Terra Luna Classic Community Stands Firm on KYC Requirement During Upgrade and Market Optimism

Despite a failed proposal to repeal KYC requirements for developers, the Terra Luna Classic community remains resolute in its support for the measure, emphasizing its importance for maintaining chain security. Following a successful blockchain upgrade, the community is optimistic, with LUNC burns exceeding 105 billion and prices rebounding, indicating expectations of a bull run.

Terra Luna Classic Community Maintains KYC Requirement for Developers, Emphasizing Security Amidst Blockchain Upgrade and Market Optimism

The Terra Luna Classic community has reinforced its support for the Know Your Customer (KYC) requirement for developers, despite the rejection of a proposal to repeal it. The community's unwavering stance on KYC signifies its commitment to safeguarding the security and integrity of the blockchain network.

KYC Requirement Persists Amidst Expansion Concerns

Allegations have emerged that the KYC requirement has hindered the network's growth. However, the community remains resolute in its decision, recognizing the crucial role KYC plays in maintaining the chain's stability. The recent blockchain upgrade has further amplified the community's confidence in its approach.

Proposal to Repeal KYC Fails to Gain Traction

The proposal to eliminate the KYC requirement garnered insufficient support, failing to reach the necessary threshold for approval. Only 18% of the community voted in favor of the repeal, while a significant 39% voted against it. Notably, 41% abstained from voting, indicating a division within the community. Validators predominantly opposed the repeal, with prominent abstentions from entities like Allnodes.

Blockchain Upgrade Ushers in Optimism and Innovation

The seamless execution of the v2.4.2 upgrade through a Hard Fork has enhanced Terra Classic's infrastructure, integrating IBC-Hooks. These advancements pave the way for the integration of decentralized applications (dApps), such as Enterprise DAO, fostering innovation within the network.

Genuine Labs, the developer team behind the upgrade, confirmed its successful implementation in a bi-weekly report. Their meticulous efforts ensured minimal disruption, as Terra Classic validators swiftly returned online. The community expressed its appreciation for Genuine Labs' dedication and expertise, highlighting the collaborative spirit within the ecosystem.

LUNC Burn Nears 110 Billion Milestone

The community's commitment to chain development is reflected in the ongoing LUNC burn program. The total number of LUNC burned has surpassed 105 billion, with expectations of reaching the 110 billion milestone soon. Despite a recent slowdown in the burn rate due to the upward price movement, the community remains determined in its efforts.

Optimism Prevails as LUNC Eyes $1 Mark

Optimism permeates the community, with anticipations of LUNC prices reaching $1 during the ongoing bull market, particularly in light of the successful v2.4.2 upgrade. The community's positive sentiment is further bolstered by the progress made on the Terra Classic Security Package upgrade by Genuine Labs, which aims to enhance security, functionality, and interoperability within an estimated 8-week timeframe.

LUNC and USTC Prices Showcase Recovery

LUNC and USTC (Terra Luna Classic stablecoin) have exhibited signs of recovery in recent price action. LUNC prices have rebounded by 1% from recent support levels, currently trading at $0.0001554. Although trading volume has decreased, CoinGlass data indicates a rise in futures open interests for LUNC, suggesting investor optimism and a potential for reaching the $0.0002 target price.

USTC prices experienced a minor 2% decline in recent hours, with the price currently hovering around $0.0248. Nonetheless, the community remains focused on sustaining positive momentum amidst market fluctuations, demonstrating its resilience and commitment to the Terra Luna Classic ecosystem.