🌖 Terra Luna Classic’s Proposal for a Core Team

The Terra Luna Classic (LUNC) community is currently engaged in voting on a crucial proposal aimed at establishing a core team responsible for overseeing the chain’s developments and other key decisions.

This proposal comes in the wake of the disbandment of the core developer group Joint L1 Task Force (JL1TF) in March. The proposed core team would comprise key individuals, including developers and contributors, appointed by the community.

Proposal Details
The text proposal (no. 12093), titled “Establish a Terra Classic Team,” is currently up for voting on the Station wallet for the Terra Luna Classic community. If it gets approved, this proposal would be paving the way to establish a permanent team to be remunerated monthly from the community pool. It is also expected that the team is would work directly for the Terra Classic blockchain. This distinguishes it from Terraform Labs, serving Terra (LUNA). Details about the roles, salaries, responsibilities, and the number of developers will be determined in a proposal that is to follow, depending upon the governance approval of this initial proposal.

🌖 Ethena Labs Creates Controversy with High Return Strategy and Compared to Terra

Ethena’s token has sparked mixed reactions within the crypto community since its public launch in February. Stakeholders who stake USD for at least seven days are currently enjoying an annual return of approximately 37%.

This high return enabled the total value locked (TVL) on the protocol to rise from $178 million to $2.3 billion in just 60 days.

However, such high returns often come with inherent risks, reminiscent of Terra’s UST, which paid out around 20% to stakers before its collapse.

Unlike asset-backed stablecoins such as Tether (USDT) and USDC, which derive their value from reserves such as the dollar or US government debt, USDe operates as a synthetic stablecoin.

The USDe’s $1 value is maintained through a financial strategy known as cash and carry trading, which involves simultaneously purchasing an asset and shorting its derivative to capture the funding rate.

Although this trade is considered relatively safe in traditional finance, it is not without risks, especially regarding market volatility and currency issues.

Folkvang CEO Mike van Rossum expressed cautious optimism about the strategy, while highlighting potential pitfalls including issues with currency management and trading in volatile markets.

Ethena users mint USDe tokens by depositing stablecoins such as USDT, dai (DAI) and USDC, and can then stake them to earn returns.

To achieve these returns, the protocol uses various strategies revolving around cash and carry trading and takes advantage of positive funding rates on perpetual coins such as Bitcoin (BTC) and Ethereum (ETH).

Despite concerns, crypto whales have shown their confidence, with recent data showing a significant amount of money being deposited into Ethena’s governance token (ENA), which remains locked for seven days or more.

But analysts like Arca’s Jeff Dorman warn about the risks of relying on market forces to generate returns.

🌖 Terra Luna (LUNA): pioneering decentralized finance with dynamic stability

Terra Luna, a de­centralized platform, introduces innovative­ ideas. It offers multiple stable­coins, enabling instant transactions through an algorithm that adjusts the money supply. LUNA’s algorithm allows low fee­s and seamless global exchange­s.

These features have led to Terra Luna’s ste­ady growth this year. Major Analyses and predictions point to a further price surge. This favourable outlook positions LUNA as a top performer in the crypto market.

🌖 Every dip, every breakthrough, is all part of the #LUNC  Journey.
#HODL strong! 💪 🚀🌕

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🌖 We remind you that you can earn LUNC simply by inviting your friends

For every friend you invite, we will give you 5000 LUNC

More details 👆

🌖 Terra Luna Classic Rejects Core Team Proposal, LUNC Plummets

The community behind Terra Luna Classic (LUNC) has recently turned down a game-changing governance proposal for the Layer-1 chain. Proposal #12093, “Establish a Terra Classic Team,” aimed to assemble a core developer collective after the Layer-1 Joint Task Force (L1JTF) was dissolved late last year.

However, veteran Terra Classic community members haven’t enthusiastically welcomed the idea of assembling a new team to replace the L1JTF. Some validators see the proposal as a “return to our dark past.” That’s because the proposal seeks to employ a roster of developers every month, in contrast to the pay-per-job (PPJ) consensus currently activated on the network.

Luna Classic Labs, one of the most active chain validators, has insisted that the monthly salary mechanism has proved ineffective “in terms of management, efficiency, transparency, and sustainability.” Instead, the Terra Classic chain validator argued that a new team that plays by the PPJ rules reserves the right to pay in advance for specific tasks.

🌖 How Is Terra Classic Faring Amid Market-Wide Pullback?

As governance proposal #12093 was nowhere near passing the threshold, prominent Terra Classic validators cited risks of centralization, ineffectiveness, and the devs’ anonymity. Certainly, the establishment of a Terra Classic team in the way proposed would conflict with the recently applied Know Your Customer (KYC) requirement for all Terra Luna Classic developers.

Meanwhile, LUNC’s price continues to stagger during the market-wide crypto drawdown, which has seen Bitcoin (BTC) retesting pre-claimed support levels below $62K. LUNC now sports a market cap of $585,488,386 despite approaching a $1 billion market cap a month ago.

According to CoinGecko, LUNC trades at $0.0001004 as of Press Time. The slight market rebound on Wednesday has put LUNC above the critical support of $0.0001, even though the altcoin slumped by 29% over the previous 30 days.

On a brighter note, experienced crypto analysts believe that LUNC could repeat December’s bull run of up to 500% if the price charts deliver a break in the multi-month bearish triangle pattern. Last December, LUNC claimed $0.00025813 as the yearly peak, but the swift market correction wiped out those gains in the coming months, resulting in an early TOP 100 exit for the token.