Terra Luna Classic (LUNC) Community Selects CertiK for Secure L1 Developments

Terra Luna Classic (LUNC) Community Selects CertiK for Secure L1 Developments

The Terra Luna Classic community has approved a crucial proposal to add one of the leading blockchain audit and on-chain monitoring firm CertiK as a recognized KYC provider for Terra Classic developers. A proposal was passed earlier to boost security measures, requiring L1 developers to complete KYC before working on any key development on the chain.

Terra Luna Classic Proposal to Add CertiK

Text proposal 12058 “Add Certik as a recognized KYC provider” has surpassed the pass threshold, grabbing major support from the community. Passing before the Feb 18 deadline indicates community sentiment on the importance of the proposal.

Following approval of KYC proposal 12033 with high voter turnout, two follow-up proposals were put up for voting on the Station wallet. Text proposals 12058 and 12059 set further requirements and provide clarification on KYC providers and contributions to the chain without KYC.

As per the proposal, CertiK will be recognized KYC provider for all L1 development on Terra Classic. It will a recognized KYC provider as per the framework outlined in Proposal 12033. CertiK KYC Teams will also be accepted with KYC results on their leaderboard.

The proposal has received 75% votes in favor, with 10% No with veto votes along with some “No” and 15% “Abstain” votes. 37 validators including Allnodes, StakeBin, and TerraCVita voted in favor. Interstellar Lounge has voted “No with veto” amid recent contradictory beliefs related to KYC.

Read More: Terra Luna Proposes Establishing Deep Stablecoin & Cosmos Liquidity, USTC Price Up 38%

Terra Classic Ecosystem Tokens Performance

LUNC price fell 5% as price rallied over 15% to hit a high of $0.000140 recently. The price is currently trading at $0.000127, with a 24-hour jump in trading volume by 10% after a 100% leap on Thursday.

Meanwhile, USTC price also saw profit booking after yesterday’s 40% rally. The price is currently trading at $0.0325. The 24-hour low and high are $0.0322 and $0.0383, respectively. Trading volume decreased merely 5% after an over 800% jump Thursday.

Also Read:

The post Terra Luna Classic (LUNC) Community Selects CertiK for Secure L1 Developments appeared first on CoinGape.

Crypto Feed:
Varinder Singh