LUNC News: Terra Classic Core Developer Edward Kim Proposal Up For Voting

Terra Classic core developers Edward Kim and Tobias “Zaradar” Anderson’s Proposal 11168 is up for voting. Former Terra Rebels developers submitted a proposal to form the “Joint L1 Task Force” developers team that will look into the maintenance upgrades and L1 layer developments on the Terra Classic blockchain.

Terra Classic Community Votes on Edward Kim’s Proposal

Professor Edward Kim, one of the core developers of Terra Classic, in a tweet on December 27 announced that Proposal 11168 “Joint L1 Task Force” is up for voting. The discussion on the proposal is ongoing since Saturday. The current sentiment indicates that the community supports the proposal.

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According to the proposal, Terraform Labs had a team of 6-8 senior L1 blockchain developers. Therefore, Edward Kim proposes to hire 3 full-time L1 blockchain developers to complete tasks in the next 4 to 6 months. The team will move to more innovative and long-term advancements after finishing the pending tasks.

The proposed team will have three members from the community such as Zaradar, Edward, and Till. The proposal noted that these contributed significantly to the revival of Terra Classic. It includes re-enabled staking, re-enabled delegation, and introduced burn tax. Additionally, a part-time assistant and two junior developers will be required.

The total budget for the first quarter of 2023 is $141.75k, about 0.991 billion LUNC tokens. Notably, the distribution of payments will happen monthly only after approval from the Oversight Committee and approval from Terra Grants Foundation signers of the multisig.

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As per current voting details, 99% of voters support the proposal. Also, the proposal looks to reach the “pass threshold” before the set voting period. Among validators, 25 have voted in favor of the proposal and 1 has voted “abstain.”

Also Read: Terra Classic Community Passes Crucial Proposal, Is LUNC Price $0.0005 Next?

LUNC Price Rally Continues

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Terra Classic price skyrocketed nearly 20% in the last 24 hours, with the current price trading above $0.00018. The 24-hour low and high for LUNC are $0.0001549 and $0.0001848, respectively.

A breakout above the 3-month descending channel led to a rally of 50% since December 24. Terra Classic has reclaimed the $1 billion market cap, supported by an over 150% increase in trading volume in the last 24 hours.

Also Read: Terra Classic (LUNC) Price Soars 20%, More Rally Ahead?

Varinder is a Technical Writer and Editor, Technology Enthusiast, and Analytical Thinker. Fascinated by Disruptive Technologies, he has shared his knowledge about Blockchain, Cryptocurrencies, Artificial Intelligence, and the Internet of Things. He has been associated with the blockchain and cryptocurrency industry for a substantial period and is currently covering all the latest updates and developments in the crypto industry.
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