Terra Classic Approves Proposal to Transfer CMC Access to Allnodes

• Terra Classic community votes to transfer CoinMarketCap access to Allnodes after TFL non-response.
• Over 76% of Terra Classic participants backed proposal, ensuring Allnodes handles CMC updates.
• LUNC and USTC prices see bullish momentum, with LUNC price climbing 4% in 24 hours.

The Terra Classic community has overwhelmingly approved a significant proposal to transfer CoinMarketCap (CMC) dashboard access to validator Allnodes.

The move follows previous attempts by the community to have Terraform Labs (TFL) facilitate the access transfer.

However, the company failed to respond, prompting the community to take action to ensure the ecosystem’s sustainability.

Text Proposal 12145, titled “Request for CoinMarketCap Dashboard Access to be Transferred to Allnodes,” received over 76% of votes in favor, reflecting strong community support.

Only 0.20% of participants voted ‘No,’ while 0.23% opted for ‘No with veto.’ Allnodes, although abstaining from voting, has agreed to serve as a temporary custodian of the access rights.

With the proposal now passed, Allnodes will manage Terra Classic‘s CMC dashboard. This includes updating essential information such as social media links, website details, and other critical project data. The community hopes this change will bring better visibility and accurate information for Terra Classic assets on CMC.

The need for this proposal arose after TFL failed to cooperate with community requests. Despite efforts to secure CMC access to update Terra Classic’s details, TFL did not act.

In response, Allnodes stepped in to ensure that community interests are safeguarded. Allnodes’ role as a trusted validator has made it a suitable choice to manage this access until further decisions are made.

Following the proposal’s approval, the Terra Classic ecosystem has seen a positive market response. LUNC prices have surged by 4% over the past 24 hours, currently trading at $0.0001016. 

The token reached a daily high of $0.0001042, driven by growing investor confidence. Coinglass data highlights a 15% spike in LUNC open interest on major exchanges like Binance and Bybit, signaling increased activity in futures trading.

Additionally, USTC, another asset in the Terra Classic ecosystem, experienced a 5% price increase, reaching $0.02269. However, trading volumes have seen a 32% drop in the last 24 hours.

Despite this, the market sentiment remains optimistic as analysts forecast further gains, with some speculating that LUNC could see a potential 480% price rally as burn rates continue to rise.

The Terra Classic community’s decision to grant Allnodes control over CMC dashboard updates underscores a shift in governance. By transferring access to a trusted validator, the community aims to reduce its reliance on TFL, which has yet to be responsive to recent requests.