Terra Luna Classic Community Greenlights Proposal
The Terra proposal dubbed 12141 and titled “Dealing with CoinMarketCap and other listings” seeks the community’s approval to gain access to TerraForm Lab’s listed Terra Classic on cryptocurrency aggregators like CoinMarketCap the world’s most trusted and accurate source for crypto market capitalizations.
These platforms display key information about crypto assets, such as price data, trading volume, and links to official websites, which are vital for the visibility and reputation of the token. Despite TFL’s bankruptcy, it is still the sole entity that has the ability to log in and control these important management systems. No one else can access or update them without these “keys.” Notably, network validators Interstellar Lounge, JESUSisLORD, LUNCLIVE, moonshot, and Community First LUNC were first to vote “Yes” with 99.95% votes in favor.
Allnodes, a node hosting, and validator service has volunteered to temporarily take responsibility for managing access to these dashboards and any related agreements. As a custodian, Allnodes will safeguard and oversee these access rights until the TerraClassic governance decides on a long-term solution.
In other developments in the Terra ecosystem, OrbitLabs a cutting-edge blockchain development team that offers comprehensive solutions for both on-chain and cross-chain decentralized applications, submitted a proposal to the Terra Luna Classic Ecosystem. The primary goal of the proposal is to remove forked modules in the network’s standard upstream modules that have caused the Terra Classic codebase to move further away from the original or “upstream” version. This has increased divergence, driving up maintenance costs because it requires more effort to manage and support the differing codebases.
The Singapore-based company filed for Chapter 11 bankruptcy in Delaware following the collapse of its algorithmic stablecoin UST and its companion cryptocurrency LUNA, which precipitated a market implosion wiping out around $40 billion in value last year.
As part of the bankruptcy process, the company may be forced to wind down its operations leading to the closure of its products and services such as the Alliance Hub, Mantlemint, FCD, and API services. If no third parties take them over, the company will shut down on October 30. LUNC trades at $0.00009238, gaining 0.99% in the last 24 hours as its trading volume surged 73.14% while its market cap stands at $526 million.
The Terra proposal dubbed 12141 and titled “Dealing with CoinMarketCap and other listings” seeks the community’s approval to gain access to TerraForm Lab’s listed Terra Classic on cryptocurrency aggregators like CoinMarketCap the world’s most trusted and accurate source for crypto market capitalizations.
These platforms display key information about crypto assets, such as price data, trading volume, and links to official websites, which are vital for the visibility and reputation of the token. Despite TFL’s bankruptcy, it is still the sole entity that has the ability to log in and control these important management systems. No one else can access or update them without these “keys.” Notably, network validators Interstellar Lounge, JESUSisLORD, LUNCLIVE, moonshot, and Community First LUNC were first to vote “Yes” with 99.95% votes in favor.
Allnodes, a node hosting, and validator service has volunteered to temporarily take responsibility for managing access to these dashboards and any related agreements. As a custodian, Allnodes will safeguard and oversee these access rights until the TerraClassic governance decides on a long-term solution.
In other developments in the Terra ecosystem, OrbitLabs a cutting-edge blockchain development team that offers comprehensive solutions for both on-chain and cross-chain decentralized applications, submitted a proposal to the Terra Luna Classic Ecosystem. The primary goal of the proposal is to remove forked modules in the network’s standard upstream modules that have caused the Terra Classic codebase to move further away from the original or “upstream” version. This has increased divergence, driving up maintenance costs because it requires more effort to manage and support the differing codebases.
The Singapore-based company filed for Chapter 11 bankruptcy in Delaware following the collapse of its algorithmic stablecoin UST and its companion cryptocurrency LUNA, which precipitated a market implosion wiping out around $40 billion in value last year.
As part of the bankruptcy process, the company may be forced to wind down its operations leading to the closure of its products and services such as the Alliance Hub, Mantlemint, FCD, and API services. If no third parties take them over, the company will shut down on October 30. LUNC trades at $0.00009238, gaining 0.99% in the last 24 hours as its trading volume surged 73.14% while its market cap stands at $526 million.
