The Terra community has put forth significant proposals aimed at revitalizing Terra by introducing fresh modifications to the Terra Classic system. These proposals are currently being voted on, and the community response suggests a promising outcome. Consequently, LUNC, the native token of Terra Classic, has experienced a substantial price surge.
Terra Community Set To Pass New Proposal
The Terra Classic community is poised to approve two new proposals that could impact the ecosystem. These proposals suggest reducing the maximum block size and boosting gas fees by tenfold. The voting period for these proposals is nearing its end, with just one day and under an hour remaining before the results are formally declared.
According to Validator info’s latest reports, an overwhelming majority – almost all, 99.88%, of community members and validators – have cast their votes in support of the proposal aiming to decrease the maximum block size. In contrast, a very small percentage, just 0.11%, have voted against it.
At a Terra Classic development community called Genuine Labs, a plan was put forth for consideration after they spotted potential hazards in well-known blockchains such as Solana, Polkadot, and Cosmos. If this proposal gets the green light, it would result in shrinking the maximum block size from 5 MB to 2 MB. The aim is to significantly decrease peer-to-peer spam within the Terra Classic ecosystem.
In contrast, the suggestion to boost gas fees by tenfold has met with disapproval among members of the Terra community.
The Terra community expressed their opposition to proposal 12095 in a post, stating: “We reject this proposal to amplify gas fees tenfold for proposal 12095. This action may impede our ecosystem’s development, weaken backing for dApps, and burden end-users with higher expenses.”
In spite of significant resistance, around six out of ten people supported the proposition with their votes, while roughly one in every fourth person cast a vote against it.
LUNC Prices Leap Amid Declining Trading Volume
It seems that the proposals received favorable feedback from the community, boosting the value of LUNC. Consequently, there was a significant rise of more than 10% in the cryptocurrency’s price within a day. Furthermore, an impressive surge of over 500% was observed in LUNC’s trading volume.
Although there was a significant rise, other important indicators continued to show negative signs. According to Santiment data, LUNC‘s development activity and social media buzz decreased.
Additionally, Terra Classic (LUNC) has undergone a significant price reversal. Currently, it is priced at $0.00011, representing a 28.5% drop over the last month and a minor 0.21% decrease within the last day. The cryptocurrency’s trading volume in the past 24 hours has also taken a hit, decreasing by 44.9%, as indicated by CoinMarketCap.
Read More
- USD PHP PREDICTION
- SOL PREDICTION. SOL cryptocurrency
- MNT PREDICTION. MNT cryptocurrency
- LUNC PREDICTION. LUNC cryptocurrency
- BCH PREDICTION. BCH cryptocurrency
- BTC PREDICTION. BTC cryptocurrency
- GLM PREDICTION. GLM cryptocurrency
- USD ZAR PREDICTION
- USD CHF PREDICTION
- USD MYR PREDICTION
2024-04-22 16:41