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LUNC News: Terra Luna Classic group handed a key proposal enhancing governance and decentralization within the transition to the Commonwealth discussion board. With the proposal submitted by Terra Luna Classic validator Happy Catty Crypto now handed, present Commonwealth directors must revoke their rights and move entry to Joint L1 Task Force developer Vinh Nguyen.

Terra Luna Classic Community Passes Key Proposal

Proposal 11653 “Enhancing Governance And Decentralization In The Transition to Commonwealth” is formally handed by the Terra Luna Classic group.

The proposal obtained 94% votes in favor of the proposal. Meanwhile, 3% voted “Abstain” and others voted to reject the proposal. Thus, the group favors the proposal to enhance governance and decentralization within the Commonwealth discussion board.

Among 40 LUNC validators that voted, 25 validators equivalent to Allnodes, 1maxfee, TCB, JESUSisLORD, StakeBin, and Lunanauts permitted the proposal.

The proposal goals to deal with considerations associated to the transition from Agora to Commonwealth recently, which occurred with out group voting and transparency. He claims the transition was moderated by Edward Kim, Rexx, and Bilbo Baggins with out group involvement. It precipitated Rexx and Bilbo Baggins to grow to be directors, which is towards the core rules of decentralization.

As per the proposal, L1TF lead developer Vinh Nguyen ought to grow to be admin till a brand new proposal is handed to find out future admins. Community-owned Station pockets will combine the Commonwealth button, thus it’s essential to scale back unfair management.

Read More: Terra Luna Classic Burn Hits 70 Billion Milestone Ahead Major Burn By Binance

LUNC Price to Rise Amid Latest News?

Terra Luna Classic is buying and selling beneath the $0.000082 assist degree after failing to carry the $0.000090 assist degree. LUNC worth fell 1% up to now 24 hours, with the value at the moment buying and selling at $0.000081. The 24-hour high and low are $0.0000813 and $0.0000824, respectively.

Meanwhile, USTC worth trades at $0.015, down 1% up to now 24 hours. The costs witnessed a serious bounce just lately amid USTC repeg plan and Terraform Labs searching for to dismiss the US SEC lawsuit.

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