👍5🔥1
Orbit Labs has submitted a new proposal to the Terra Luna Classic (LUNC) ecosystem, pushing to remove forked modules in the network’s standard upstream modules. It also supported another proposal for a reserve charge tax.
Today, the Terra Classic codebase relies on several forked versions of Cosmos modules, which were integrated to accommodate some of its unique features. Orbit Labs claims that these forks have caused the codebase to increasingly diverge from the upstream modules and this has kept the maintenance costs high.
These forks have also made the network vulnerable to potential security attacks due to delayed updates and massively reduced its interoperability with other networks based on the Cosmos codebase, Orbit Labs added in its proposal. It proposes to remove the forked modules and integrate the standard upstream modules.
The company also pledged support for reverse charge tax in Terra Classic, a proposal that was first submitted by two other developers. Reverse charge deducts tax from the recipient, rather than the sender, “hence eliminate the need for the sender to attach tax as an additional fee.”
The company has offered to “conduct a review under the terms of PPJ in case the proposed tax implementation passes governance.” After assessing the code, the company will ensure it’s secure and efficient and also aligns with the goals of the Terra Classic ecosystem. It says this process could cost as much as $2,500, pledging to accept LUNC payment at the prevailing rates as of when the community approves the proposal.
Please open Telegram to view this post
VIEW IN TELEGRAM
Shiba Inu (Shib)
The more friends you invite, the more chances you have to win
All details above
Please open Telegram to view this post
VIEW IN TELEGRAM
The Terra proposal dubbed 12141 and titled “Dealing with #CoinMarketCap and other listings” seeks the community’s approval to gain access to TerraForm Lab’s listed #TerraClassic on cryptocurrency aggregators like CoinMarketCap the world’s most trusted and accurate source for crypto market capitalizations.
These platforms display key information about crypto assets, such as price data, #tradingvolume , and links to official websites, which are vital for the visibility and reputation of the token. Despite TFL’s bankruptcy, it is still the sole entity that has the ability to log in and control these important management systems. No one else can access or update them without these “keys.” Notably, network validators Interstellar Lounge, JESUSisLORD, LUNCLIVE, moonshot, and Community First $LUNC were first to vote “Yes” with 99.95% votes in favor.
Allnodes, a node hosting, and validator service has volunteered to temporarily take responsibility for managing access to these dashboards and any related agreements. As a custodian, Allnodes will safeguard and oversee these access rights until the TerraClassic governance decides on a long-term solution.
In other developments in the Terra ecosystem, OrbitLabs a cutting-edge blockchain development team that offers comprehensive solutions for both on-chain and cross-chain decentralized applications, submitted a proposal to the Terra Luna Classic Ecosystem. The primary goal of the proposal is to remove forked modules in the network’s standard upstream modules that have caused the Terra Classic codebase to move further away from the original or “upstream” version. This has increased divergence, driving up maintenance costs because it requires more effort to manage and support the differing codebases.
The Singapore-based company filed for Chapter 11 bankruptcy in Delaware following the collapse of its algorithmic stablecoin UST and its companion cryptocurrency $LUNA, which precipitated a market implosion wiping out around $40 billion in value last year.
As part of the bankruptcy process, the company may be forced to wind down its operations leading to the closure of its products and services such as the Alliance Hub, Mantlemint, FCD, and API services. If no third parties take them over, the company will shut down on October 30. #LUNC trades at $0.00009238, gaining 0.99% in the last 24 hours as its trading volume surged 73.14% while its market cap stands at $526 million.
Please open Telegram to view this post
VIEW IN TELEGRAM
👍2🔥2
The Terra Luna Classic (LUNC) blockchain is taking a leap forward to regain full control of cryptocurrency aggregators, pivotal in the community’s quest to restore LUNC’s reputation. Originally, top crypto price aggregators like CoinMarketCap and CoinGecko gave access to TerraForm Labs (TFL), which was the sole entity in control until today.
