The Terra Luna Classic community has declined a significant proposal to establish a core team responsible for overseeing developments on the Terra Luna Classic blockchain. Despite the proposal's potential, it failed to garner support from validators who raised concerns about a potential violation of the pay-per-job (PPJ) rule.

The proposal, numbered 12093 and titled "Establish a Terra Classic Team," faced a lack of backing from the community, falling short of the required threshold for approval. The intention behind the proposal was to form a team selected by the community, comprising essential individuals such as developers and contributors, possibly in response to the disbandment of the Joint L1 Task Force (JL1TF) core developer group in March.

With only 38% of votes in favor, 55% against, along with 1% veto and 5% abstain votes, the proposal did not achieve the necessary support. Despite a low voter turnout, delegators leaned towards supporting the proposal, while validators predominantly opposed it. Concerns raised by some community members included risks of centralization, conflicts with the PPJ rule, and the absence of developer KYC requirements.

Renowned developer Fragwuerdig, operating the LuncGoblins validator, emphasized the need for proposals to explicitly address their alignment with the PPJ rule to avoid contradictions and ensure validity.

Traders Respond to LUNC Price Surge

Following the rejection of the core team proposal, the price of LUNC surged by 8% in the past 24 hours, reaching a current trading price of $0.000106. Despite this increase, trading volume decreased by 54% over the same period, indicating subdued trader interest.

The price uptick coincided with a broader market recovery supported by derivatives trading activities. Notably, LUNC futures open interest on Binance rose by over 7% within the last day, with significant growth observed in Huobi's LUNC futures open interest, surging by 25%.

Simultaneously, USTC, another cryptocurrency, experienced a 7% price increase, currently trading at $0.0183. The 24-hour trading range for USTC stood between $0.0164 and $0.0186, showcasing positive market movements alongside LUNC's price surge.