The Terra Community approve the proposal known as v2.14.0, which aims to enhance asset security by eliminating unsupported tokens.
The Terra Luna community has undertaken a significant initiative to fortify its ecosystem. In a recent governance vote, members decisively endorsed a proposal to incinerate uncollateralized Axelar assets.
This development has generated renewed optimism among investors, resulting in a 4% increase in the price of LUNA. The proposition, which received overwhelming support from the voting majority, signifies a dedication to reinstating confidence in the Terra Luna network.
Terra Luna Community Votes To Burn Unbacked Axelar Assets
Terra Luna’s most recent governance proposal, known as v2.14.0, seeks to eliminate uncollateralized Axelar assets. The objective of this chain upgrade is to eliminate specific unsupported tokens, thereby enhancing asset security within the network.
Notably, we submitted the proposal on January 26 and scheduled the voting process to conclude in three days. Currently, the proposal has garnered in excess of 202.67 million ballots in favor, with negligible opposition.
The prevailing decision emphasizes the community’s commitment to augmenting the credibility of the ecosystem. The endorsement of this proposal has exerted an immediate influence on LUNA’s market performance. Investor sentiment became optimistic subsequent to the announcement, resulting in a 4% increase in the price of LUNA, which rose to $0.3204.
Significantly, its trading volume experienced an increase of 73%, reaching a total of $39.38 million. Concurrently, the price of LUNC experienced a 4% increase, trading at $0.00007729.
Furthermore, data from CoinGlass indicated that the open interest in LUNC futures experienced an increase exceeding 3%, signifying robust market confidence.
Analysts contend that the incineration of uncollateralized assets may further enhance LUNA’s valuation in the forthcoming weeks. Market participants regard this as a pivotal measure in reinstating stability and fostering investor confidence in Terra Luna.
Charles Hoskinson Hints at Terra Luna Classic Collaboration
The community has proactively advocated for initiatives that augment token utility and bolster network resilience. In a development that heightens anticipation, Charles Hoskinson, the founder of Cardano, has recently expressed interest in the Terra Luna Classic (LUNC) ecosystem.
LUNC validator MrDiamondhandz1’s presentation, which emphasized the network’s ongoing efforts to restore its algorithmic stablecoin, USTC, sparked his involvement.
The LUNC validator observed that the community assumed control of the project following Do Kwon’s departure and has since garnered substantial support from Binance.
The monthly incineration of tokens and enhancements to the ecosystem have been instrumental in sustaining the viability of the project. In the interim, Hoskinson expressed a favorable response, indicating that the developers of Cardano possess a range of concepts for algorithmic stablecoins and would be eager to investigate potential synergies.
This statement has incited speculation regarding a potential collaboration between Cardano and LUNC. Conversely, with the fire proposal receiving substantial endorsement, attention now turns to its implementation.
The removal of uncollateralized assets has the potential to mitigate risks and enhance the long-term viability of Terra Luna. At present, attention is focused on the progression of these developments and their potential to catalyze a sustained rally in the prices of LUNA and LUNC.
