In a landmark development, the Terra Luna Classic community has achieved a major step forward in enhancing governance and decentralization with the successful passing of Proposal 11653. The proposal, titled “Enhancing Governance And Decentralization In The Transition to Commonwealth,” received an overwhelming 94% approval from the community.

The Terra Luna Classic (LUNC) ecosystem has been navigating its path since the May 2022 Terra-LUNA Crisis, which led to the separation of the chain from Terraform Labs (TFL) by Do Kwon. In the aftermath of the crisis, the community took up the mantle of managing the Terra Luna Classic ecosystem, and governance became a pivotal aspect of its evolution.

Proposal 11653 was a crucial step in addressing concerns surrounding the recent transition from Agora to Commonwealth. During the transition, community voting and transparency were lacking, and administrators were appointed without adequate community involvement. This move contradicted the core principles of decentralization, which the Terra Luna Classic community sought to uphold.

The proposal, submitted by Terra Luna Classic validator Happy Catty Crypto, aimed to rectify these issues by enhancing governance and promoting a more decentralized decision-making process within the Commonwealth forum. Commonwealth is an important platform for the community to engage in governance discussions, share ideas, and collectively make decisions that shape the future of Terra Luna Classic.

To address the concerns arising from the recent transition, Proposal 11653 recommended that the current Commonwealth administrators relinquish their rights and pass access to Joint L1 Task Force developer Vinh Nguyen. The involvement of a respected developer in the administration of Commonwealth aligns with the community’s commitment to transparency and inclusivity.

As per the provisions of the proposal, Vinh Nguyen will serve as an administrator until a new proposal is passed to determine future administrators. The integration of the Commonwealth button in the community-owned Station wallet was seen as a crucial step towards reducing unfair control and promoting a more inclusive governance system.

The overwhelming approval of Proposal 11653 by 94% of the community is a testament to the Terra Luna Classic community’s commitment to actively participating in governance and decision-making processes. By embracing democratic principles, transparency, and decentralization, the community is shaping a more resilient and robust ecosystem.

The success of Proposal 11653 is just one of the many steps the Terra Luna Classic community has taken to enhance governance. The involvement and support of 25 out of the 40 LUNC validators, including influential names like Allnodes, 1maxfee, TCB, JESUSisLORD, StakeBin, and Lunanauts, further reinforce the significance of this milestone.

As the Terra Luna Classic community continues to foster governance and decentralization, investors and enthusiasts will closely monitor the impact of these developments on the cryptocurrency’s price trajectory. While short-term fluctuations may occur, the community’s commitment to democratic decision-making bodes well for the long-term growth and sustainability of Terra Luna Classic.

Despite the positive news on governance enhancement, the price of Terra Luna Classic (LUNC) remains relatively steady. Currently trading at $0.000081, LUNC experienced a slight 1% decline in the past 24 hours. The cryptocurrency’s price action has been trading below the $0.000082 support level after failing to hold the $0.000090 support level.

Meanwhile, USTC price, Terra Luna Classic’s stablecoin counterpart, is also down by 1% in the past 24 hours, trading at $0.015. However, recent developments, such as the USTC repeg plan and Terraform Labs’ efforts to dismiss the US SEC lawsuit, have been instrumental in driving positive momentum for both Terra Luna Classic and USTC.

As the Terra Luna Classic community continues to evolve, governance will remain a central focus, with proposals like 11653 setting the tone for a more democratic and decentralized ecosystem. By actively engaging in governance and decision-making, the community is shaping the future of Terra Luna Classic, making it a compelling project to watch in the ever-evolving cryptocurrency landscape. The progress made in enhancing governance will likely attract more attention from investors and enthusiasts, fostering continued growth and long-term success for Terra Luna Classic.