Genuine Labs proposed to improve Terra Classic by enhancing IBC Hooks and Packet Forward Middleware, testing mechanisms, and accelerating development at a cost of $16,000 over six weeks. Most validators support it, but quorum is unmet. The plan to burn 800 million USTC faces challenges as more validators oppose it due to legal concerns. Voting ends on December 30 and December 27, respectively.
Our analysis of the situation
The LUNC community is buzzing with discussions about a proposal from Genuine Labs, a team of seasoned developers aiming to breathe new life into the Terra Classic ecosystem. This initiative has the potential to bring about a much-needed boost for USTC and LUNC tokens.
What’s in the Latest LUNC Proposal?
The proposal titled ‘Genuine Labs Terra Classic Development Proposal’ outlines ambitious plans by experienced Cosmos stacks developers to collaborate with L1 teams. Their focus is on improving the IBC Hooks and Packet Forward Middleware (PFM) features. Additionally, they aim to enhance the fee tax charging mechanism through end-to-end testing and interchain testing.
This proposal promises several benefits for the Terra Classic ecosystem. The IBC Hooks enhancement can potentially elevate liquidity and cross-chain DeFi applications. Furthermore, IBC-hook token transfers are poised to streamline direct dApp interaction, while the PFM upgrade will facilitate multi-hop transfers and robust interchain applications.
Improving and integrating testing mechanisms is also expected to yield advantages. It ensures the efficiency and reliability of the tax mechanism and provides developers the opportunity to simulate real-world scenarios for comprehensive testing. Furthermore, the proposal boasts the potential to accelerate development within the Terra Classic ecosystem.
If the proposal gains approval, Genuine Labs will execute these plans in two phases over six weeks at an estimated cost of $16,000. At present, a significant 57.32% of total votes are in support of the proposal. However, the quorum is yet to be met, with only over 8% of the intended voters having cast their ballots. Voting on the proposal will conclude on December 30, leaving ample time for further support to materialize.
Update on the Plan to Burn 800 Million USTC
The LUNC community’s proposal to burn 800 million USTC from the Luna Classic treasury had initially seemed poised for approval. However, the tides have turned. Recent data from the voting forum indicates a surge in dissenting votes, with some validators exercising their veto power against the proposal. Notably, the veto votes currently stand at 24.55% of the total votes cast, and the threshold for a veto is 33.40%.
The opposition from validators stems from concerns about potential legal implications despite the proposal’s intended legal protection. With voting set to conclude on December 27, the outcome remains uncertain and is generating considerable interest.
In a nutshell, the Terra Classic ecosystem is poised on the brink of pivotal developments, with the potential to reshape the fortunes of USTC and LUNC tokens. The unfolding events have kept the community on its toes as it eagerly awaits the outcome of these crucial proposals.
Disclaimer: Our articles are NOT financial advice, and we are not financial advisors. Your investments are your own responsibility. Please do your own research and seek advice from a licensed financial advisor beforehand if needed.
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