The Terra Luna Classic (LUNC) community has declined a proposition to establish a remunerated group of developers. Proposal #12093 aimed to establish a system resembling the Layer-1 Joint Task Force (JLTF), which was discontinued because of concerns regarding centralization and cost efficiency.
The rejection comes amid a broader cryptocurrency market decline, with Luna’s price down 29% in the preceding month. While the price of LUNC has gradually rebounded, it is still significantly lower than the $0.000258 reached in December 2023.
The suggested governance model clashed with LUNC’s existing pay-per-job (PPJ) model and the recently implemented know-your-customer (KYC) requirement for developers. Opponents of this motion said that the paid team of developers’ approach would be slow and opaque.
Terra is now trading at $0.000100 on CoinMarketCap, representing a 0.19% loss in market capitalization over the past 24 hours.
Some analysts believe that if LUNC can break out of a bearish trend, its value will rise. However, the community’s decision to emphasize PPJ demonstrates that they are more concerned with cost control than speedy progress.
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