The Terra Luna Classic community is voting on an important proposal to get rid of the mandatory KYC requirement. Meanwhile, the prices of LUNC and USTC have fallen as the proposal nears its end.
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The Terra Luna Classic community is currently voting on a crucial proposal to overturn the previously approved KYC requirement. Some members argue that this KYC rule for developers has slowed down the growth of Terra Luna Classic. At the same time, the prices of LUNC and USTC have dropped due to a selloff in futures and the expiration of options.
Proposal to Repeal KYC Requirement Underway on Station Wallet
Currently, Proposal 12091, titled “Repeal prop #12033 [KYC prop],” is undergoing voting on the Station wallet platform. This proposal has been put forward by certain members of the Terra Luna Classic community who believe that the previously implemented KYC (Know Your Customer) requirement, outlined in Proposal 12033, is impeding the growth of the ecosystem, particularly during the bullish market conditions.
The proponents of the proposal argue that the KYC mandate has hindered the expansion of Terra Luna Classic. They assert that Proposal 12033 was rushed and passed without adequate consideration of its future implications. They point to subsequent proposals aimed at addressing the shortcomings of the initial KYC requirement as evidence of its inadequacy.
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According to the proposal, investors in LUNC (Terra Luna Classic’s native token) have experienced more negative outcomes than positive ones due to the KYC requirement. Additionally, efforts to revive LUNC and repeg USTC (Terra Luna Classic’s stablecoin) by KYC-compliant developers may face obstacles. The proposal suggests enlisting the support of experienced developers to drive development activities on the chain.
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As of now, the proposal has garnered only 39% of “Yes” votes, indicating that a majority of community members are opposed to it, with 60% voting “No.” Among validators, 4 have voted in favor of the proposal, while 15 have voted against it. The deadline for voting on the proposal is March 28.
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Terra Luna Classic and USTC Face Derivatives Resistance
The upside momentum for Terra Luna Classic (LUNC) and USTC has encountered a setback as derivatives traders make readjustments, although spot volume remains robust.
For LUNC, the price has experienced a 1% decline over the last 24 hours, currently trading at $0.000139. During this period, its price fluctuated between $0.000137 and $0.000148, with a slight drop in trading volume.
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Despite a 2% increase in total LUNC futures open interest (OI) across other crypto exchanges, the 1000LUNC futures on Binance and Bybit have seen a significant decrease of over 7%, resulting in price declines. However, community members anticipate a potential rebound following the upcoming major v2.4.2 upgrade scheduled for next week.
Similarly, USTC’s price has also fallen by 3% in the past 24 hours, with its current trading price at $0.0268. The 24-hour price range for USTC is between $0.0267 and $0.0284, accompanied by a 5% reduction in trading volume during this period.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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