Terra Luna Classic Community Pool Balance Plummets as Community Approves Three Spending Proposals
The community pool balance of Terra Luna Classic has reached a critical level following the approval of three spending proposals. The available funds have significantly decreased from 2.37 billion LUNC to a mere 416 million LUNC, leaving the community with insufficient resources to support further development and maintenance of the chain.
The community of Terra Luna Classic has successfully passed three proposals, namely the establishment of a Quant team for USTC repeg, the Joint L1 Task Force Q3 proposal, and the continued operation of Terra Rebels infrastructure and applications.
The Joint L1 Task Force Q3, consisting of core developers, has been allocated 1.264 billion LUNC, while the Quant USTC Repeg Team will receive 222.222 million LUNC. Additionally, Terra Rebels has been granted 484.367 million LUNC. Consequently, the remaining balance in the community pool stands at 416.33 million LUNC and 4.49 million USTC.
The Joint L1 Task Force Q3 proposal aims to reduce the circulating supply of LUNC and USTC during the third quarter, upgrade to stable Columbus and Cosmos SDK versions, and implement other significant developments.
Simultaneously, the Quant team will focus on modeling and simulation for USTC incremental repeg buybacks and staking swaps. They will evaluate and assess the Market Module and work on other tools. The Quant team will receive support from the L1TF and Professor Edward Kim in the USTC repeg process.
To sustain the operation and maintenance of Rebel Station, other apps, testnet, and Terra Classic infrastructure, Terra Rebels requires additional funding.
Notable individuals within the community have expressed concerns about the approval of unnecessary spending proposals. It is suggested that only essential proposals proceed to a vote following thorough discussions.
Following the news of Binance burning 2.65 billion LUNC on Saturday, the price of Terra Luna Classic experienced a temporary 3% surge. However, it was unable to sustain the increase and retraced to the support level.
Over the last 24 hours, LUNC price has been trading sideways, currently hovering around $0.000087. The 24-hour low and high were recorded at $0.0000850 and $0.0000877, respectively. Notably, the trading volume has witnessed a slight increase during the same period.
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