Altcoin

Terra Luna Classic Core Developer Submits Major Proposal, LUNC to $1?

Published

5 months ago

June 4, 2024

Terra Luna Classic developer Genuine Labs proposes to become the official core developer of the Terra Classic chain. The developer group believes the chain needs a team for code reviewing, PR merging, and maintenance and it has become critical after the JL1TF was disbanded.

Genuine Labs Proposes To Manage Terra Luna Classic Repository

Genuine Labs, a team of three developers, submits a proposal to become the maintaining team of classic-terra/core repository. The core repository is currently managed by the community and different groups of developers.

“Since JL1TF team was disbanded, the need of having a team to help on code reviewing, PR merging and maintenance for the chain has become more and more essential,” said a senior developer known as ‘expertdicer’.

All three Genuine Labs’ team members have undergone the required KYC processes via solidproof. They believe regular maintenance updates are required for the Terra Luna Classic blockchain.

As per the proposal, their work entails:

Code review, PR merging and repository maintenance.
Integrate new features with e2e-test and interchain-test.
Cover security patch for cosmos-sdk, ibc-go, comet-bft and wasmd.
Other technical support
Online and giving support when chain upgrade

The team pledges to release a note consisting of details on work progress, plans, other logs, while maintaining transparency with the community.

Genuine Labs sets $10,000 per month costs in LUNC for maintenance and above-mentioned tasks. The team will still continue to work as per PPJ to propose other tasks such as upgrades, which are not related to maintenance service.

Also Read: Terra Luna Classic Votes On LUNC Payout Proposal

Can LUNC Price Hit $1?

With the Binance burn, recent upgrades and upcoming upgrades such as Cosmos SDK 0.50, increasing utility, settlement between SEC and Terraform Labs and co-founder Do Kwon, LUNC price can start moving toward $1. However, it should first cross the $0.0005 resistance level.

CoinGape Markets’ analysis signals a likely 65% rally in LUNC price after a breakout of the rectangle pattern with support at $0.00012. The LUNC price is currently in consolidation and a ‘golden cross’ is expected in June, beginning a massive upside in LUNC.

LUNC price has pared a 200% rally this year to a mere 50% and a breakout with bullish pattern expected to hit $0.0005 target price. The price currently trades at $0.0001187, below key support zone.

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