Terra Classic

Polkadot

Terra

Cosmos

The Terra community has initiated crucial proposals that could revive the cryptocurrency by bringing new changes to the <a href="https://bitcoinist.com/terra-classic-poised-to-reawaken-as-binance-burns-2-2-billion-lunc/">Terra Classic ecosystem</a>. With the voting process still ongoing and community feedback highlighting a potentially positive outcome, the <a href="https://www.newsbtc.com/analysis/lunc/lunc-price-rally-is-far-from-over-following-falling-wedge-breakout-analyst-says/" rel="nofollow noopener" target="_blank">price of LUNC</a>, the native token of Terra Classic, has seen a major uptick.&nbsp; 
<h2 id="terra-community-set-to-pass-new-proposal">Terra Community Set To Pass New Proposal</h2> 
<a href="https://bitcoinist.com/lunc-recovery-impossible-terra/">The Terra Classic community</a> 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 <a href="https://bitcoinist.com/lunc-ustc-revival-proposal/">proposals</a> is still ongoing, with only one day, and over one hour left to officially announce the results.&nbsp; 
Reports from Validator info, a real-time data analytics platform have <a href="https://validator.info/terra-classic/governance/12094" rel="nofollow noopener" target="_blank">revealed</a> 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. 
<a href="https://www.newsbtc.com/analysis/lunc/ustc-lunc-to-1/" rel="nofollow noopener" target="_blank">Genuine Labs</a>, a Terra Classic developer group, first introduced the proposal after identifying potential risks in prominent blockchains like <a href="https://www.newsbtc.com/news/solana/solana-price-jumps-7-on-bitcoin-and-ethereum-etf-approvals-network-congestion-update/" rel="nofollow noopener" target="_blank">Solana (SOL)</a>, <a href="https://www.newsbtc.com/analysis/dot/polkadot-unveils-major-upgrade-plan-relay-chain-replacement-and-10m-dot-prize-incentive/" rel="nofollow noopener" target="_blank">Polkadot (DOT)</a> and <a href="https://www.newsbtc.com/cosmos-atom/cosmos-atom-wyckoff-analysis-may-2022-dec-2023/" rel="nofollow noopener" target="_blank">Cosmos (ATOM)</a>. 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.&nbsp; 
On the other hand, the second proposal to increase gas fees by 10x has had a <a href="https://x.com/lunaclassiclabs/status/1781304498499039297?s=46" rel="nofollow" target="_blank">negative reaction</a> from Terra community members.&nbsp; 
“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 <a href="https://x.com/marketinglunc/status/1782316869740810644?s=46" rel="nofollow" target="_blank">stated</a> in an X (formerly Twitter) post.&nbsp; 
Despite the strong opposition, approximately 59.99% have <a href="https://station.terraclassic.community/proposal/columbus-5/12095" rel="nofollow noopener" target="_blank">voted</a> for the approval of the proposal, whereas only 27.77% have voted against it.&nbsp; 
<h2 id="lunc-prices-leap-amid-declining-trading-volume">LUNC Prices Leap Amid Declining Trading Volume</h2> 
The community’s favorable outlook on the proposals appears to have had a positive effect on the price of <a href="https://bitcoinist.com/ustc-lunc-1-terra-classic-proposal/">LUNC</a>. Reports have revealed that the cryptocurrency <a href="https://x.com/thedylandollars/status/1781962812836774378?s=46" rel="nofollow" target="_blank">witnessed</a> a surge of over 10% in just a day. Additionally, LUNC’s trading volume had increased by over 500%.&nbsp; 
However, despite the <a href="https://bitcoinist.com/terra-classic-up-77-amid-do-kwon-extradition-drama/">dramatic increase</a>, other critical metrics remained bearish. Santiment charts <a href="https://app.santiment.net/charts/ZVOsGNtQ__sCl" rel="nofollow noopener" target="_blank">disclosed</a> a reduction in LUNC’s developmental activities and social volume.&nbsp; 
Moreover, the cryptocurrency has experienced a major price reversal. At the time of writing <a href="https://bitcoinist.com/terra-classic-lunc-is-ready-to-explode-analyst-warns/">Terra Classic (LUNC)</a> 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.&nbsp; 
<img loading="lazy" decoding="async" class="aligncenter size-medium" src="https://www.tradingview.com/x/962HWfk3/" alt="LUNC price chart from Tradingview.com (Terra)" width="3286" height="1530">

LUNC Revival Efforts Continue: Terra Community Set To Pass Important Proposal

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