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Terra Classic Community Repeals KYC Proposal

Terra Classic Community Repeals KYC Proposal

The Terra Luna Classic community has begun voting on doing away with the KYC requirement. 

The plan has been opposed by community members and validators who feel that KYC is an essential inclusion.

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Prices of LUNC and USTC fall as derivatives traders modify their positions. 

Voting on a significant request to revoke the previously approved KYC proposal is taking place within the Terra Luna Classic community in response to accusations that developer KYC requirements have impeded the game’s development. In the meantime, the expiration of options and the future selloff have hurt the prices of LUNC and USTC. 

Repeal of Terra Luna Classic KYC Proposal 12091 There is a vote for “Repeal prop #12033 [KYC prop]” on the Station wallet. Some Terra Luna Classic members have proposed eliminating the 12033 KYC requirement, arguing that it impeded growth, particularly during a bull market. 

“As concerned community members, we demand that the KYC policy be repealed because it hinders Terra Luna Classic’s expansion. This idea was voted on and made in a hurry, with little thought given to its long-term effects. The amount of follow-up proposals that attempt to address the shortcomings of the original KYC plan serves as clear evidence of this, according to the proposal. 

According to the suggestion, LUNC investors have seen that KYC’s drawbacks outweigh its benefits. It’s also possible that the USTC repeat and LUNC revival initiatives by KYC-eligible developers will never proceed. To advance advances along the chain, the plan advises enlisting the assistance of seasoned experts. 

The proposal has only garnered 39% “Yes” votes thus far. The majority of community members, approximately 60%, appear to be against the idea and have voted “No.” Four validators supported the proposition, while fifteen opposed it. Voting on the idea must be completed by March 28

Prices of USTC and LUNC to Rally? 

The upward momentum of Terra Luna Classic and USTC encounters a barrier due to readjustments made by derivatives traders, yet spot volume stays elevated. 

The price of LUNC decreased by 1% over the previous day to trade at $0.000139. $0.000137 is the 24-hour low, and $0.000148 is the 24-hour high. Over the last day, there has been a modest decrease in trading volume. 

Open interest (OI) for LUNC futures on other cryptocurrency exchanges is up 2% overall. Prices did, however, decline due to the more than 7% decline in 1000LUNC futures on Binance and Bybit. The community anticipates a comeback before next week’s big v2.4.2 upgrade. 

The price of USTC decreased by 3% over the previous day. Currently, the price is trading at $0.0268; the 24-hour low and high are, respectively, $0.0267 and $0.0284. Moreover, trade volume has dropped by 5% throughout the last day. 

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