The highly anticipated proposal from the developers of Terra Luna Classic to create a community wallet has been officially approved. After the announcement, LUNC and USTC prices took action…
Terra team approves new wallet to be managed by the community
Terra developer team Joint L1 Task Force (L1TF) submitted a vote last week for a new wallet to be managed by the LUNC community. According to the announcement from LUNC validator Happy Catty Crypto, the wallet proposal 11645 has received support from the community. The voting that ended today garnered approximately 71% “Yes” votes.
The proposal has so far received support from 20 validators such as HappyCattyCrypto, JESUSisLORD, Classy’s Sphere and PFC. Still, some members were skeptical of the proposal.
After 12 minutes of scrolling… I found the comment… @BintonJohn You was saying something about failing?
We fall. We get up. We fall. We get up.
Each time we come back…. Stronger. Faster. Harder. #LUNCpenguins #LUNCcommunity https://t.co/GDywaHJERD pic.twitter.com/E0OghL7ikS
— Happy Catty Crypto (@HappyCatKripto) July 22, 2023
The proposal is based on the recommendation of the L1TF team. The developer team will create a web version of the Station, iOS and Android mobile apps, and the Chrome browser extension, owned by the Terra Luna Classic community. The team will also develop the community-owned wallet for free. Costs such as domain name and hosting will be covered by the Joint L1 Task Force’s computing budget.
LUNC price jumps from support level
Former LUNA, LUNC, rose 3% independent of the market after the bid was approved. Meanwhile, most major cryptocurrencies, including BTC and ETH, were sideways below 0.5%.
The new version of stablecoin UST, which crashed in May last year, took advantage of the price increase in USTC. USTC price is trading at $0.018, up 7% in the last 24 hours and 40% in a week. Transaction volume has increased by 100% in the last 24 hours.
Latest Terra news
According to a recent Wall Street Journal report, Terraform Labs has appointed a new CEO. Chris Amani, who previously served as COO and later CFO, took over as CEO of Terraform Labs after co-founder Do Kwon. Do Kwon is currently in prison in Montenegro, as quoted by Kriptokoin.com.
Do Kwon is accused of violating capital markets law in South Korea. In the US, he faces criminal fraud and civil fraud charges. Both countries want his extradition to their countries.
The $40 billion Terraform Labs project collapsed in March last year. Its flagship project, the Terra [UST] stablecoin, and its sister token, Luna [LUNA], disappeared spectacularly during this period. However, the firm continues to operate in Singapore.
New CEO Chris Amani expressed hope that the Terra project could be revived. He stated that Terraform Labs plans to develop applications that “provide real benefit.” As of now, there is no indication that the company plans to issue a new stablecoin to replace the failed TerraUSD stablecoin.
Amani admits Terra has had a rough year as stablecoin UST crashes
The stablecoin has shown no signs of recovery since then. However, the community decided to revive Terra without using algorithmic stablecoins. Amani noted that the process will be difficult, but the team has a clear vision of integrating Terra into the larger Web 3.0 ecosystem. Reportedly, the company currently has 40 employees. Fifteen of them were working at Terraform Labs before the project collapsed last year.
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