The Terra Luna Classic community pool balance has reached crisis levels following the approval of three community pool spending proposals.funds have increased significantly Diminished Down from 2.37 billion LUNC to just 416 million LUNC.
As a result, the community is currently facing funding shortfalls, impeding its ability to fund further development and maintenance of the chain.
Suggestions and Assignments for the Terra Luna Community
The Terra Luna Classic community has passed three proposals that will cause the reserves to be depleted. These are proposals from the quant team on USTC re-pegging, third quarter proposals of the Consolidated L1 Task Force, and Terra Rebels on continued infrastructure and app operations.
Related article: Terra LUNA Classic: Prosperity or Struggle after Ecosystem Collapse?
Core Developer Consolidated L1 Task Force Q3 received 1,264 million LUNC, Quant USTC Repeg Team received 222,222,000 LUNC, and Terra Rebels received 484,367,000 LUNC. Currently, there are only 416.33 million LUNC and 4.49 million USTC in the community pool balance.
The Consolidated L1 Task Force Q3 proposes reducing LUNC and USTC circulating supplies, upgrading to stable Columbus and Cosmos SDK versions, and working on other major developments in Q3. L1TF and Professor Edward Kim will assist the Quanto team in re-pegging the USTC.
Meanwhile, the Quant team worked on modeling and simulating USTC incremental repegging buybacks and staking swaps, evaluating and evaluating market modules, and developing other tools.
Terra Rebels needs funding to continue the operation and maintenance of Rebel Station and other apps, testnets and Terra Classic infrastructure.
In light of recent developments, several prominent figures within the community have expressed concerns about the approval of the seemingly unnecessary community spending proposal. They believe that a more insightful approach should be taken, and that only significant proposals should go to vote after thorough and thoughtful discussion.
This sentiment reflects the community’s desire to prioritize and allocate resources effectively and make decisions in the best interest of the community as a whole.
LUNC Price Fluctuations and Trading Activity
The price of Terra Luna Classic soared following Binance’s announcement of 2.65 billion LUNC burns on Saturday. Significant increase of over 3%. However, the rally did not last long as the price failed to sustain the rise and then retreated to the support level.
LUNCUSDT daily chart | Source: TradingView
Over the last 24 hours, the LUNC price has shown a sideways trading pattern and is currently hovering around $0.000087.
The lowest and highest recorded values for this period were $0.0000850 and $0.0000877 respectively. Although the price has remained relatively stable, it is worth noting that trading volume has increased slightly over the past 24 hours.
Featured images from Twitter, charts from TradingView.com