Please open Telegram to view this post
VIEW IN TELEGRAM
As the crypto fugitive and TerraForm Labs founder Do Kwon awaits a decision on his extradition from Montenegro, TerraForm Labs is seeking to complete bankruptcy protection requirements imposed by the U.S. Securities and Exchange Commission (SEC). By the end of October, TFL is asked to burn all LUNC tokens in its control.
The proposal on Terra Classic’s voting station, #12141: “Dealing with CoinMarketCap and other listings,” has successfully breached the passing threshold. This grants the LUNC community the right to manage LUNC’s information on CoinMarketCap, potentially accelerating the chain’s revitalization strategy.
By popular demand, proposal #12141 grants to Allnodes, a popular node validator that’s trusted by the community to act upon the best interest of Terra Classic’s Layer-1 chain. Terra Luna’s community regaining the steering wheel on CoinMarketCap hasn’t pushed the token’s price up yet, as LUNC remains hovering around $0.00009.
Up 6% in monthly terms, LUNC has made some yearly progress with a 55% upswing over the past 365 days. But LUNC has a long way to reclaim a substantial part of its relevance, as the Layer-1 altcoin continues to trade outside crypto’s TOP 100 by global market cap.
Please open Telegram to view this post
VIEW IN TELEGRAM
Incredible stories are emerging of individuals transforming small investments into life-changing amounts with Terra Luna Classic ($LUNC ). This highlights the extreme volatility of the crypto market, where fortunes can be made—or lost—overnight. Always remember to invest wisely and be cautious of high-risk assets!
Please open Telegram to view this post
VIEW IN TELEGRAM
🔥6👍3
Terra Luna Classic (LUNC) is gaining traction following a significant weekly token burn of 320 million LUNC. This burn, which reduces the token’s overall supply, is seen by traders as a positive sign for price appreciation.
As the supply of LUNC shrinks, investors are anticipating increased price pressure, which could fuel an upward trend. This burn event, coupled with growing interest in the Terra Classic ecosystem, has contributed to a surge in LUNC’s price over the past 24 hours, making it a key focus in the cryptocurrency market.
Please open Telegram to view this post
VIEW IN TELEGRAM
👍3
Recent Burn Activity Boosts LUNC’s Price Momentum
Terra Luna Classic’s price has climbed alongside the increasing burn activity. Over 320 million LUNC tokens were removed from circulation this past week.
LUNC.TECH data shows that 15 million LUNC were burned today alone, both through direct burns and tax mechanisms. This increased burn rate has played a key role in the token’s price performance. Reducing the supply often leads to higher demand, which can drive prices up. Terra Classic’s strategic token burn initiative is a central part of its plan to restore value and stability to its ecosystem.
Terra Luna Classic’s price has climbed alongside the increasing burn activity. Over 320 million LUNC tokens were removed from circulation this past week.
LUNC.TECH data shows that 15 million LUNC were burned today alone, both through direct burns and tax mechanisms. This increased burn rate has played a key role in the token’s price performance. Reducing the supply often leads to higher demand, which can drive prices up. Terra Classic’s strategic token burn initiative is a central part of its plan to restore value and stability to its ecosystem.
🔥3
Forwarded from Shiba Inu (Shib)
We are launching a quick contest for $100. To participate, you need to follow the link and subscribe to the channels
Three winners will receive $100 each.
To increase your chances of winning, you can invite your friends using a referral link. For each invited friend, you will be awarded 10 points.
📆 The results of the contest will be 11/02/24 17:00 UTS
Good luck to everyone!
Please open Telegram to view this post
VIEW IN TELEGRAM
Key Support and Resistance Levels to Watch
As at press time, LUNC is trading at $0.00009278, reflecting a 1.47% increase in the last 24 hours. The nearest support level is $0.00009138, a point where the price briefly dipped before rebounding.
