2C180\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/12\\\/LUNC-USTC-Terra-Small-1.jpeg?fit=320%2C180\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Scott Matherson\"}],\"creator\":[\"Scott Matherson\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"crypto\",\"crypto news\",\"lunc\",\"lunc news\",\"luncusd\",\"luncusdt\",\"terra\",\"terra community\",\"terra news\",\"ustc\",\"ustc news\"],\"dateCreated\":\"2023-12-25T10:30:17Z\",\"datePublished\":\"2023-12-25T10:30:17Z\",\"dateModified\":\"2024-06-11T14:43:41Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/12\/LUNC-USTC-Terra-Small-1.jpeg?fit=320%2C180","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/566831"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/594"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=566831"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/566831\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/566834"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=566831"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=566831"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=566831"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}