- Terra Luna Classic (LUNC) is set to revolutionize ownership by introducing a community-controlled wallet infrastructure.
- LUNC price experiences a significant surge, reaching new heights amid the unveiling of this innovative project.
Terra Luna Classic, an integral part of the crypto ecosystem, is making headlines once again. The core development team, Joint L1 Task Force (L1TF), has submitted a groundbreaking proposal for the creation of a community-owned wallet. This wallet will be managed by the Terra Luna Classic community through a governance system, ushering in a new era of ownership.
Happy Catty Crypto, a prominent validator in the Terra Luna Classic network, has also submitted a similar proposal emphasizing the importance of prioritizing wallet infrastructure development and preventing privatization. The community has shown overwhelming support for this initiative, with nearly 72% of the votes in favor and only 28% against. Notable validators such as Happy Catty Crypto, T.MOM, and Classy’s Sphere have rallied behind the proposal, showcasing the widespread enthusiasm for community-controlled initiatives.
The proposal suggests the appointment of Professor Edward Kim, a trusted figure within the community, to oversee the domain and other infrastructure controls. To ensure accessibility and inclusivity, the Joint L1 Task Force will develop the community-owned wallet without any charges. The costs associated with domain registration and hosting will be covered by the compute budget of the Joint L1 Task Force.
In line with Happy Catty Crypto’s proposal, the development team will create a web version of Station, as well as mobile apps for iOS and Android, and a Chrome browser extension. However, the primary focus will be on advancing the wallet’s development and infrastructure. Additionally, an L2 team will be established to manage all aspects of the wallet, further enhancing its functionality and reliability.
This community-driven effort stems from the shared belief among validators and the Terra Luna Classic community that reducing reliance on Terraform Labs (TFL) and avoiding privatization is crucial for improving the reliability and uptime of Station. Many community members advocate for discontinuing funding to Terra Rebels’ Rebel Station and infrastructure, favoring a more decentralized and community-controlled approach.
In tandem with these groundbreaking developments, the price of LUNC tokens has experienced a significant surge. Over the past 24 hours, LUNC has seen a 4% jump, currently trading at $0.000083. The 24-hour range for LUNC stands between $0.0000799 and $0.0000853. Terra Luna Classic faced a brief setback when it fell below a key support level during the recent crypto market pullback. However, the launch of AI app chain Block Entropy’s AI Playground by developer Edward Kim, coupled with positive US jobs data, has spurred a recovery. Market observers are now eyeing a target price of $0.000090.
With the unveiling of the community-owned wallet initiative and the remarkable price surge, Terra Luna Classic is taking significant steps towards a future defined by community ownership and decentralized control. The growing support for this project signals a paradigm shift in the blockchain landscape, as more projects strive for inclusivity and democratization of resources.