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- Proposal 12141 dubbed “Dealing with CoinMarketCap and other listings” has been passed by the Terra Luna Classic community after a couple of days of voting.
- The proposal is focused on managing the listing details of Terra Luna Classic on the CoinMarketCap platform.
The Terra Luna Classic community has approved a proposal that will grant them access to key accounts and dashboards currently managed by Terraform Labs (TFL), the bankrupt cryptocurrency firm co-founded by crypto fugitive, Do Kwon.
The proposal reflects active governance within the Terra Luna Classic ecosystem, encouraging community participation and engagement. By having direct control over their listings and information, the LUNC community can implement strategies to promote growth and visibility for the tokens.
Terra Luna Classic Community Greenlights Proposal
The Terra proposal dubbed 12141 and titled “Dealing with CoinMarketCap and other listings” seeks the community’s approval to gain access to TerraForm Lab’s listed Terra Classic on cryptocurrency aggregators like CoinMarketCap the world’s most trusted and accurate source for crypto market capitalizations.
These platforms display key information about crypto assets, such as price data, trading volume, and links to official websites, which are vital for the visibility and reputation of the token. Despite TFL’s bankruptcy, it is still the sole entity that has the ability to log in and control these important management systems. No one else can access or update them without these “keys.” Notably, network validators Interstellar Lounge, JESUSisLORD, LUNCLIVE, moonshot, and Community First LUNC were first to vote “Yes” with 99.95% votes in favor.
Allnodes, a node hosting, and validator service has volunteered to temporarily take responsibility for managing access to these dashboards and any related agreements. As a custodian, Allnodes will safeguard and oversee these access rights until the TerraClassic governance decides on a long-term solution.
In other developments in the Terra ecosystem, OrbitLabs a cutting-edge blockchain development team that offers comprehensive solutions for both on-chain and cross-chain decentralized applications, submitted a proposal to the Terra Luna Classic Ecosystem. The primary goal of the proposal is to remove forked modules in the network’s standard upstream modules that have caused the Terra Classic codebase to move further away from the original or “upstream” version. This has increased divergence, driving up maintenance costs because it requires more effort to manage and support the differing codebases.
The Singapore-based company filed for Chapter 11 bankruptcy in Delaware following the collapse of its algorithmic stablecoin UST and its companion cryptocurrency LUNA, which precipitated a market implosion wiping out around $40 billion in value last year.
As part of the bankruptcy process, the company may be forced to wind down its operations leading to the closure of its products and services such as the Alliance Hub, Mantlemint, FCD, and API services. If no third parties take them over, the company will shut down on October 30. LUNC trades at $0.00009238, gaining 0.99% in the last 24 hours as its trading volume surged 73.14% while its market cap stands at $526 million.
