Big things are happening in the Terra Luna Classic ($LUNC ) ecosystem, as the community recently gave a resounding "YES" to Proposal 12141. This crucial step seeks to reclaim control over $LUNC's listings on major cryptocurrency platforms like CoinMarketCap, a vital move that could significantly boost the token’s visibility and reputation in the market.
The Proposal Breakdown: Accessing TerraForm Lab’s Control
Dubbed “Dealing with CoinMarketCap and Other Listings,” Proposal 12141 aims to grant the Terra community access to TerraForm Lab’s (TFL) listings on popular aggregators. Currently, TFL is the sole entity with the “keys” to update these critical systems—despite its bankruptcy. These platforms play a huge role in the market by displaying essential info like price data, trading volume, and official website links, which are vital for maintaining $LUNC’s standing in the crypto world.
However, the bankruptcy of TFL has left a void in management. With 99.95% of the community voting "YES," validators like Interstellar Lounge, JESUSisLORD, LUNCLIVE, moonshot, and Community First were the first to throw their weight behind the proposal.
Who Takes Over? Enter Allnodes
Stepping up to the plate, Allnodes—a node-hosting and validator service—has volunteered to temporarily manage access to these dashboards and agreements. As a custodian, Allnodes will safeguard these assets until the TerraClassic governance comes up with a permanent solution. This is a huge step forward in stabilizing $LUNC’s operations and ensuring the token stays visible on key platforms like CoinMarketCap.
OrbitLabs’ Proposal: Streamlining the Codebase
Meanwhile, OrbitLabs, a cutting-edge blockchain development team, has submitted another proposal aimed at fixing an issue that’s been brewing behind the scenes. Their goal? To remove forked modules that have caused $LUNC’s codebase to drift away from the original Terra code, increasing the complexity and maintenance costs. By aligning the codebase, $LUNC could reduce costs and improve efficiency across the network.
The Terra Collapse and What Lies Ahead
Let’s not forget the challenges still facing the Terra ecosystem. TFL filed for Chapter 11 bankruptcy in Delaware after the catastrophic collapse of its stablecoin UST and its companion token $LUNA, which wiped out $40 billion in value last year. As part of the bankruptcy process, TFL may wind down its operations entirely by October 30, potentially shutting down key services like Alliance Hub, Mantlemint, FCD, and API services if no third parties take over.
LUNC’s Market Performance
Despite the turbulence, $LUNC has been holding strong. Currently trading at $0.00009238, the token has gained 0.99% in the last 24 hours, while its trading volume surged a whopping 73.14%, with a market cap standing at $526 million. As these developments unfold, Terra Luna Classic’s future remains uncertain, but the community is stepping up to secure $LUNC’s place in the crypto world.
Stay tuned as we continue to track these significant updates in the Terra ecosystem. The future is uncertain, but one thing’s for sure—LUNC holders are not backing down. 🚀
