As a seasoned crypto investor with a knack for spotting potential opportunities, I find myself intrigued by the recent developments surrounding Terra Luna Classic (LUNC). The approval of the governance-focused proposal by BLV Labs could indeed pave the way for a more efficient and secure ecosystem. The proposed use of the Oracle module to stabilize deposit values seems like a smart move, addressing a longstanding issue that has plagued many blockchain networks.
The Terra Luna Classic community has recently approved a major proposal, sparking market speculations. According to the update, the approved proposal focuses on tackling issues related to governance and stability, fueling discussions over its potential impact on LUNC price.
Currently, Binance‘s recent burning of LUNC has added to the positive feelings in the market, potentially boosting the token’s upward trend as well.
Terra Luna Classic Approves Crucial Proposal
The recently endorsed plan, spearheaded by BLV Labs, is intended to improve the management (governance) module. The most recent update on this proposal reveals that the team, comprising three seasoned professionals from the Cosmos network, are concentrating their efforts on resolving issues encountered when submitting proposals within the Terra Luna Classic blockchain.
The primary issue lies with the deposit needed to submit proposals on the blockchain, currently valued at 5 million LUNC. This fixed amount doesn’t consider the volatile nature of LUNC price, meaning that when the price increases or decreases, the deposit might be either excessively low or high. This inconsistency in value maintenance for the proposals is the result.
Instead of encountering this issue, BLV Labs recommends utilizing the Oracle module as a solution. This tool is designed to dynamically modify the necessary deposit amount according to the latest LUNC price, thereby maintaining a consistent value of $500.
Furthermore, it’s intended to prevent malicious users from flooding the network with unwanted proposals during significant drops in the token’s value. Essentially, this measure helps uphold the network’s governance structure by ensuring a stable deposit value.
Simultaneously, the overwhelming endorsement of this plan, garnering over 85% approval, demonstrates the community’s enthusiasm for it. Moreover, there is much anticipation that it could increase the value of LUNC while fostering a safer and more efficient network.
LUNC Price To Rally?
During my current writing, the value of LUNC increased by approximately 1.03% to reach $0.00008641. Its trading volume has remained relatively stable at around $15.02 million. Despite this price rise, the Futures Open Interest for this crypto saw a decrease of more than 3.5%. In simpler terms, while LUNC’s price went up, the total amount of future contracts open for it dropped significantly.
It seems that this recent advancement has sparked increased enthusiasm among the Terra Luna Classic community, potentially leading to a surge in LUNC prices. Moreover, Binance’s continuous LUNC burning strategy appears to be strengthening market confidence as well.
At this moment, USTC’s value increased by 3% to $0.01828. Earlier today, it had dropped to a low of $0.01757. On the flip side, LUNA saw a nearly 1% increase, reaching $0.3884 with a peak of $0.3901 during the same period.
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2024-09-24 23:10