The Terra Classic community has decided against increasing gas fees tenfold on their network, thereby rejecting a proposition aimed at preventing affordable spam attacks on the chain. A suggestion had been put forward to amplify gas fees ten times, based on the argument that existing transaction fees were insufficiently high and making spam assaults feasible and cost-effective.
The node with the greatest influence among all validators, Allnodes, has cast a “No” vote on the proposal. According to them, implementing this change would increase the cost of “restaking” procedures and may not be suitable as a response to a single spam attack.
Terra Classic 10x Gas Proposal Faced Roadblock
Proposal 12095, dubbed “10x Gas Fees,” is currently being deliberated on within the Station wallet community. It’s garnered a substantial number of favorable votes as members deem it essential. However, there are also voices advocating against it, arguing that increasing gas fees isn’t necessary at this time.
The suggestion asserts that on-chain gas fees are remarkably affordable at just 3.74 LUNC per transaction. Regrettably, this makes our network vulnerable to spam attacks, which can be easily and cost-effectively carried out. To counteract this issue, the proposal recommends increasing gas fees fivefold.
Half of the gas fees from transactions are distributed to the community pool, while the other half goes towards staking rewards. This means that potential attackers on the network would face higher costs for transaction attacks. However, it’s important to note that this proposal may result in increased fees for dapps and chain partners.
The proposal has received 52% votes in favor and 48% “No” and “No with veto” votes. Current voting status by validators indicates 29 “Yes” votes, 10 voted “No” and 17 voted “No with veto”, along with 4 Abstain votes.
The core developer team at Genuine Labs proposed a solution to safeguard the Terra Classic blockchain against peer-to-peer storm attacks by reducing MaxBlockSize from 5MB to 2MB. This proposal was approved by the community.
LUNC and USTC Prices Remain Near Support
In the past 24 hours, LUNC’s price rose by 1%, and over the last week, it surged by 15%. At present, the price stands at $0.000112. The highest and lowest prices within this timeframe were recorded as $0.0001063 and $0.0001121, respectively. Additionally, there was a significant surge in trading volume by around 100% over the past day, suggesting heightened investor activity.
Currently, USTC is holding steady around $0.02009 despite gaining 20% in the previous week. Its lowest and highest points over the last 24 hours have been $0.01949 and $0.02046 respectively.
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2024-04-24 00:22