Genuine Labs, a group of developers experienced in Cosmos stacks, offered a lending hand to the Terra Luna Classic community, which will potentially help in the revival of LUNC and USTC repeg. The developer team discovered a number of issues with Terra Classic and submitted a proposal for voting to address these issues.
New Developer Group On Terra Luna Classic
Proposal 11940 “Genuine labs Terra Classic Development Proposal” is up for governance voting on the Terra Luna Classic community-backed Station wallet. The team proposes to work in collaboration with the L1 teams on Terra Luna Classic.
The developer group plans to initially focus on integrating and improving the IBC Hooks and Packet Forward Middleware (PFM) features, as well as enhancing the end-to-end testing and interchain testing for the fee tax charging mechanism. Former L1TF member Fragwuerdig noted that IBC-hooks and PFM have already been implemented on the following branch and Genuine labs may need to repost job proposal.
It consists of senior developer Nguyen, senior developer Minh, and junior developer Dong. They contributed to Osmosis, Quicksilver, Stride, and Composable; worked on core repositories like Gravity-Bridge, IBC-Go, Cosmos-SDK; and developed fee abstraction module among other assignments.
The team looks to bring valuable improvements to Terra Luna Classic ecosystem and seeks $16,000 for a timeline of 6 weeks.
The initial voting reveals that 97% of the community members are in favor. However, the proposal has also received 2% “No with veto” and 1% “No” votes. Some validators have also voted in favor of the proposal.
LUNC price jumped 3% in the past 24 hours, with the price currently trading at $0.000161. The 24-hour low and high are $0.000153 and $0.000170, respectively. Moreover, trading volume has increased by 60% in the last 24 hours, indicating a rise in interest among traders.
Meanwhile, USTC price trades at $0.0361, up 3% in the last 24 hours. The trading volume has increased by 120% amid a number of USTC burn proposals.
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