The Terra Luna Classic community got into a heated debate after developer Vinh Nguyen posted a funding proposal for developer work to be done in Q4 of 2023. The community is already split into two camps, as some members point out flaws made by the Layer-1 Joint Task Force (L1JTF) in Q3, which harmed several dApps on the chain.
160M LUNC for Voluntary Work?
Many prominent community members pointed out that the Layer-1 Joint Task Force’s spending proposal promises to ”solve technical debts and stabilize layer 1 voluntarily.” Nevertheless, the proposal by L1JTF still requested $9,000, or 160 million LUNC, to cover the computing budget for the three months of Q4.
This polite request didn’t bode well with several validators on the Terra Classic chain. Jebediah Shekelstein argued, “we’ll get nowhere with just the 3 dudes left on the current team.” WSB Trader Rocko rhetorically asked: “Can someone from the $LUNC community explain how someone can work for completely free but also want $9k Opex money?”
Shekelstein refers to Superman, Vinh, and Gevik – the three active members of L1JTF. Another three previous members of the voluntary developer team left the dev collective a few months ago due to safety concerns.
Terra Luna Classic is hanging off a cliff, occupying the #100 position by global market capitalization. $LUNC market price has remained stagnant throughout the week, with a slight drop of 1.3% in the last seven days. Technically, the short-term downturn for $LUNC is caused by insufficient support for a breakout.
However, LUNC trades at just $0.00005703, failing to reclaim the crucial northward resistance at $0.00006 since September 10th, 2023. The currency MACD points to a minor bullish divergence, as some oversold conditions remain.
Regardless, crypto traders on Twitter forecast a hard time before a breakout happens, some even expecting a full retracement to Terra Luna’s all-time low if it doesn’t break out of the bearish trading channel with support from the 20-day moving average (MA).
On the Flipside
Samurai Team has offered to lend a helping hand in Terra Classic’s chain revitalization crusade.
However, the proposal to assemble the Six Samurai Team has yet to pass the voting threshold.
Why This Matters
Governance proposals are an efficient way to make collective decisions in crypto communities.
Source : DailyCoin by Tadas Klimasevskis / September 20, 2023