LUNC Community Declines USTC Repeg Funding: Here’s the Catch

  • Terra Classic hits yearly lows as USTC Quant Team strives for repeg.
  • Spend proposal #11716 was rejected by the Terra Classic community.
  • Nova Validator offers $20,000 in funding to the USTC Quant Team.

A new point of contention emerges in the Terra Classic community. The recent funding proposal #11716 suggests a payout of 285 million $LUNC. If passed, the USTC Quant team would be paid around $19,500 for the coding work, including the trademark ‘Zombie USTC’ hunt around the blockchain. This USTC burn campaign by the Quant Team also involves the 800M tokens recently retrieved from the Ozone Protocol.

Despite the favorable voting in the first few days, only 23% of Terra Luna Classic community members voted Yes, while 50% voted to abstain and 25% said No. The opinions vary: a few major Terra validators, including Happy Catty Crypto, SolidVote, Vegas Node, and JESUSisLORD voted against, while LUNC DAO and Lunanauts approved the proposal.

USTC Quant Team Finds the Good Samaritan

The rejected funding proposal divided the embattled Terra Classic community into two camps. The largest blockchain validator, Nova, saved the day by suggesting paying the 285 million Terra Luna Classic (LUNC) tokens to the USTC Quant developers for their hard work.

Nova Validator now takes up 0.528% of voting power on the blockchain network, as the validator delegates a colossal 5.39 billion $LUNC. According to him, the situation is a breach of contract, as members refuse to pay for work that has already been done:  “We will now be funding the USTC Team directly with our commissions in response to this breach of contract by validators.”

USTC Quant Team member Bilbo Baggins advised: “If you want to see the chain fixed, it’s time to redelegate away from those who have voted against the best interests of the chain and broken their contract after work has been delivered.”

On The Flipside

  • According to USTC Quant Team dev Bilbo Baggins, the proposal was sabotaged by Happy Catty Crypto.
  • This narrative suggests that the famous YouTuber has been “actively hindering progress” and blocking devs on social media.

Why This Matters

The vast and active community behind the downtrodden Terra Classic blockchain aims to revitalize a once-thriving network.

Explore DailyCoin’s top crypto news:

Tether Transparency Report Highlights $3.29B Liquidity Cushion

BONE Soars as Shibarium L2 Hits 50,000 Wallets on Restart

Source link:




The Apple Vision Pro might be a TV, but it won’t replace the TV

Apple’s Vision Pro is a TV. It’s not even out yet, but that feels well established at this point. While it can play...

Ethereum (ETH) Beacon Chain Shatters Records With $7.7 Billion Inflows

Ethereum’s (ETH) Beacon Chain has seen significant inflows since staking withdrawals were enabled on April 12th, with over $7.7 billion worth of Ethereum...

Do Kwon’s TerraForm Labs Probed By Singapore Police In Global Manhunt

Singaporean authorities initialized the investigation into Terraform Labs Pte. Crypto fugitive Do Kwon hasn’t posted on...

Apple’s retail staff is reportedly testing its ‘buy now, pay later’ service

Apple has expanded the internal testing for its Pay service's buy now, pay later feature to include its retail employees, according to Bloomberg....

Will Daylight Saving Time Spring Forward With a Rubio Bill?

Alongside Daylight Saving Time (DST) comes the yearly discussion in Congress of whether to eliminate it altogether. We lose that extra hour of sleep...