The Terra Luna Classic community is taking actions to shield the chain from spam assaults and has put forth various suggestions. One suggestion, which has been proposed, involves a tenfold rise in gas fees. Its advocates argue that the existing transaction fees are insufficiently high, making attacks both viable and affordable.
Terra Luna Classic 10X Gas Fees Proposal
Proposition 12095, labeled “10x Higher Gas Fees,” is currently being put to a vote in the Terra Station wallet. This proposal is garnering a substantial number of affirmative votes from the Luna Classic community, as they view it as essential.
The suggestion asserts that on-chain gas fees for transactions are very affordable at just 3.74 LUNC. Regrettably, this low cost makes it economically viable for malicious actors to launch spam attacks against our network. To mitigate this risk, the proposition recommends increasing gas fees by a factor of ten.
Half of the gas fees from transactions are allocated to the community pool, while the other half goes towards staking rewards. This setup aims to enhance network security by increasing the expense of potential transaction attacks. Nonetheless, it might lead to higher costs for dapps and chain partners due to increased fees.
“TerraCVita stated that increasing gas fees doesn’t effectively lessen the consequences of chain attacks and introduces extra complications for apps that we aim to support instead.”
Seven out of ten validators have cast a affirmative vote on the proposal, amounting to 17 out of the total 30 validator votes.
At the same time, Genuine Labs put forward a plan to protect the Terra Classic blockchain from peer-to-peer storm assaults by reducing the MaxBlockSize from 5MB to 2MB.
LUNC Price Rises 5%
On Friday, the price of LUNC surged by 5% due to a broader market upturn. The coin is presently being bought and sold at $0.0001019. Over the past day, its highest and lowest points were $0.0000923 and $0.0001026 respectively. Additionally, there was a 26% rise in trading volume over the last 24 hours, suggesting heightened investor activity.
Traders who speculate on the future price of LUNC are purchasing more of it as funding rates currently stand at a loss. In just a few hours, open interest for 1000 LUNC futures contracts on Binance and Bybit increased by over 6%. Furthermore, the total open interest for LUNC futures across all exchanges rose by more than 3% within the last 4 hours, signaling significant buying activity. Members of the community are optimistic that LUNC’s price could reach $1 during this bull market run.
At the same time, USTC’s price is climbing by 6%, now at $0.01761. Its lowest point in the last 24 hours was $0.01605, while its highest was $0.01772.
- Bitcoin Price Risk Falling On Options Expiry Before Bitcoin Halving?
Here’s Why Bitcoin Price and Altcoins Could Crash After Halving?
XRP Price Soars To $0.50 As Whale Moves 62M Coins, What’s Next?
Read More
- BTC PREDICTION. BTC cryptocurrency
- USD PHP PREDICTION
- LUNC PREDICTION. LUNC cryptocurrency
- USD COP PREDICTION
- LIT PREDICTION. LIT cryptocurrency
- BCH PREDICTION. BCH cryptocurrency
- USD CNY PREDICTION
- CITY PREDICTION. CITY cryptocurrency
- ORAI PREDICTION. ORAI cryptocurrency
- USD MYR PREDICTION
2024-04-19 14:07