It is worth mentioning that despite market volatility and controversy, LUNC’s price has stayed relatively stable, with no significant fluctuations observed.
However, Investors closely monitor the situation, as substantial governance changes could influence market sentiment. As of this report, Terra Classic was trading at $0.00006361, increasing by 1.11% in the last 24 hours.
In related news, CoinGape reported that the Terra Luna Classic community is considering reducing the 21-day waiting period for withdrawing staked LUNC.
MrDiamondhandz has emerged as a vocal critic of the proposal. In an X post, he termed it a realistic effort to develop centralized legitimacy under the pretense of decentralization.
Meanwhile, a LUNC Telegram group screenshot has added to the debate. In the chat, a community member said they might leave the blockchain if the proposal fails. Another user agreed, raising concerns that the issue could split the community.
Speaking on the above, MrDiamondhandz pointed out that some supporters of the proposal have even threatened to leave if it does not pass. However, he firmly believes their departure would benefit the Terra Luna Classic network.
Unfortunately, this dissension comes as the Terra Luna Classic (LUNC) community recently celebrated a major achievement. Reports show that the total number of LUNC tokens burned in the network has passed 400 billion.
🌖 LUNC News: Top Validator Flags Controversial Terra Luna Classic Proposal
In recent developments, a major disagreement has been brewing in the Terra Luna Classic (LUNC) community after a popular validator, MrDiamondhandz, strongly opposed a new governance proposal.
In an X post, MrDiamondhandz, who runs LuncLiveOrg, called the proposal one of the worst in recent times. He warned that it could have serious consequences for the network if approved.
The governance proposal under criticism seeks to create a Terra Classic Sub-DAO. This proposal hinges on plans to decentralize decision-making processes within the LUNC ecosystem.
It also suggests creating a special team to respond to emergencies without waiting for full governance approval. The goal is to make decision-making faster and more efficient.
However, this proposal has spurred mixed reactions among community members. Critics claim it could grant excessive, unchecked power to a select group and undermine the blockchain’s decentralized ethos.
Similarly, critics fear that bypassing traditional governance mechanisms could lead to decisions misaligned with the broader interests of the LUNC ecosystem.
Notably, the proposal has garnered 39.41% approval, 7.95% opposition, and 25.47% votes marked as “No with veto.” The voter turnout is 28.95%, falling short of the 40% quorum required for passage.
Pioneers, our daily posts aim to educate Pioneers worldwide, guaranteeing the precise and effective communication of key information and updates, grounded in official statements from the Pi Core Team, Pi Moderators, and the official Pi Network site.
In the $LUNC burning chart, the printed LUNCs are noticeable. This display may have been the result of an ERROR.
Also; There are SENIORAGE prints on the Terra Classic chain. These prints are made automatically in the normal working logic of the chain. However; Binance intervened in this matter and ensured that the SENIORAGE prints would be burned. Such a situation may have occurred.
🌖 In the last 4 days, 1.77 billion $LUNC was burned on the Terra Classic chain.
The majority of the burns were real as tax burns. 454 million #LUNC was burned in the past day. Burns continued today. 413 million LUNC has already been burned.
While token printing and unlocking are taking place in many altcoin and memecoin projects; LUNC and #USTC supply continues to decrease with tax burns.
🌖 Terra Luna Classic Gets Major Binance Backing, LUNC Price Breakout Ahead?
Terra Luna Classic (LUNC) is gaining attention as Binance steps in to support its latest network upgrade. The announcement comes at a time when the crypto market is facing a significant downturn, sparking optimism among investors. With key updates rolling out, many market watchers predict a potential breakout for LUNC price.
Binance Extends Support To Terra Luna Classic Upgrade In a recent update, Binance confirmed its support for the Terra Luna Classic network upgrade. The exchange stated that deposits and withdrawals on the Terra Classic network would be suspended on February 25, 2025, at 14:00 UTC. The upgrade itself is set to occur at block height 22,176,864, scheduled for 15:00 UTC the same day.
Meanwhile, Binance assured users that LUNC and related token trading would not be affected. The top crypto exchange also stated that it will handle all technical requirements involved in the upgrade.
Once the network stabilizes post-upgrade, deposits and withdrawals will resume without any further announcements. This move by Binance indicates a strong commitment to the Terra Luna Classic ecosystem, further boosting confidence in LUNC’s long-term potential.
🌖 Who has been with #LUNC since the crash and still #Hodling like a King/Queen raise your hand! 🙋♂️ 🌖 The $LUNC recovery will not be stopped. Smash the ❤️ button if you #LUNC holder! Show your $LUNC power💪
Keep burning $LUNC ❤️🔥❤️🔥
#Crypto #LUNC #LunaClassic #LUNCBURN The currency of the people awaits ! #Lunaclassic ❤️🍪