If LUNC drops below this level, the next support could be around $0.000090. On the resistance side, the price recently tested $0.0000970 but failed to break through.
There is another resistance level at $0.0000960, a peak the price hit before falling. If LUNC moves past these resistance levels, it may trigger a stronger bullish move, but if it fails, a price retracement is possible.
As at press time, LUNC is trading at $0.00009278, reflecting a 1.47% increase in the last 24 hours. The nearest support level is $0.00009138, a point where the price briefly dipped before rebounding.
If LUNC drops below this level, the next support could be around $0.000090. On the resistance side, the price recently tested $0.0000970 but failed to break through.
There is another resistance level at $0.0000960, a peak the price hit before falling. If LUNC moves past these resistance levels, it may trigger a stronger bullish move, but if it fails, a price retracement is possible.
👍3🔥1
Technical Indicators Signal Bullish Momentum
The 1-day RSI for Terra Luna Classic currently reads 57.59, indicating balanced market sentiment. This means the asset is neither overbought nor oversold, pointing to a stable trading environment. Furthermore, the 1-day MACD is trading above the signal line, which is a key indicator of potential bullish momentum in the short term.
The 1-day RSI for Terra Luna Classic currently reads 57.59, indicating balanced market sentiment. This means the asset is neither overbought nor oversold, pointing to a stable trading environment. Furthermore, the 1-day MACD is trading above the signal line, which is a key indicator of potential bullish momentum in the short term.
🔥4👍2
Terra Luna Classic Community Unanimously Passes Major Proposal, LUNC To $1?
Terra Luna Classic community has unanimously passed a proposal to remove the forked mainline modules from the Terra Classic blockchain. The developers have aimed to improve LUNC maintainability, reduce technical debt, and align with the broader Cosmos ecosystem. LUNC price to $1 speculation rises in the community as the burn date for TFL assets approaches.
Terra Luna Classic community has unanimously passed a proposal to remove the forked mainline modules from the Terra Classic blockchain. The developers have aimed to improve LUNC maintainability, reduce technical debt, and align with the broader Cosmos ecosystem. LUNC price to $1 speculation rises in the community as the burn date for TFL assets approaches.
🔥12❤3👍3
Terra Luna Classic Passes Forked Modules Removal Proposal
Text proposal 12142 “Removal of Forked Modules from Terra Classic” is approved by the Terra Luna Classic community as the votes have surpassed the pass threshold. Developer group OrbitLabs proposes to remove the forked mainline modules from the Terra Luna Classic blockchain to improve maintainability, reduce technical debt, and align with the broader Cosmos ecosystem.
The proposal has received 99.97% “Yes” votes, indicating unanimous support from validators and delegators. It also saw some ‘No with veto’ and ‘Abstain’ votes. Validators such as Allnodes, Stakely, HappyCattyCrypto, and others voted in favor of the proposal.
The forked versions not only raise operational costs but also increase the risk of missing important security updates, the proposal said. OrbitLabs stressed that without action, Terra Luna Classic would face growing security risks, higher expenses, and diminished competitiveness in the evolving crypto landscape.
As CoinGape reported, the Terra Classic proposal plan involves two phases, first focuses on updating the consensus engine and the Cosmos SDK. By doing so, Terra Classic will be more in line with the latest security features and innovations from the Cosmos ecosystem.
On the other hand, the second phase will involve upgrading the Wasmd contract system, ensuring compatibility with existing smart contracts, and minimizing disruptions during migration. Notably, if the proposal passes final approval, the timeline includes eight weeks for phase one and another ten weeks for phase two.
Text proposal 12142 “Removal of Forked Modules from Terra Classic” is approved by the Terra Luna Classic community as the votes have surpassed the pass threshold. Developer group OrbitLabs proposes to remove the forked mainline modules from the Terra Luna Classic blockchain to improve maintainability, reduce technical debt, and align with the broader Cosmos ecosystem.
