Is LUNC Too Decentralized to Survive? Community Debates Need for a CEO

  • LUNC is ailing and unable to recover due to the absence of a leadership figure.
  • Crypto analyst argues that fully decentralized blockchains do not succeed.
  • Some members of the LUNC want Binance CEO to take charge of the network.

According to experts in the crypto space, the Terra Luna Classic (LUNC) network is ailing and unable to recover due to the absence of a leadership figure in the space. More than once, the LUNC community has pondered bringing Changpeng Zhao (CZ), the CEO of Binance Exchange, to take charge of the LUNC affairs.

In a recent YouTube video, prominent crypto analyst Classy Crypto weighed in on the idea of CZ leading LUNC. The crypto analyst first highlighted a recent proposal from the LUNC community about the need for someone to lead the network.

Classy Crypto argued that it has been established over the years that fully decentralized blockchains do not succeed. He mentioned that successful networks such as Bitcoin (BTC), Ethereum (ETH), and Cardano (ADA) all have their fair share of centralization. According to him, the presence of a governing body makes the protocols succeed until the present day. In his words:

This decentralized finance is not actually DeFi. It is pseudo-DeFi, pretending to be DeFi.

Furthermore, Classy Crypto noted that while the crypto space may attain a better decentralized system in the future, the current lack of a central authority in LUNC is crumbling the ecosystem’s growth.

Moreover, Classy Crypto underlined that the Binance CEO could do a lot in favor of the blockchain, given his pool of experience in the space. Yet, the question emerged about the rationale for Binance CEO to take over LUNC after it had become a mess.

In light of this, Classy Crypto believes the team on LUNC layer one task force is in a better position to take charge of the ecosystem.

Notably, the controversial proposal of Binance CEO becoming the leader of LUNC came to light, given Binance’s role in burning LUNC tokens. Meanwhile, it is worth mentioning that some members of the LUNC community had thrashed the proposal.

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