The Terra (LUNC) community recently approved a proposal to disburse 256 million LUNC (roughly $30,000) to developer group Genuine Labs for development work completed over the past few months. This move highlights the community’s commitment to the project’s long-term success, even amidst a short-term price decline.

Community-backed development

Proposal 12113, outlining various tasks undertaken by Genuine Labs, received overwhelming support. It garnered a staggering 99.93% approval rate from both community members and validators. All 46 participating validators endorsed the proposal, demonstrating a unified front behind the investment in development.

Genuine Labs’ Contributions

Genuine Labs has demonstrably delivered on its promises. They successfully implemented key upgrades, including the Terra Classic v3.0.1 update with enhanced security features. Additionally, they addressed vulnerabilities like the “dyncomm decorator” issue and tackled “p2p storm attacks” on the Terra Luna Classic chain, bolstering the network’s overall security and stability.

Current State of Terra Classic

The disbursement leaves the Terra Luna Classic community with a remaining balance of 5.23 billion LUNC. While the price of LUNC has dipped slightly (around 5.45% in the last 24 hours), there are positive signs. Data suggests increased buying activity in derivatives markets, indicating potential trader optimism for the project’s future.

Looking Beyond the Price Dip

Despite the short-term price decline, the community’s focus remains firmly on development. This commitment to building a robust ecosystem is further underscored by the recent rise in USTC trading volume (up 67%). While the price of USTC also dipped slightly, the increased trading activity suggests renewed interest in the Terra Classic ecosystem.

Focus on Security and Scalability

Terra Classic prioritizes security and scalability in its roadmap. The community’s support for Genuine Labs’ efforts reflects this focus. By continuously implementing upgrades and security measures, the project aims to create a reliable and efficient blockchain platform.

Future Outlook: A Catalyst for Growth?

The ongoing development efforts by Terra Classic have the potential to attract more developers, users, and projects to the platform. As the ecosystem matures and evolves, Terra Classic is well-positioned to play a significant role in the broader Terra landscape, driving innovation, adoption, and overall growth.

In Conclusion

The Terra Classic community’s investment in development underscores their long-term vision for the project. While the short-term price dip might raise concerns, the focus on building a secure and scalable platform positions Terra Classic for sustainable growth in the long run. The increased buying activity in derivatives markets further suggests potential optimism from a segment of investors. As Terra Classic continues to develop and evolve, it will be interesting to see how these efforts translate into user adoption and project growth.

By Joadin Maina

Beyond the hype, I untangle the web3 revolution, guiding curious minds through the labyrinth of decentralized possibilities.