The Terra Luna Classic community pool balance has reached a critical level due to the approval of three community pool spending proposals. The funds have significantly decreased from 2.37 billion LUNC to a mere 416 million LUNC.
Consequently, the community is now facing a shortage of funds, hindering their ability to finance further development and maintenance of the chain.
Terra Luna Community Proposals And Allocations
The Terra Luna Classic community passed three proposals that were responsible for depleting its reserves — from a Quant team for USTC re-peg, Joint L1 Task Force Q3 proposal, and continuing operating Terra Rebels infrastructure and apps.
Related Reading: Terra LUNA Classic: Thriving Or Struggling After Ecosystem Collapse?
Core developer Joint L1 Task Force Q3 received 1.264 billion LUNC, Quant USTC Repeg Team gets 222.222 million LUNC, and Terra Rebels received 484.367 million LUNC. Now, the community pool balance has only 416.33 million LUNC and 4.49 million USTC.
Joint L1 Task Force Q3 proposes to work on reducing LUNC and USTC circulating supply in Q3, upgrading to stable Columbus and Cosmos SDK versions, and other major developments. The L1TF and Professor Edward Kim will assist the Quant team in the USTC re-peg.
Meanwhile, the Quant team worked on modeling and simulation for the USTC incremental re-peg buybacks and staking swaps, evaluating and assessing the Market Module and working on other tools.
Terra Rebels needs funds to continue operating and maintaining Rebel Station and other apps, as well as testnet and Terra Classic infrastructure.
In light of recent developments, several prominent figures within the community have expressed concerns regarding the approval of seemingly unnecessary community spending proposals. They believe that a more discerning approach should be taken, with only crucial proposals proceeding for voting after thorough and thoughtful discussions.
This sentiment reflects the community’s desire to prioritize and allocate resources effectively, ensuring that decisions are made in the best interest of the community as a whole.
LUNC Price Fluctuations And Trading Activity
Following the announcement of Binance’s 2.65 billion LUNC burn on Saturday, the price of Terra Luna Classic experienced a notable surge of over 3%. However, this increase was short-lived as the price failed to sustain the gains and subsequently retreated to the support level.
LUNCUSDT daily chart | Source: TradingView
Over the past 24 hours, the LUNC price has exhibited a sideways trading pattern, with the current price hovering around $0.000087.
During this period, the recorded low and high values were $0.0000850 and $0.0000877, respectively. It is worth noting that although the price has remained relatively stable, there has been a slight increase in trading volume over the past 24 hours.
Featured image from Twitter, charts from TradingView.com
Credit: Source link