The proposal has received 99.97% “Yes” votes, indicating unanimous support from validators and delegators. It also saw some ‘No with veto’ and ‘Abstain’ votes. Validators such as Allnodes, Stakely, HappyCattyCrypto, and others voted in favor of the proposal.
The forked versions not only raise operational costs but also increase the risk of missing important security updates, the proposal said. OrbitLabs stressed that without action, Terra Luna Classic would face growing security risks, higher expenses, and diminished competitiveness in the evolving crypto landscape.
As CoinGape reported, the Terra Classic proposal plan involves two phases, first focuses on updating the consensus engine and the Cosmos SDK. By doing so, Terra Classic will be more in line with the latest security features and innovations from the Cosmos ecosystem.
On the other hand, the second phase will involve upgrading the Wasmd contract system, ensuring compatibility with existing smart contracts, and minimizing disruptions during migration. Notably, if the proposal passes final approval, the timeline includes eight weeks for phase one and another ten weeks for phase two.
👍7
LUNC and USTC Price to Jump
LUNC price climbed 3% in the last 24 hours, with the price currently trading at $0.00009199. The 24-hour low and high are $0.00008911 and $0.00009238, respectively. Moreover, the Terra Luna Classic trading volume has increased by 15% in the past 24 hours, indicating a rise in interest among traders.
Terraform Labs will burn billions of LUNC and USTC tokens from the wallets next week, as per the bankruptcy court order. This has fueled LUNC to $1 speculation in the community.
Meanwhile, USTC price climbed more than 2% and 4% in a week, with the price now trading at $0.0223. However, the trading volume saw a 15% decline in the last 24 hours.
LUNC price climbed 3% in the last 24 hours, with the price currently trading at $0.00009199. The 24-hour low and high are $0.00008911 and $0.00009238, respectively. Moreover, the Terra Luna Classic trading volume has increased by 15% in the past 24 hours, indicating a rise in interest among traders.
Terraform Labs will burn billions of LUNC and USTC tokens from the wallets next week, as per the bankruptcy court order. This has fueled LUNC to $1 speculation in the community.
Meanwhile, USTC price climbed more than 2% and 4% in a week, with the price now trading at $0.0223. However, the trading volume saw a 15% decline in the last 24 hours.
❤4
LUNC News: Terra Classic Community Backs Orbit Labs’ Plan to Boost Network Sustainability
The Terra Luna Classic (LUNC) community recently commenced voting on the Text proposal 12142 submitted by the developer group OrbitLabs. According to our latest checks, the proposal has received 99.97% “Yes” votes from validators and delegators including Allnodes, Stakely, and HappyCattyCrypto.
The Terra Luna Classic (LUNC) community recently commenced voting on the Text proposal 12142 submitted by the developer group OrbitLabs. According to our latest checks, the proposal has received 99.97% “Yes” votes from validators and delegators including Allnodes, Stakely, and HappyCattyCrypto.
👍2❤1👎1
Shiba Inu (Shib)
The more friends you invite, the more chances you have to win
All details above
Please open Telegram to view this post
VIEW IN TELEGRAM
👍2👎2
What We Know About the Proposal 12142
According to our investigation, this proposal is meant to remove forked mainline modules from the Terra Luna Classic blockchain to improve sustainability, enhance security, reduce cost and debt, and subject the blockchain to a significant level of maintainability, as we earlier reported.
Prior to this technical decision, the team had raised concerns about possible risks of missing important updates and facing an increasing operational cost if no action is taken on the forked versions of the network. This implies that Terra Luna Classic risked facing a security threat, higher expenses, and diminished competitiveness.
From the official release, the proposed solution to remove the forked mainline module and replace it with the standard Cosmos modules will be implemented in two phases. In the first phase, CometBFT would be unforked to the mainline version. On top of that, the team would engage in extensive testing to ensure network stability.
