Terra Classic's Game-Changing Proposal: Shaping the Future of LUNC

Bombolo | News and Media

In recent months, Terra Classic (LUNC) has faced a growing issue – an increase in spam proposals within its ecosystem. In response to this challenge, Terra Classic has introduced a groundbreaking proposal aimed at reshaping its fundamentals, with the primary goal of curbing spam proposals. This development comes just days before the blockchain's upcoming network upgrade.

Also Read: LUNC Crypto Price Predictions and Terra Classic's Revival Prospects

Terra Classic's Struggle with Spam Proposals

As the price of LUNC dropped, the existing requirement of a 1 million LUNC deposit to combat spam proposals became ineffective. To address this issue, a new proposal has been tabled, suggesting a substantial increase in the minimum deposit amount to 5 million LUNC.

The voting process for this proposal is already underway, with more than 90% of the votes in favor at the time of writing. Only a mere 8.8% of the community has opposed it, indicating a strong likelihood of the proposal's approval. The voting period is set to conclude on September 16, 2023.

A Glimpse into Terra Classic's Upcoming Network Upgrade

The timing of this new proposal aligns with Terra Classic's anticipation of its new core upgrade, known as v2.2.1. According to the schedule, this upgrade is scheduled to roll out on September 12, 2023.

This significant update will necessitate the halting of the chain at block height 14,514,000. Validators will be required to replace the old binary with the proposed one. This impending upgrade has kept development activity around Terra Classic at a high level, as evidenced by data from Santiment.

However, the response of LUNC, Terra Classic's native token, to these developments has been less enthusiastic. Its price experienced a substantial decline, partly due to prevailing market conditions. As per CoinMarketCap data, LUNC was down by 2% in the last 24 hours. As of the time of writing, Terra Classic was trading at $0.00005992, boasting a market capitalization of over $348 million.

Adding to the concern, the price drop was accompanied by a significant increase in trading volume. Nevertheless, LUNC's open interest declined alongside its price, potentially signaling a trend reversal in the days ahead.

Also Read : Terra Classic's LUNC Token Burns Its Way to Potential Gains

LUNC's Sister Token, Terra (LUNA), Faces Similar Challenges

Terra (LUNA), the sister token of LUNC, also experienced a decline in its price action. According to CoinMarketCap, LUNA recorded a decrease of more than 3% in the last 24 hours.

Unlike LUNC, however, LUNA did not witness a surge in trading volume. Nevertheless, negative sentiment surrounding LUNA remained high, suggesting a bearish outlook.

In conclusion, Terra Classic's battle against spam proposals marks a significant turning point for the blockchain ecosystem. With the introduction of a new proposal and an impending network upgrade, the community is poised for change. As the voting period draws to a close and the network upgrade approaches, the Terra Classic community eagerly awaits the future of the platform.

Also Read: Terra Luna Classic Price Predictions for August, September, and October 2023

(FAQs)

1. What are spam proposals, and why are they a concern for Terra Classic?

   Spam proposals refer to irrelevant or low-quality proposals submitted within the Terra Classic ecosystem. They pose a problem because they can clog up the governance system and divert resources from meaningful initiatives.

2. How will increasing the minimum deposit amount combat spam proposals?

   By raising the minimum deposit requirement, it becomes more expensive for users to submit proposals, making it less attractive for spammers to flood the system with irrelevant proposals.

3. What is the significance of Terra Classic's upcoming network upgrade?

   The network upgrade is a crucial step in improving the blockchain's functionality and security. It introduces changes to the core protocol and ensures the platform remains competitive and efficient.

4. How has the Terra Classic community responded to the new proposal?

   At the time of writing, the majority of the community has expressed support for the new proposal, with only a small percentage opposing it.

5. What should investors and users of Terra Classic and its tokens expect in the near future?

   As the network upgrade approaches, users should stay informed about the changes and potential impacts on their holdings. Additionally, they should monitor developments in the voting process for the new proposal, as it may influence the ecosystem's direction.