Terra Luna Classic (LUNC) community pool balance dropped to a critical level after the community accepted three community pool spending proposals. With funds dropping from 2.37 billion LUNC to just 416 million, the community has no funds left for further development and maintenance of the chain.
Terra Luna L1TF beats Quant Team and Terra Rebel bids!
The Terra Luna Classic community accepted three proposals: creating a Quant team for the USTC repeg, the Joint L1 Task Force Q3 proposal, and continuing to operate the Terra Rebels infrastructure and applications.
Core developer Joint L1 Task Force Q3 received 1.264 billion LUNC, Quant USTC Repeg Team received 222.222 million, and Terra Rebels received 484.367 million LUNC. Now there are only 416.33 million LUNC and 4.49 million USTC in the community pool balance.
Joint L1 Task Force Q3 proposes to work on reducing Terra Luna and USTC roaming supply, upgrading to stable Columbus and Cosmos SDK versions, and other important improvements in Q3.
Meanwhile, the Quant team will work on modeling and simulation for USTC incremental repeg buybacks and staking swaps. L1TF and Professor Edward Kim will assist the Quant team in the USTC repeg.
Terra Rebels requires funding to continue operating and maintaining the Rebel Station and other applications, as well as the testnet and Terra Classic infrastructure.
Some key figures in the community have shared concerns about the adoption of unnecessary community spending proposals. Additionally, the community believes that only important proposals should be put to a vote after careful discussion.
LUNC price drops
The price of Terra Luna Classic increased by over 3 percent on Saturday following the news that Binance burned 2.65 billion LUNC. However, it could not maintain its gains and fell to the support level.
Terra Luna price has traded sideways in the last 24 hours and the price is currently trading at $0.000087. The 24-hour low and high price are $0.0000850 and $0.0000877 respectively. However, transaction volume has increased slightly in the last 24 hours.