The Terra Luna Classic (LUNC) community has recently achieved a significant milestone by securing access to key accounts and dashboards from Terraform Labs (TFL), the bankrupt cryptocurrency firm co-founded by Do Kwon. This move is seen as a victory for the LUNC ecosystem, enabling the community to directly manage the listing of Terra Luna Classic on prominent platforms like CoinMarketCap, which is a crucial source of visibility and credibility in the crypto market.
Proposal 12141: Shifting Control from TFL to the Community
The proposal, known as “Dealing with CoinMarketCap and other listings,” was passed by the Terra Luna Classic community after a period of voting. This initiative reflects the active governance within the Terra Luna Classic ecosystem, encouraging greater participation from its members. The goal is to wrest control from TFL over Terra Luna Classic’s listings and other vital information on major cryptocurrency aggregators like CoinMarketCap.
By gaining direct access to these platforms, the LUNC community can update, manage, and improve the visibility of Terra Luna Classic. This newfound control is expected to allow the community to promote the growth of LUNC and enhance its reputation, particularly following the collapse of Terra’s algorithmic stablecoin UST and its native token, LUNA, in 2022. The fallout from that event erased over $40 billion from the market, leaving a lasting impact on the crypto space.
Read more:Will LUNC Hit New Highs? Terra Luna Classic Community Secures Control of Key Assets!
Taking Over CoinMarketCap: A Strategic Move
CoinMarketCap, one of the most trusted platforms for tracking crypto assets, displays vital information such as price, trading volume, and links to official websites. Having control over Terra Luna Classic’s listing on this platform is essential for maintaining its visibility and credibility in a highly competitive market. Despite TFL’s bankruptcy, the firm had retained exclusive access to these accounts, effectively controlling the public narrative surrounding Terra Luna Classic.
With the approval of Proposal 12141, the Terra Luna Classic community has moved to change that. Validators like Interstellar Lounge, JESUSisLORD, LUNCLIVE, moonshot, and Community First LUNC were among the first to cast their votes in favor, securing an overwhelming 99.95% approval rate. This consensus shows the community’s collective commitment to ensuring the future of LUNC.
Allnodes Steps In as Temporary Custodian
As part of the transition, Allnodes, a validator and node hosting service, has volunteered to manage the access to these vital accounts temporarily. The company will act as a custodian, safeguarding the access keys and ensuring that no disruptions occur while the Terra Luna Classic governance determines a long-term solution. This safeguard is particularly crucial as the Terra Luna Classic community navigates its way through the complexities of managing these critical platforms in the post-TFL era.
Read more:Terra Luna’s Future at Stake: What Does Do Kwon’s Extradition Mean for LUNA Investors?
Further Developments in the Terra Ecosystem
Beyond the CoinMarketCap listing, the Terra Luna Classic ecosystem has seen additional proposals aimed at streamlining and improving the network. OrbitLabs, a leading blockchain development team, submitted a proposal that aims to remove forked modules in the Terra Classic codebase. These forked modules have caused significant divergence from the original code, driving up maintenance costs and making the network more difficult to manage.
By addressing these technical issues, the Terra Luna Classic community seeks to simplify the network and make it more cost-effective to maintain. This could be a pivotal moment in ensuring the long-term sustainability of the Terra Classic ecosystem.
The Road Ahead: Managing the Legacy of TFL
As TFL faces the possibility of winding down its operations, the Terra Luna Classic community is stepping up to fill the void. The company, which filed for Chapter 11 bankruptcy in Delaware following the collapse of UST and LUNA, may be forced to shut down its products and services if no third-party takes them over. This includes significant services such as the Alliance Hub, Mantlemint, and API services, which are set to close by October 30, 2024, unless alternative solutions are found.
Read more:Luna Classic Set for a Major Overhaul – Why OrbitLabs’ Proposal Could Transform LUNC!
LUNC’s Market Performance
In recent market activity, LUNC has seen a modest gain, trading at $0.00009238 with a 0.99% increase over the last 24 hours. Notably, its trading volume surged by over 73%, while its market cap now stands at $526 million. Despite the challenges facing the Terra Luna Classic ecosystem, the token’s trading volume indicates strong interest from the community and traders alike.
Conclusion: A New Era for Terra Luna Classic
The passing of Proposal 12141 marks a new era for the Terra Luna Classic community. By taking control of key assets like CoinMarketCap listings, the community is asserting its role in shaping the future of LUNC. With strategic partnerships, technical improvements, and a governance structure that encourages active participation, Terra Luna Classic is positioning itself for long-term growth and stability.
As the community moves forward, the success of these efforts will hinge on its ability to effectively manage the transition from TFL’s control and capitalize on new opportunities within the crypto space. Whether LUNC can regain its former glory remains to be seen, but the proactive steps taken by the community demonstrate a commitment to building a resilient and sustainable ecosystem.
