Terra

<ul><li>The community at Terra Luna Classic is making two major governance proposals, designed to restructure the network.&nbsp;</li><li>Both proposals are created to help increase the price of Terra Luna (LUNC), and potentially revive it to the $1 price level.&nbsp;</li></ul>The Terra LUNA Classic community is working towards enacting some changes in the network. The community is looking to increase gas fees by twice the current amount while reducing the staking undelegation period.At the core of the proposals, which have since gained a lot of traction, and received significant support from community members, LUNC validators are hoping to aid the token’s recovery. In the long-term, these network changes could bring the asset to $1, and help repeg the USTC stablecoin.Popular network validator JESUSisLORD has taken to Twitter to reveal that he is behind the two LUNC governance proposals up for voting. The first proposal Proposal #11639, seeks to reduce staking undeligation to 14 Days. The proposal is also meant to reduce LUNC staking undelegation period from 21 days (3 weeks) to 14 days (2 weeks).<blockquote class="twitter-tweet">I have two <a href="https://twitter.com/hashtag/LUNC?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#LUNC</a> governance proposals up for vote now: <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f4af.png" alt="💯" class="wp-smiley"><img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f44d.png" alt="👍" class="wp-smiley"><img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f3c6.png" alt="🏆" class="wp-smiley">1. Proposal #11639 – Reduce Staking Undelegation to 14 Days <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/2705.png" alt="✅" class="wp-smiley">This proposal is to reduce the LUNC staking undelegation period from 21 days (3 weeks) to 14 days (2 weeks).This gives you more flexibility with… <a href="https://t.co/XVEVA75vsO" rel="noopener noreferrer nofollow">pic.twitter.com/XVEVA75vsO</a>— JESUSisLORD (@ForTheCross_CH) <a href="https://twitter.com/ForTheCross_CH/status/1679798275413770241?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">July 14, 2023</a></blockquote>It will introduce more flexibility to users’ staking on the network, and help to incentivize more users to stake. This will help to reduce LUNC’s circulating supply.<h2 id="span-according-to-the-network-validator-the-second-proposal-proposal-11640-will-double-gas-fees-span">According to the network validator, the second proposal, Proposal #11640 will double gas fees</h2>Within the 14-day undelegation period, volatility can be countered. The complexities and penalties associated with fast undelegated proposals can be avoided. The validator remains convinced that the reduction in the undelegated period can change the <a href="https://www.crypto-news-flash.com/terra-classic-validator-takes-bold-step-burning-100-of-commission-to-drive-lunc-to-1/" rel="noopener noreferrer nofollow">LUNC</a> token.The second proposal, Proposal #11640, is designed to help raise gas fees by two times the current amount, which will&nbsp;also double all on-chain gas fees at the next chain upgrade, which will increase the funding for the community pool, and staking rewards as gas fees are split 50/50 between the two.The validator explained the reasoning behind his move, saying ;<blockquote>“Gas fees on-chain are currently very cheap, approximately 8 LUNC to send ($0.00067 USD) and 67 LUNC to withdraw staking rewards ($0.0056 USD), being half a cent at the upper end. With a doubling of gas fees, it would be around 16 LUNC for a send transaction ($0.0013 USD) and 134 LUNC to withdraw staking rewards ($0.011 USD). This adjustment would put our gas fees in the range of 0.13 cents to 1.1 cent per transaction, based on recent LUNC prices.”</blockquote>These small adjustments can improve funding for the community pool, improve staking and help counter the continuous decline in staking APY. <a href="https://www.crypto-news-flash.com/gas-fees-take-a-dive-ethereum-sees-69-drop-fueling-speculation-of-an-eth-price-surge/" rel="noopener noreferrer nofollow">Gas fees</a> will remain affordable after the proposal is approved.Meanwhile, at press time, LUNC’s price value is declining. The altcoin has declined by 1.58% over the last 24 hours, taking it from a high of $0.00008919 to a low of $0.00008363. According to our <a href="https://www.crypto-news-flash.com/marketcap" rel="noopener noreferrer nofollow">data</a>, during the time of this report,&nbsp; LUNC is trading at $$0.00008621.

Terra Luna Classic Community Empowers Change: Votes to Revise LUNC Gas Fees and Staking Undelegation Period

Table of Contents

Crypto News Flash

Other articles published on Jul 16, 2023

TRX Price Prediction: When Will It Be a Good Time to Buy?

Shiba Inu Burns 915 Million SHIB Tokens in Epic Week, Here's Impact

Shiba Inu Team Announces Summer of Shibarium; Is SHIB About to Surge?

US Crypto Firms Defy Regulatory Scrutiny, Attracting Nearly Half of All Capital Investments

Celsius Sues StakeHound, Seeks to Recover $150M Worth of Crypto

Crypto Community Predicts $0.0822 Dogecoin Price by July 31

Join our free newsletter for daily crypto updates!