LUNC News: Terra Luna Classic community pool balance has dropped to a critical level as the community passed three community pool spending proposals. With the funds dropping from 2.37 billion LUNC to just 416 million LUNC, the community doesn’t have enough funds to pay for any more development and maintenance of the chain.
Terra Luna Classic Passes L1TF, Quant Team, and Terra Rebel Proposals
The Terra Luna Classic community passed three proposals — form a Quant team for USTC repeg, Joint L1 Task Force Q3 proposal, and continue operating Terra Rebels infrastructure and apps.
Core developer Joint L1 Task Force Q3 received 1.264 billion LUNC, Quant USTC Repeg Team gets 222.222 million LUNC, and Terra Rebels received 484.367 million LUNC. Now, the community pool balance has only 416.33 million LUNC and 4.49 million USTC.
Joint L1 Task Force Q3 proposes to work on reducing LUNC and USTC circulating supply in Q3, upgrading to stable Columbus and Cosmos SDK versions and other major developments.
Meanwhile, the Quant team to work on modeling and simulation for the USTC incremental repeg buybacks and staking swaps. Evaluating and assessing the Market Module and working on other tools. The L1TF and professor Edward Kim will assist the Quant team in the USTC repeg.
Terra Rebels needs funds to continue operating and maintaining Rebel Station and other apps, as well as testnet and Terra Classic infrastructure.
Terra Classic Community Pool Balance. Source: StakeBin
Several notable people in the community shared concerns regarding the passing of unnecessary community spend proposals. Also, the community believes only the important proposal should proceed for voting after careful discussions.
Also Read: Binance Burns 2.65 Billion Terra Classic Tokens, LUNC Price Jumps
LUNC Price Drops
Terra Luna Classic price jumped over 3% after news of Binance’s 2.65 billion LUNC burn on Saturday. However, it fails to hold the gain and fell to the support level.
LUNC price trading sideways in the last 24 hours, with the price currently trading at $0.000087. The 24-hour low and high are $0.0000850 and $0.0000877, respectively. However, the trading volume has increased slightly in the last 24 hours.
Also Read: US House Chair Warns Gary Gensler After SEC Calls Spot Bitcoin ETF Filings “Inadequate”
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