Terra Luna Classic approves crucial proposal to improve ecosystem governance and stability

1 month ago 15

The Terra Luna Classic (LUNC) community has passed a crucial proposal to solve governance and stability issues.

Over 85% of the voters favored the proposal, reflecting enormous interest in the suggested modifications.

Meanwhile, attention switched to LUNC price performance amidst these developments, with analysts predicting notable rallies amid the optimism and Binance’s token burn initiative.

LUNC community approves major proposal

BLV Labs led the recently passed proposal, which prioritizes the governance module.

It aims to address the challenges participants face when submitting proposals within the LUNC network.

The primary issue is the deposits for launching proposals, currently at 5 million.

Meanwhile, the current module doesn’t account for LUNC price fluctuations.

The deposit amount could be too high or too small amid price volatility, leading to challenges in ensuring the proposal’s value.

Moreover, scammers spam the blockchain with proposals when LUNC’s price plummets sharply.

Meanwhile, the suggested changes will maintain the platform’s integrity by stabilizing the deposit amount. The announcement read,

“In the current gov module logic, when creating a proposal, the creator will have to deposit LUNC (5 million LUNC) first to push the proposal to the voting stage. So what will happen if the LUNC price drops sharply? Or rises sharply? This leads to the value of the proposal is not guaranteed. When the price is too small, it can lead to bad guys being able to spam many proposals online.”

Thus, BLV Labs suggests using the Oracle module to determine the minimum deposit needed to create proposals in the governance module.

The new system will automatically modify the minimum margin amid price fluctuations to ensure the proposal’s stability.

Meanwhile, the latest proposal has seen massive community support, with over 85% of participants voting in favor.

That underscores a colossal interest in the suggested changes.

Can LUNC and USTC capitalize on this optimism for price rallies? On-chain indicators confirm positivity and trust in the altcoins’ future performance.

LUNC staking at ATHs

LUNCH staking recorded a new all-time high recently, with over 1 billion staked assets.

That reflects confidence in the altcoin’s performance as investors eye long-term gains. Moreover, massive staking translated to higher economic stability.

LUNC and USTC price outlook

The altcoins maintained bullish trajectories amidst the voting developments. LUNC climbed from a daily low of $0.00008565 to $0.00008942.

The alt has dipped from its 24-hour pick to trade at $0.00008741, but the 35% increase in trading volume indicates buyer favoritism.

Meanwhile, USTC hovers at $0.01836 after a 1.15% 24-hour increase.

It soared from $0.0179 to $0.01868 before retracing to its press time value as bulls overpowered bears the previous day. USTC’s 24-hour trading volume increased by 15%, indicating surged participation from enthusiasts.