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- The community pool’s total assets decreased from 2.37 billion LUNC to 416 million LUNC.
- Recently, three proposals received approval from the Terra Luna Classic community.
The community pool fund for Terra Luna Classic has fallen to a critical level following the approval of three funding requests by the community. The available funds are insufficient to support the ongoing development and maintenance of the network, with total assets diminishing from 2.37 billion LUNC to 416 million LUNC.
The Terra Luna Classic community approved three proposals: a Joint L1 Task Force Q3 initiative, the establishment of a Quant team for USTC repeg, and the upkeep of Terra Rebels’ infrastructure and applications.
Recent Funds Allocation
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Terra Rebels received 484.367 million LUNC, the Quant USTC Repeg Team obtained 222.222 million LUNC, and the Joint L1 Task Force Q3 was allocated 1.264 billion LUNC for their development efforts. Currently, the pool holds just 416.33 million LUNC and 4.49 million USTC.
The Joint L1 Task Force aims to upgrade to stable versions of the Columbus and Cosmos SDKs, while also concentrating on reducing the circulating supply of LUNC and USTC in Q3.
Meanwhile, the Quant team will be engaged in modeling and simulating incremental repeg buybacks and staking swaps for USTC. Additionally, Terra Rebels require financial backing to maintain the Rebel Station, other programs, and the testnet and Terra Classic infrastructure.
Conversely, the community has reached a consensus that only the most essential proposals should be subjected to a vote after thorough discussion.
Furthermore, the eleventh round of Binance’s LUNC burn mechanism, amounting to 2.65 billion Terra Classic (LUNC) coins, has been completed. The cumulative total of LUNC burned by both the community and the cryptocurrency exchange is approximately 35.5 billion.
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