Altcoin

Terra Luna Classic Community Unanimously Passes Major Proposal, LUNC To $1?

Published

2 months ago

October 25, 2024

Terra Luna Classic community has unanimously passed a proposal to remove the forked mainline modules from the Terra Classic blockchain. The developers have aimed to improve LUNC maintainability, reduce technical debt, and align with the broader Cosmos ecosystem. LUNC price to $1 speculation rises in the community as the burn date for TFL assets approaches.

Terra Luna Classic Passes Forked Modules Removal Proposal

Text proposal 12142 “Removal of Forked Modules from Terra Classic” is approved by the Terra Luna Classic community as the votes have surpassed the pass threshold. Developer group OrbitLabs proposes to remove the forked mainline modules from the Terra Luna Classic blockchain to improve maintainability, reduce technical debt, and align with the broader Cosmos ecosystem.

The proposal has received 99.97% “Yes” votes, indicating unanimous support from validators and delegators. It also saw some ‘No with veto’ and ‘Abstain’ votes. Validators such as Allnodes, Stakely, HappyCattyCrypto, and others voted in favor of the proposal.

The forked versions not only raise operational costs but also increase the risk of missing important security updates, the proposal said. OrbitLabs stressed that without action, Terra Luna Classic would face growing security risks, higher expenses, and diminished competitiveness in the evolving crypto landscape.

As CoinGape reported, the Terra Classic proposal plan involves two phases, first focuses on updating the consensus engine and the Cosmos SDK. By doing so, Terra Classic will be more in line with the latest security features and innovations from the Cosmos ecosystem.

On the other hand, the second phase will involve upgrading the Wasmd contract system, ensuring compatibility with existing smart contracts, and minimizing disruptions during migration. Notably, if the proposal passes final approval, the timeline includes eight weeks for phase one and another ten weeks for phase two.

LUNC and USTC Price to Jump

LUNC price climbed 3% in the last 24 hours, with the price currently trading at $0.00009199. The 24-hour low and high are $0.00008911 and $0.00009238, respectively. Moreover, the Terra Luna Classic trading volume has increased by 15% in the past 24 hours, indicating a rise in interest among traders.

Terraform Labs will burn billions of LUNC and USTC tokens from the wallets next week, as per the bankruptcy court order. This has fueled LUNC to $1 speculation in the community.

Meanwhile, USTC price climbed more than 2% and 4% in a week, with the price now trading at $0.0223. However, the trading volume saw a 15% decline in the last 24 hours.