In phase two, Wasmd would be migrated to the “mainline Wasmd” coupled with several other processes listed to be executed. Meanwhile, a snapshot test would mark the end of the whole procedure.
Investigating this further, CNF disclosed that the total budget requested for this development amounted to $36,000. According to the team, phase one would require $16,000 in fiat value, and phase two would demand $20,000.
According to our investigation, this proposal is meant to remove forked mainline modules from the Terra Luna Classic blockchain to improve sustainability, enhance security, reduce cost and debt, and subject the blockchain to a significant level of maintainability, as we earlier reported.
By removing the forked mainline modules, we aim to position Terra Classic for long-term sustainability and growth within the Cosmos ecosystem. We believe this approach balances the need for improvement with prudent risk management and community involvement. We welcome feedback and discussion from the Terra Classic community on this proposal.
Prior to this technical decision, the team had raised concerns about possible risks of missing important updates and facing an increasing operational cost if no action is taken on the forked versions of the network. This implies that Terra Luna Classic risked facing a security threat, higher expenses, and diminished competitiveness.
By diverging from the mainline Cosmos SDK and related modules, Terra Classic risks falling behind in adopting key enhancements and new features developed by the broader Cosmos community. This can limit Terra Classic’s competitiveness and make it more difficult to integrate future technologies, upgrades, performance improvements, and other innovations.
From the official release, the proposed solution to remove the forked mainline module and replace it with the standard Cosmos modules will be implemented in two phases. In the first phase, CometBFT would be unforked to the mainline version. On top of that, the team would engage in extensive testing to ensure network stability.
In phase two, Wasmd would be migrated to the “mainline Wasmd” coupled with several other processes listed to be executed. Meanwhile, a snapshot test would mark the end of the whole procedure.
Investigating this further, CNF disclosed that the total budget requested for this development amounted to $36,000. According to the team, phase one would require $16,000 in fiat value, and phase two would demand $20,000.
👍6❤1
Details of Proposal 12141 Backed by Terra Luna Classic
In addition to the just approved proposal 12142, the majority of the voters in the Terra ecosystem voted “YES” to another proposal dubbed “Dealing with CoinMarketCap and Other Listings,” or Proposal 12141. According to the details provided by CNF, this decision would enable access to the TerraForm Lab’s (TFL) listings on popular aggregators.
As disclosed, the proposal appears necessary since TFL has been the only entity with the “keys” to update this important system despite its bankruptcy. Meanwhile, these platforms are very crucial in displaying price data, trading volume, etc. Amidst the backdrop of these important developments, TFL is preparing to wind down its operation by October 30 after filing for Chapter 11 bankruptcy in Delaware. This implies that important services like Alliance Hub, Mantlemint, FCD, and API services will shut down if no third party takes over.
Regardless, LUNC has effectively held its position against all odds as it currently trades at $0.00009. At press time, the asset was up by 3% in the last 24 hours.
In addition to the just approved proposal 12142, the majority of the voters in the Terra ecosystem voted “YES” to another proposal dubbed “Dealing with CoinMarketCap and Other Listings,” or Proposal 12141. According to the details provided by CNF, this decision would enable access to the TerraForm Lab’s (TFL) listings on popular aggregators.
As disclosed, the proposal appears necessary since TFL has been the only entity with the “keys” to update this important system despite its bankruptcy. Meanwhile, these platforms are very crucial in displaying price data, trading volume, etc. Amidst the backdrop of these important developments, TFL is preparing to wind down its operation by October 30 after filing for Chapter 11 bankruptcy in Delaware. This implies that important services like Alliance Hub, Mantlemint, FCD, and API services will shut down if no third party takes over.
Regardless, LUNC has effectively held its position against all odds as it currently trades at $0.00009. At press time, the asset was up by 3% in the last 24 hours.
🥱2