Genuine Labs’ Terra Classic Development Proposal Is Officially Approved

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Last Updated on December 30, 2023 by Bitfinsider

A significant proposal by Genuine Labs, a group of developers with experience in Cosmos stacks, to collaborate with L1TF and other developers on the development of the Terra Luna Classic chain, has been approved by the Terra Luna Classic community. The developer team identified several concerns with Terra Luna Classic and extended assistance in resolving these matters.

Advisal 11940 The “Genuine Labs Terra Classic Development Proposal” for the Station wallet, which is supported by the Terra Luna Classic community, is approved in governance voting. The group suggests that they collaborate with the L1 teams during the Terra Luna Classic.

The proposal has garnered 84.98% affirmative ballots, indicating that the community endorses the developer team’s endeavors to advance Terra Classic. However, the proposal has also been met with 11.37 percent “Abstain” ballots and 3.23 percent “No” and 0.43 percent “No with veto” votes. Allnodes, among the majority of leading validators, cast a vote in support of the proposal.

The initial objectives of the development team are to improve and integrate the Packet Forward Middleware (PFM) and IBC Hooks features, in addition to augmenting the fee tax charging mechanism’s end-to-end and interchain testing. Genuine Labs might be required to repost the job proposal, as IBC-hooks and PFM have already been implemented on the subsequent branch, according to former L1TF member Fragwuerdig.

Dong, Nguyen, and Minh are novice developers, while Nguyen and Minh are senior developers. They made contributions to Osmosis, Quicksilver, Stride, and Composable, among other projects, developed fee abstraction modules, and worked on core repositories including Gravity-Bridge, IBC-Go, and Cosmos-SDK.

In order to implement significant enhancements to the Terra Luna Classic ecosystem, the group requests $16,000 over the course of six weeks.

The price of LUNC has decreased by 3% over the last twenty-four hours and is currently $0.000140. The 24-hour minimum and maximum values are, respectively, $0.000138 and $0.000146. Additionally, over the past twenty-four hours, trading volume has decreased by 20%, suggesting a lack of interest among participants.

USTC is currently trading at $0.0323, a decrease of 1% over the past twenty-four hours. In defiance of several proposals to burn USTC, the volume of trading has declined by 20%.


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