- The Terra Luna Classic community voted to restore control of CMC data.
- Initially controlled by Do Kwon, the page still has links to TerraForm.
- LUNC price stumbled upon resistance as a huge TFL burn nears.
The Terra Luna Classic (LUNC) blockchain is taking a leap forward to regain full control of cryptocurrency aggregators, pivotal in the community’s quest to restore LUNC’s reputation. Originally, top crypto price aggregators like CoinMarketCap and CoinGecko gave access to TerraForm Labs (TFL), which was the sole entity in control until today.
As the crypto fugitive and TerraForm Labs founder Do Kwon awaits a decision on his extradition from Montenegro, TerraForm Labs is seeking to complete bankruptcy protection requirements imposed by the U.S. Securities and Exchange Commission (SEC). By the end of October, TFL is asked to burn all LUNC tokens in its control.
The proposal on Terra Classic’s voting station, #12141: “Dealing with CoinMarketCap and other listings,” has successfully breached the passing threshold. This grants the LUNC community the right to manage LUNC’s information on CoinMarketCap, potentially accelerating the chain’s revitalization strategy.
By popular demand, proposal #12141 grants to Allnodes, a popular node validator that’s trusted by the community to act upon the best interest of Terra Classic’s Layer-1 chain. Terra Luna’s community regaining the steering wheel on CoinMarketCap hasn’t pushed the token’s price up yet, as LUNC remains hovering around $0.00009.
Up 6% in monthly terms, LUNC has made some yearly progress with a 55% upswing over the past 365 days. But LUNC has a long way to reclaim a substantial part of its relevance, as the Layer-1 altcoin continues to trade outside crypto’s TOP 100 by global market cap.
On the Flipside
- The temporary custodian of CoinMarketCap’s LUNC page has stated on social media that the moderating will be “on his own time” and “not in any official capacity of Allnodes.”
Why This Matters
The almost unanimous decision paves the way for an active community-led governance model, encouraging stakeholder participation in future decision-making.
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