The Terra community has initiated crucial proposals that could revive the cryptocurrency by bringing new changes to the Terra Classic ecosystem. With the voting process still ongoing and community feedback highlighting a potentially positive outcome, the price of LUNC, the native token of Terra Classic, has seen a major uptick.
Terra Community Set To Pass New Proposal
The Terra Classic community is set to pass two new proposals for the ecosystem, involving the decrease of maximum block size and the increase of gas fees by 10x. The voting process for the proposals is still ongoing, with only one day, and over one hour left to officially announce the results.
Reports from Validator info, a real-time data analytics platform have revealed that the proposal regarding reducing the maximum block size has gathered a staggering number of votes. Currently, 99.88% of community members and validators have voted in favor of the plan, while only a mere 0.11% have expressed opposition.
Genuine Labs, a Terra Classic developer group, first introduced the proposal after identifying potential risks in prominent blockchains like Solana (SOL), Polkadot (DOT) and Cosmos (ATOM). If approved, the proposal would see the maximum block size reduced from 5 MB to 2 MB, to grossly diminish peer-to-peer spam within the ecosystem.
On the other hand, the second proposal to increase gas fees by 10x has had a negative reaction from Terra community members.
“We vote NO on proposal 12095 to increase gas fees x 10 to deter future attacks, this risks harming our ecosystem’s growth, diminishing support for dApps, and driving up costs for end-users,” the Terra community stated in an X (formerly Twitter) post.
Despite the strong opposition, approximately 59.99% have voted for the approval of the proposal, whereas only 27.77% have voted against it.
LUNC Prices Leap Amid Declining Trading Volume
The community’s favorable outlook on the proposals appears to have had a positive effect on the price of LUNC. Reports have revealed that the cryptocurrency witnessed a surge of over 10% in just a day. Additionally, LUNC’s trading volume had increased by over 500%.
However, despite the dramatic increase, other critical metrics remained bearish. Santiment charts disclosed a reduction in LUNC’s developmental activities and social volume.
Moreover, the cryptocurrency has experienced a major price reversal. At the time of writing Terra Classic (LUNC) is trading at $0.00011, marking a 28.5% decline over the past month and a 0.21% decrease in the past 24 hours. The cryptocurrency’s 24-hour trading volume has also plummeted significantly, reflecting a 44.9% decrease, according to CoinMarketCap.
