Terra Classic’s Proposal to Appoint Binance’s CZ as LEADER Sparks Controversy

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In response to ongoing internal conflicts within the Terra Classic (LUNC) community, a proposal has been submitted to appoint Changpeng “CZ” Zhao, the CEO of Binance, as the leader of the LUNC ecosystem. Surprisingly, certain LUNC community members suggest introducing a central authority to address the persistent disagreements.

Concerns That Trigger the Proposal

Proposal 11614, which was submitted on June 29, aims to tackle the persistent internal conflicts within Terra Classic and expedite the process of rejuvenating the ecosystem.

In a previous report by Fxcryptonews, significant attention was drawn to the conflicts that have been plaguing the Terra Classic ecosystem. These conflicts revolve around the work and funding of the L1 Team, the establishment of other teams, L1 and L2 development endeavors, and initiatives related to re-pegging USTC.

The recent proposal underscores the importance of having a leader who can effectively manage blockchain resources and developer teams. The objective is to streamline development activities and make more informed decisions to drive the resurgence of Terra Classic.

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The proposal also raises concerns regarding validators prioritizing their own interests rather than the well-being of the community when voting on governance proposals. Additionally, multiple entities’ involvement in the blockchain’s management has created decision-making challenges and hindered development progress.

As a consequence of these issues, the price of LUNC has been consistently declining, third-party developers have shown diminished interest, and the governance process has become cumbersome and inefficient.

In order to address these challenges and revitalize the ecosystem, the proposal puts forward Changpeng “CZ” Zhao, the CEO of Binance, as the ideal candidate for the leadership role. This choice is based on several reasons, including Binance’s support for LUNC burns, CZ’s extensive knowledge and experience in the cryptocurrency industry, and access to substantial funds to support development activities.

If the proposal is approved, CZ would be responsible for managing the Terra infrastructure, overseeing development efforts at both the L1 and L2 levels, and making governance decisions for LUNC. The ultimate goal would be to guide LUNC towards achieving the desired price of $1, which is highly sought after by the community.

Terra Classic Community Reacts

The recent proposal suggesting the introduction of a central authority has not been well-received by the LUNC community. Prominent community member reXx has expressed strong disapproval, scoffing at the idea and asserting that it would diminish the seriousness and credibility of Terra Classic, making it appear more like a meme-based project.

The proposal has faced significant opposition from key community members. Classy, the operator of the Classy’s Sphere LUNC validator, shares the sentiments of others, emphasizing that Terra Classic should be treated with respect and not be associated with meme coins or low-quality projects. He strongly believes that seeking prior approval from CZ would only make the community appear chaotic and disorganized.

LUNCDash is another vocal opponent of the proposal, expressing concerns that giving CZ such authority could lead to decisions favoring Binance’s interests over the well-being of LUNC. This, in turn, might open the door to potential market manipulation.

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Despite the opposition, there is still some support for the proposal from certain community members. However, it has not yet reached the pass threshold with only three days left before the proposal ends. 

Presently, 50.82% of votes have gone against it, with 9.83% indicating “No with Veto.” Meanwhile, 39.35% of governance votes are in favor of the proposal as of press time.

Disclaimer: The information in this article should not be considered financial advice, and FXCryptoNews articles are intended only to provide educational and general information. Please consult with a financial advisor before making any investment decisions.

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