The Terra Classic development proposal from Genuine Labs, the Cosmos stack development team, has officially been approved by the community.
The Terra Luna Classic community has approved a major proposal from Genuine Labs, a group of developers experienced in the Cosmos stack working with L1TF and other developers on Terra Classic chain development. The development team identified many issues with Terra Luna Classic and provided help to resolve them.
Terra Luna Classic community approves genuine laboratory proposal
Proposal 11940 “Genuine Labs Terra Classic Development Proposal” successfully passed in the governance vote of the Terra Luna Classic community-supported Station wallet. The team proposed developing the Terra Luna Classic in partnership with the L1 team.
The proposal has received 84.98% of “yes” votes, indicating community approval for the development team to proceed with Terra Classic development. However, the proposal also received 3.23% of “no” votes and 0.43% of “no” votes, as well as 11.37% of “abstention” votes. Most of the top validators, including Allnodes, voted in favor of the proposal.
The development team plans to initially focus on integrating and improving IBC Hooks and Packet Forwarding Middleware (PFM) functions, as well as strengthening the end-to-end testing and inter-chain testing of the fee tax mechanism. Former L1TF member Fragwuerdig noted that IBC-hooks and PFM have been implemented on the following branches and that Genuine Labs may need to re-release the work proposal.
It consists of Senior Developer Nguyen, Senior Developer Minh, and Junior Developer Dong. They have contributed to Osmosis, Quicksilver, Stride, and Composable; participated in core repositories such as Gravity-Bridge, IBC-Go, Cosmos-SDK; and developed fee extraction modules among other tasks.
The team hopes to bring valuable improvements to the Terra Luna Classic ecosystem and raise $16,000 in 6 weeks.
LUNC price has dropped 3% in the past 24 hours and is currently trading at $0.000140. The 24-hour low and high prices were $0.000138 and $0.000146 respectively. Additionally, trading volumes have dropped by 20% in the past 24 hours, indicating a lack of interest from traders.
Meanwhile, USTC price is at $0.0323, down 1% in the past 24 hours. Despite multiple proposals to burn USTC, trading volume dropped by 20%. #Genuine #Terra
