In a surprising turn of events, members of the Terra Classic (LUNC) community have put forth a proposal advocating for the introduction of a central authority to address persistent disagreements within the ecosystem.
The proposal, which has sparked heated debates, suggests appointing Changpeng “CZ” Zhao, the CEO of Binance, as the ecosystem leader.
The rationale behind Proposal 11614, submitted on June 29, is to tackle the internal conflicts that have been hampering the growth and development of Terra Classic.
A previous report by The Crypto Basic shed light on the various issues plaguing the ecosystem, including disputes related to the L1 Team’s work and funding, the establishment of additional teams, L1 and L2 development activities, and USTC re-peg initiatives.
The proposal highlights the pressing need for a leader who can effectively manage blockchain resources and developer teams, streamline development activities, and make decisions that would drive Terra Classic’s resurgence.
It raises concerns about validators prioritizing their own interests over the well-being of the community when voting on governance proposals.
The involvement of multiple entities in managing the blockchain has also complicated decision-making processes and hindered overall development, according to the proposal.
These challenges have resulted in a continuous decline in the price of LUNC, a waning interest from third-party developers, and a cumbersome governance process.
In an effort to address these issues and rebuild the ecosystem, the proposal puts forth CZ as the ideal candidate due to Binance’s support for LUNC burns, CZ’s extensive expertise in the crypto industry, and access to substantial funds for development activities.
If the proposal is approved, CZ would take on the responsibility of managing the Terra infrastructure, overseeing development activities at both L1 and L2 levels, and making governance decisions for LUNC until it achieves its desired price of $1.
However, the LUNC community has not received the proposal favorably, largely due to its suggestion of a central authority. Prominent community members, such as reXx and Classy, have expressed their skepticism, arguing that it undermines Terra Classic’s credibility and makes it appear as a meme-based or insignificant project.
Classy specifically emphasized the need for prior approval from CZ, highlighting concerns about the community being seen as a circus.
LUNCDash also opposes the proposal, fearing that CZ’s decisions may prioritize the interests of Binance over those of LUNC, potentially leading to market manipulation. Despite this opposition, a faction of the community supports the proposal.
With the voting deadline three days away, the proposal has not yet reached the required pass threshold. As of now, 50.82% of votes have been cast against it, with 9.83% expressing a “No with Veto” opinion. Nevertheless, 39.35% of governance votes are in favor of the proposal, indicating a significant level of support.