Terra Luna Classic Transfers 256 Million LUNC Tokens to Genuine Labs for Development

• The Terra Luna Classic community recently approved a major development funding initiative.
• This approval led to a significant shift in resources from their community pool to support Genuine Labs.
• The notable transaction involved 256 million LUNC tokens, aimed at enhancing the blockchain’s functionality.

A major development in the Terra Luna Classic community as 256 million LUNC tokens are allocated to Genuine Labs for key blockchain upgrades and security improvements.

Terra Luna Classic Approves Major Funding Proposal

In a decisive move, the Terra Luna Classic community has approved a substantial funding proposal put forth by the Genuine Labs developer group. The approved proposal endorses various development efforts, such as upgrading the Terra Classic core to sdk47, preventing p2p storms, and updating critical dependencies.

Significant Resource Allocation to Drive Development

Following this approval, Genuine Labs received over 256 million LUNC tokens from the community pool, equivalent to nearly $30,000. This allocation is a testament to the community’s commitment to enhancing the Terra Luna Classic platform. The proposal named “Genuine Labs’s Community Spend Proposal” (Proposal 12113) garnered extensive support after a thorough evaluation of the developer group’s recent efforts.

Community’s Strong Support and Participation

The Terra Luna Classic community’s support for Genuine Labs was overwhelmingly positive, with 99.93% of votes cast in favor of the proposal. All 46 participating validators, including prominent names like Allnodes, Interstellar Lounge, and Interstake One, backed the initiative. Following the disbursement, the community pool now holds 5.23 billion LUNC tokens.

LUNC Prices Facing Market Pressures

Despite these positive developments, LUNC’s price has experienced downward pressure. Currently trading at $0.0001068, LUNC’s value has decreased by 0.70% over the last 24 hours, with its 24-hour low and high recorded at $0.0001052 and $0.0001093, respectively. Additionally, trading volume saw a slight decline, suggesting a cautious market stance ahead of the upcoming Federal Open Market Committee (FOMC) meeting. In contrast, USTC’s price fell by over 1%, now trading at $0.02128, though its trading volume surged by 40%, indicating active trading interest.

Conclusion

The Terra Luna Classic community’s decision to allocate 256 million LUNC tokens to Genuine Labs for strategic development and security upgrades marks a pivotal step in the platform’s growth. While the immediate market response has been tepid, the long-term potential for enhanced security and functionality could set the stage for future gains. Stay tuned for further developments as the community and its developers work to fortify and advance the Terra Luna Classic ecosystem.