Solomon Samuel 
The Terra community remains committed to the previously approved KYC proposal, its implementation hindered the chain’s expansion, leading to rejection.
The Terra community remains committed to the previously approved KYC proposal, acknowledging the importance of KYC-ed developers for the chain’s ongoing development.
Implementing Know Your Customer (KYC) regulations for developers has impeded the expansion of Terra Luna Classic, leading to the rejection of the proposal.
As a result of the futures selloff and the expiration of the most extensive options, the prices of LUNC and USTC are gaining momentum in an upward direction.
Terra Community Rejects KYC Repeal Proposal
The Terra community did not approve proposal 12091, titled “Repeal prop #12033 [KYC prop],” because it did not meet the pass threshold.
The proposal, 12033 KYC, aimed to eliminate the KYC requirement for developers as a hindrance to the chain’s expansion, especially during the bull market.
There were just 18% of people who voted “yes” to the plan. It appears that the majority of residents in the Terra community are opposed to the idea, as evidenced by the fact that they voted “no” and “abstain,” with 39% and 41% of the votes, respectively.
Validators, for the most part were against the idea and some of them including Allnodes voted against it. According to the suggestion, LUNC investors have observed that the adverse effects of KYC have taken precedence over the beneficial advantages.
Furthermore, developers who have undergone KYC may never implement the LUNC revival and USTC reform efforts. A suggestion is made in the proposal to seek the assistance of seasoned developers to advance developments on the chain.
As of this moment, the entire amount of LUNC that the Terra community has burned has crossed 105 billion and according to data provided by StakeBin, the total burn will shortly hit the landmark of 110 billion.
The LUNC burn rate has decreased significantly over the past few weeks, which is noteworthy because prices have continued to rise. As a result of the community’s unwavering commitment to various chain developments, the burn rate has decreased by almost half.
The Terra community believes that the price of LUNC might reach $1 during the current bull run, particularly after the successful upgrade to version 2.4.2.
Additionally, Genuine Labs disclosed that they had made progress on upgrading the Terra Classic Security Package. This will improve interoperability, functionality, and security.
Within eight weeks, the development team intended to finish all the developments. Over the past few hours, the price of LUNC has recovered by three percent from the support level.
The price is presently trading at $0.000156, with a high of $0.000152 and a low of $0.000162 over the previous 24 hours. Furthermore, there has been a 20% increase in the trading volume, which suggests that there is a slight interest among traders.
According to statistics provided by CoinGlass, the open interest in LUNC and 1000LUNC futures has increased by 2% while trading on Binance and other exchanges over the past few hours.
The increase in LUNC futures open interest indicates that investors feel optimistic and that the probability of $0.0002 is strong. The price of USTC has likewise increased by 2% during the past several hours, and it is presently trading at $0.0289.
The low and high for the past 24 hours are $0.0287 and $0.0297, respectively.