LUNC Proposal Launches to Make Binance’s CZ “Leader” of Terra Classic Amid Internal Conflicts

A Terra Classic (LUNC) community member has submitted a proposal to make Binance Chief CZ “leader” of the LUNC ecosystem amid persistent internal conflicts.

In a surprising development, some Terra Classic (LUNC) community members believe LUNC could do with a central authority amid persistent disagreements. Consequently, they have submitted a proposal to make Changpeng “CZ” Zhao, CEO of Binance, ecosystem leader.

Rationale Behind the Proposal

Submitted on June 29, Proposal 11614 aims to address ongoing internal conflicts within Terra Classic and expedite the ecosystem rejuvenation process.

In a previous report, The Crypto Basic called attention to most of the conflicts plaguing the Terra Classic ecosystem. These conflicts pertain to the L1 Team’s work and funding, the formation of other teams, L1 and L2 development activities, and USTC re-peg initiatives.

The recent proposal emphasizes the need for a leader to manage blockchain resources and developer teams, streamline development activities and make better decisions for Terra Classic’s resurgence.

It raises concerns about validators prioritizing their interests over the community’s well-being when voting on governance proposals. Furthermore, the involvement of multiple entities in managing the blockchain has made decision-making challenging and hindered development, per the proposal.

These issues have resulted in a constant decline in LUNC’s price, diminishing interest from third-party developers, and a cumbersome governance process.

To tackle these challenges and rebuild the ecosystem, the proposal suggests CZ, the CEO of Binance, as the ideal candidate. Reasons for this choice include Binance’s support for LUNC burns, CZ’s expertise in crypto, and access to sufficient funds for development activities.

If the proposal passes, CZ would manage the Terra infrastructure, oversee development activities at both L1 and L2 levels, and make governance decisions for LUNC until it reaches the much-coveted $1 price.

LUNC Community Reacts

The LUNC community has not received the proposal favorably due to its suggestion of a central authority. Prominent community member reXx scoffed at the idea, arguing that it makes Terra Classic look like a meme-based project. 

Wtf is this bs? ? if you want to be taken seriously, don’t make the blockchain look like a meme.

This is embarrassing. If there was a copium proposal, then this one takes the cake so far. pic.twitter.com/EVLXbBtrja

— reXx™ (@CosmoSreXx) July 3, 2023

Moreover, Classy, operator of the Classy’s Sphere LUNC validator, shares these sentiments. Classy emphasized that Terra Classic is neither a meme coin nor a shxtcoin and should be treated respectfully. He stressed the necessity of prior approval from CZ, stating that it makes the community look like a circus.

LUNCDash also opposes the proposal, noting that CZ could make decisions prioritizing the well-being of Binance over LUNC. He also argued that this could lead to market manipulation. Despite the opposition, some community members support the proposal.

With three days left before it ends, the proposal has not clinched the pass threshold as of press time. Notably, 50.82% of the votes have gone to “No,” with 9.83% going for “No with Veto.” However, 39.35% of governance votes are in support of the proposal.