The Terra Luna Classic community has recently endorsed a significant development proposal by Genuine Labs, experienced developers in Cosmos stacks. This development marks a crucial step in Terra Classic chain's progress, as Genuine Labs is set to collaborate with L1 Terraform Labs (L1TF) and other developers.
The proposal, identified as Proposal 11940 "Genuine labs Terra Classic Development Proposal," achieved overwhelming support in the governance voting on the Terra Luna Classic community-backed Station wallet. It garnered an impressive 84.98% 'Yes' votes, indicating strong community approval for Genuine Labs to lead the development on Terra Classic. The proposal received minimal opposition, with 3.23% voting 'No' and 0.43% opting for 'No with veto', alongside 11.37% abstaining.
Genuine Labs' initial focus will be on integrating and improving the Inter-Blockchain Communication (IBC) Hooks and Packet Forward Middleware (PFM) features. These enhancements aim to boost the end-to-end and interchain testing for the fee tax charging mechanism on the Terra Classic chain. The developer group's experience with core repositories like Gravity-Bridge, IBC-Go, and Cosmos-SDK and their contribution to projects such as Osmosis, Quicksilver, Stride, and Composable is expected to significantly advance Terra Classic's capabilities.
This move by the Terra Luna Classic community and Genuine Labs reflects the continued efforts to revitalize and improve the Terra Classic ecosystem, demonstrating a strong commitment to addressing existing challenges and fostering future growth.
Disclaimer: Please note that the information provided in this article is based on the referenced research articles. It is essential to conduct further research and analysis before making any investment decisions. The cryptocurrency market is highly volatile, and investors should exercise caution and consult with financial professionals before engaging in cryptocurrency trading or investment activities.