The Terra Luna Classic community rejected a community pool spend proposal by BLV Labs, a Cosmos developer team. The proposal, which involved the developer group working on the Terra Luna Classic mainnet, failed to follow governance rules as there were no testnet and mainnet deployments. The community pool spend proposal, 12146, received nearly 90% “No” votes.
BLV Labs sought $5,000 in LUNC for their work. BLV Labs had worked on the Oracle module to update and calculate the minimum deposit required to create a proposal in the governance module. They claimed that their code had been pushed to GitHub and a pull request created on the Classic Terra repository.
They intended to work on EVM, SDK50 upgrade, or IBC improvement. Meanwhile, the Terra Classic community approved a proposal to transfer CoinMarketCap dashboard account access to top validator Allnodes directly. The price of LUNC saw a 5% upsurge, trading at $0.000118, with a 24-hour low and high of $0.0001102 and $0.0001199, respectively.
The $0.00012 is a key resistance level for LUNC, surpassing this level could clear a rally to $0.0002. Additionally, Terra Luna Classic open interest jumped 8% in the last 24 hours, with buying on Binance and OKX. However, Bybit recorded a sell-off in 1000LUNC futures. Terra Luna Classic, previously known as Terra Classic, is a public blockchain that focuses on providing stablecoin infrastructure and a suite of decentralized finance features.
It was launched following the collapse of Terra’s algorithmic stablecoin, TerraUSD (UST), which had previously been Terra Classic’s native token.