Last Updated: August 30, 2023
•The Terra Classic community recently refused to approve a funding proposal (#11716) for the USTC Quant Team, which would have paid 285 million $LUNC tokens.
• Nova Validator stepped in and offered $20,000 directly to the USTC Quant developers, as members argued the work had already been done.
• The debate has caused friction within the Terra Classic community between those who voted yes and no on proposal #11716.
LUNC Community Refuses Funding Proposal
The Terra Classic community recently declined a spend proposal (#11716) that would have seen 285 million $LUNC tokens awarded to the USTC Quant Team. Despite favorable voting in the first few days, only 23% of Terra Luna Classic community members voted Yes while 50% abstained and 25% said No. This caused a point of contention in the Terra Classic community between those who voted yes and no on proposal #11716.
Nova Validator Offers Alternative Funding
In response to this breach of contract by validators, Nova Validator offered their own form of funding: a direct payout of $20,000 to the USTC Quant developers. Nova holds 0.528% of voting power on the blockchain network with 5.39 billion $LUNC delegated from validators such as Happy Catty Crypto, SolidVote, Vegas Node, and JESUSisLORD . Bilbo Baggins from USTC advised redelegating away from validators who voted against interests of chain after work was completed.
Terra Luna Community Divided
The refusal of #LUNC validators to pay after work was delivered resulted in two camps within Terra Luna’s community; those who voted Yes or No on Proposal #11716. LUNC DAO & Lunanauts approved it whereas major validators like HappyCatty Validator rejected it . This further divided opinions and frustrated many users since they felt their votes were ignored by these large-scale validators despite being a part of ‘community governance’ system on which Tera is based upon .
USTCs Zombie Hunt
Part of the coding work included in proposal #11716 was dubbed as ‘Zombie USTC Hunt’ campaign run by USTC Quant team which involved burning 800M tokens retrieved from Ozone Protocol . This could help boost value for remaining holders while reducing circulating supply & inflation rate on network , thus leading to increased market demand . However , due to lack of consensus among nodes , this plan seems uncertain at best for now .
The decision made by LUNC Community stirred up debate & dissent regarding fairness & transparency within blockchain networks . While some argue that approval should be given if project delivers expected results , others believe that projects should be completed before any payment is received due to trust issues arising when money changes hands without tangible results visible yet . Hence , it remains unclear whether or not this zombie hunt will take place anytime soon & what impact will it have on price movement for LUNC token if successful?