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LUNC News: Terra Luna Classic validator Happy Catty Crypto has come up with another proposal after the community passed revised proposal to build a community-owned Station wallet by core developer Joint L1 Task Force. The new proposal aims to increase governance and decentralization transition from Agora to Commonwealth.

Terra Luna Classic validator Happy Catty Cryptos Proposal 11653 Enhancing Governance And Decentralization In The Transition to Commonwealth is up for voting.

The proposal aims to address concerns related to the transition from Agora to Commonwealth recently, which happened without community voting and transparency. He claims the transition was moderated by Edward Kim, Rexx, and Bilbo Baggins without community involvement. It caused Rexx and Bilbo Baggins to become administrators, which is against the core principles of decentralization.

Edward Kim and Rexx have declared their departures from the LUNC blockchain, and they are currently focused on developing a separate blockchain called Entropy AI Blockchain. As they have no direct involvement in LUNC, their admin roles are questionable and should be addressed and/or revoked.

As per the proposal, L1TF lead developer Vinh Nguyen should become admin until a new proposal is passed to determine future admins. Community-owned Station wallet will integrate the Commonwealth button, thus its crucial to reduce unfair control.

The community currently favors the proposal as it has received 90% Yes votes. Meanwhile, it has received 2% No and 8% No with veto votes. Validators including HappyCattyCrypto, SolidVote, and Community First LUNC have favored the proposal, but other top validators are yet to vote. The proposal has a deadline of August 1.

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LUNC price jumped 2% in the past 24 hours, with the price currently trading at $0.000083. The 24-hour low and high are $0.0000810 and $0.0000832, respectively. Terra Luna Classic fell below key support amid a recent selloff in the broader crypto market.

LUNC looks to again hit the $0.000090 support level amid news of USTC repeg. Meanwhile, Terraform Labs and Do Kwon seek to dismiss the US SEC lawsuit.

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Varinder has 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He is currently covering all the latest updates and developments in the crypto industry.

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LUNC News: Terra Luna Classic Proposal To Improve Governance And Decentralization - CoinGape