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Community-Led Developments Propel Terra Luna Classic’s Tokens Amid Price Surges

TL;DR

  • Terra Luna Classic community votes in favor of a proposal to create a community-owned wallet, empowering stakeholders to govern the wallet’s infrastructure and reduce reliance on external entities.
  • Following the proposal’s approval, LUNC and USTC tokens experienced substantial price surges, showcasing growing investor confidence in the platform’s decentralized developments.

In a groundbreaking move, the Terra Luna Classic (LUNC) community has voted to take ownership of the wallet infrastructure development. The proposal, presented by core developer Joint L1 Task Force (L1TF) and spearheaded by LUNC validator Happy Catty Crypto, has officially passed after receiving overwhelming support from the community. This decision marks a significant milestone in the ongoing efforts to decentralize and strengthen the Terra Luna Classic ecosystem.

The proposal, known as “L1 Team To Build Wallet Infrastructure,” emphasizes the creation of a community-owned wallet that will be managed through governance by LUNC stakeholders. By putting control into the hands of the community, the wallet is expected to foster increased trust, security, and transparency for all users. Additionally, the move seeks to prevent privatization and decrease reliance on external entities, ultimately enhancing the reliability and uptime of Terra Luna Classic’s infrastructure.

Development Plans for the Community-Owned Wallet

With the proposal’s resounding approval, the Joint L1 Task Force is set to begin developing the Terra Luna Classic community-owned wallet. The envisioned wallet will encompass a web version of Station, accessible through browsers, as well as dedicated mobile apps for iOS and Android platforms. To ensure inclusivity, a Chrome browser extension will also be developed.

Notably, the development of the community-owned wallet will be undertaken entirely free of charge by the Joint L1 Task Force. Utilizing the compute budget of the Task Force, costs such as domain registration and hosting will be covered, further enhancing the wallet’s accessibility to all LUNC community members.

As the development progresses, a separate proposal is in the works to address endpoint infrastructure. Professor Edward Kim, a trusted figure within the Terra Luna Classic community, has been recommended to oversee the domain and other infrastructure controls. However, the community’s primary focus remains on expediting the wallet development and establishing an L2 team dedicated to its management.

Market Response and Price Movements

Following the news of the Terra Luna Classic community-owned wallet proposal passing, both LUNC and its counterpart token USTC experienced significant price surges. LUNC’s price soared by 3% in the past 24 hours, with the current trading price at $0.000088. The 24-hour low and high were recorded at $0.0000867 and $0.0000896, respectively. Despite a recent pullback in the broader crypto market, LUNC demonstrated resilience, approaching a key support level.

Similarly, USTC, the secondary token in the Terra Luna Classic ecosystem, observed an impressive 7% surge in the past 24 hours, reaching a trading price of $0.018. Over the course of a week, USTC recorded an impressive 40% increase in value, indicative of growing investor confidence. The trading volume for USTC also experienced a significant boost, soaring by 100% in the last 24 hours.

Conclusion

The approval of the Terra Luna Classic community-owned wallet proposal marks a significant stride in the path toward decentralization and enhanced user control within the ecosystem. By prioritizing the development of the community-owned wallet and reducing reliance on external entities, the LUNC community is taking proactive steps to improve the reliability and security of Terra Luna Classic’s infrastructure. 

The market’s enthusiastic response with notable price jumps for both LUNC and USTC further highlights the growing optimism and support for the platform’s future. With the development phase now underway, stakeholders eagerly anticipate the realization of a truly community-driven and decentralized wallet that will shape the future of Terra Luna Classic.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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Haseeb Shaheen

As a Web Researcher and Internet Marketer, Haseeb Shaheen delivers relevant valuable content for audiences. He focuses on financial and crypto market analysis, as well as technology-related areas that help people change their lives.

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