The Terra Luna Classic kernel security upgrade package deployment proposal, presented by lead developer L1TF, hit a roadblock after validators including Allnodes voted "No." Community members cited Proposition 11889, which proposes a pay-per-job approach to developments, as a reason to reject the current proposal. However, some members, including validators, believe this will hamper on-chain developments.
Terra Luna Classic kernel security upgrade proposal loses support
The L1TF working group's 12008 core security upgrade package proposal faces headwinds, despite being necessary to improve the security and stability of the chain. Additionally, the proposal is also important to help meet the requirement to support TFL infrastructure.
In the first vote, the proposal received 94% votes in favor, with 5% "Abstention" votes. However, the vote now stands at around 38% "Yes" votes, 53% "No" votes and 9% "Abstention" votes. The impasse occurred after 14 validators, including Allnodes, Interstellar Lounge, Interstake One, Moon Rabbit Validator, and LUNC DAO, voted against the proposal.
23 validators voted in favor of the proposal and 8 voted "Abstention". They believe that the guidelines for pay per job are not yet clear and require further development. L1TF and Terra Classic Coalition (TCC) previously stated that many details were missing for a workable implementation plan, including guidelines and costs for review and deployment of work.
In a sudden turnaround, the Terra Luna Classic (LUNC) community is facing uncertainty following Crypto.com's confirmation of its delisting. This news sent shockwaves through the market, leading to a 13% drop in LUNC prices.
The Terra Luna Classic community in turmoil
LUNC's delisting comes hours after Terraform Labs filed for Chapter 11 bankruptcy protection in the United States, and the subsequent drop in LUNC's price has fueled a dilemma among holders, divided between selling their holdings and waiting for official confirmation from Crypto.com.
Despite requests from the Terra Luna Classic community, Crypto.com's response regarding confirmation of the delisting left many questions unanswered. While acknowledging the validity of the news, the exchange provided limited details, leaving investors unclear as to the scale of the impact and the jurisdictions affected. The lack of an official announcement on official Crypto.com channels has added to the fear, uncertainty, and doubt (FUD) surrounding LUNC and LUNA prices. Investors are now eagerly awaiting clear communication from the exchange executives.
Although Terraform Labs, associated with Terra Classic, has filed for bankruptcy protection in Delaware, seen as adding to the complexity, the company expresses its commitment to continuing to work on its goals while overcoming legal obstacles .
Nonetheless, the market sell-off further compounds the challenges facing Terra Luna Classic, raising questions about the project's future in a dynamic and difficult environment.
In conclusion, it is likely that Terra Luna Classic will fall below the threshold of 0.00008, or even 0.00006, in the coming weeks. It is important to note that this does not constitute investment advice.
There appears to be an ongoing disagreement between the community and validators for some time. Some community members seem to have differing opinions, as do some validators, some of whom are even known to be scammers.
This coin has once again become a very high risk investment, which has turned many investors off. In our next article, we will provide an update on Terra Labs' Chapter 11 bankruptcy.
