- The Terra Luna Classic community voted to restore control of CMC data.
- Initially maintained by Do Kwon, the page still has a link to TerraForm.
- As the massive TFL burn approaches, LUNC price has encountered resistance.
The Terra Luna Classic (LUNC) blockchain is leaping forward to regain full control over the pivotal cryptocurrency collector in the community’s quest to restore LUNC’s reputation. Originally, top cryptocurrency price aggregators such as CoinMarketCap and CoinGecko granted access to TerraForm Labs (TFL), the only controlling entity to date.
While cryptocurrency fugitive and TerraForm Labs founder Do Kwon awaits an extradition decision in Montenegro, TerraForm Labs is working to complete bankruptcy protection requirements imposed by the U.S. Securities and Exchange Commission (SEC). By the end of October, TFL is requested to burn all LUNC tokens under its control.
Proposal #12141 from Terra Classic Poll: “CoinMarketCap and Other Listing Processing” successfully breached the pass threshold. This gives the LUNC community the power to manage LUNC’s information on CoinMarketCap, potentially accelerating the chain activation strategy.
By popular demand, Proposal #12141 is granted to Allnodes, a popular node validator trusted by the community to serve the best interests of the Terra Classic layer 1 chain. The Terra Luna community, taking back the steering wheel from CoinMarketCap, has not yet raised the price of the token as LUNC is still hovering around $0.00009.
LUNC, up 6% on a monthly basis, is up 55% over the past 365 days, making some progress on a year-to-date basis. However, as layer 1 altcoins continue to trade outside the top 100 cryptocurrencies by global market capitalization, LUNC has a long way to go to regain much of its relevance.
On the flipside
- The interim custodian of CoinMarketCap’s LUNC page said on social media that adjustments would be made “on our own time” and “will not be conducted in any official capacity by Allnodes.”
Why This Matters
The near-unanimous decision lays the foundation for an active community-led governance model, encouraging stakeholder participation in future decisions.
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