Genuine Labs, a group of seasoned developers known in the Cosmos ecosystem, has extended a helping hand to the Terra Luna Classic community. The team has offered to assist in the revival of LUNC and USTC repeg, potentially aiding in the rejuvenation of the ecosystem. Upon evaluation, the developers identified multiple issues with Terra Classic and proposed a governance vote to address these concerns.
Proposal number 11940, titled “Genuine labs Terra Classic Development Proposal,” is now ready for governance voting in the community-supported Station wallet. The team plans to collaborate with L1 teams to enhance Terra Luna Classic’s infrastructure and capabilities.
The developer group’s plans include integrating IBC Hooks and Packet Forward Middleware (PFM) features, as well as developing end-to-end and cross-chain testing mechanisms for tax fee structures. These initiatives aim to advance the system and its functionalities.
Genuine Labs comprises senior developers Nguyen and Minh, along with junior developer Dong. They have contributed to significant projects such as Osmosis, Quicksilver, Stride, and Composable, and have also worked on Gravity-Bridge, IBC-Go, and Cosmos-SDK. In addition, they have developed a module to minimize fees.
The team’s goal is to make valuable improvements to the Terra Luna Classic ecosystem. They have requested a fee of $16,000 for a 6-week period to carry out these enhancements. The initial vote shows overwhelming support from 97% of the community members, which is a notably high approval rate compared to most low-risk proposals. However, 2% voted to veto, and 1% voted against the proposal.
Regarding LUNC’s price, it has seen a 3% decrease in the last 24 hours, trading at $0.000161 at the time of writing. The 24-hour high and low prices were $0.000170 and $0.000153, respectively. Despite the price drop, the trading volume has increased by over 40% in the last 24 hours, indicating growing trader interest. Meanwhile, USTC’s price fell by 7% to $0.0356 in the same period, with its trading volume also rising significantly by 119%, reaching $109 million, while the overall volume remained neutral at $322 million.