The Terra Luna Classic (LUNC) community has cast a pivotal vote, integrating CertiK, a leading blockchain security firm, as a recognized Know Your Customer (KYC) provider for L1 development on the Terra Classic blockchain. This move comes on the heels of proposal 12058, “Add CertiK as a recognized KYC provider,” surpassing the required threshold for approval. Achieving passage well before the February 18 deadline, this development underscores the community’s commitment to bolstering security and trust within the Terra Classic ecosystem.
The necessity for heightened security measures was spotlighted by the previous approval of KYC proposal 12033, which witnessed significant voter turnout. This proposal set the stage for subsequent discussions on security protocols, leading to proposals 12058 and 12059. These proposals aimed to further refine KYC requirements for developers and clarify the parameters for contributing to the Terra Classic chain without KYC certification.
CertiK‘s endorsement as a KYC provider signifies a major step forward in ensuring that all L1 development on Terra Classic adheres to stringent security standards. The proposal garnered overwhelming support, with 75% of votes cast in favor. Notably, 37 validators, including prominent names such as Allnodes, StakeBin, and TerraCVita, voted in support of the initiative. However, it wasn’t without its detractors, as evidenced by the “No with veto” vote from Interstellar Lounge, highlighting a fraction of the community’s reservations regarding KYC processes.
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The impact of these developments on the Terra Classic ecosystem’s token performance has been immediate and notable. LUNC’s price experienced a 5% decline, followed by a 15% rally to reach a recent high of $0.000140. Currently, the price hovers around $0.000127, accompanied by a 10% increase in trading volume over the last 24 hours, building on a dramatic 100% surge on Thursday. Meanwhile, USTC, Terra Classic’s stablecoin, also witnessed fluctuations, with prices retracting after a 40% surge. Presently, USTC trades at $0.0325, with trading volume seeing a modest 5% decrease after an 800% jump the previous day.
This strategic integration of CertiK as a KYC provider marks a critical juncture for Terra Luna Classic, as it endeavors to rebuild trust and security within its community. As the ecosystem continues to evolve, the focus on stringent security measures and transparent development practices will be paramount in shaping its trajectory and potential recovery.
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