The Terra Luna Classic (LUNC) community has rejected a proposal to create a paid team of developers. Proposal #12093 wanted to set up a system similar to the Layer-1 Joint Task Force (JLTF), which had been abandoned due to arguments against centralization and cost-effectiveness.
The proposed governance model conflicted with LUNC’s current pay-per-job (PPJ) based model and the recently introduced know-your-customer (KYC) requirement for developers. Opponents of this motion held the view that the paid team of developers’ proposal would be slow and not transparent.
The rejection comes during a wider crypto market downturn, and Luna’s price has dropped 29% over the previous month. While the price of LUNC has recovered slightly, it is still far from the $0.000258 reached in December 2023.
According to CoinMarketCap, Terra is currently trading at $0.000100, with a 0.19% market cap percentage drop in the last 24 hours.
Some analysts argue that LUNC might witness an increase in value if it manages to break free from a bearish pattern. However, the community’s choice to prioritize PPJ shows they are more concerned with cost control rather than fast development.
Also Read: Hong Kong Crypto ETFs Target $1 Billion
