Terra Luna Classic Community Approves Major Proposal to Cut Costs and Align With Cosmos: Will LUNC Reach $1?
Key Points:
– Terra Luna Classic community passes Proposal 12142 for removing forked modules.
– The proposal received overwhelming support, with 99.97% voting in favor to improve maintainability and cut costs.
– Speculation around LUNC price hitting $1 grows as TFL burn approaches.
The Terra Luna Classic community has overwhelmingly approved a proposal to eliminate forked mainline modules from the Terra Classic blockchain. Developers aim to enhance maintainability, reduce technical debt, and better align with the Cosmos ecosystem. The community is optimistic about a potential LUNC price rally to $1 as the TFL asset burn date nears.
Removal of Forked Modules Proposal Approved by Terra Luna Classic
Proposal 12142, titled “Removal of Forked Modules from Terra Classic,” was passed after surpassing the required vote threshold. Proposed by developer group OrbitLabs, the initiative seeks to streamline the Terra Classic blockchain by removing outdated modules, thereby improving maintainability, reducing costs, and aligning more closely with the broader Cosmos ecosystem.
- The proposal garnered 99.97% “Yes” votes, reflecting strong support from validators and delegators. Although there were a few ‘No with veto’ and ‘Abstain’ votes, validators like Allnodes, Stakely, and HappyCattyCrypto were among those who backed the proposal.
- The forked modules have been criticized for increasing operational costs and creating potential security risks due to outdated updates. OrbitLabs emphasized that without this change, Terra Luna Classic would face escalating security concerns, higher expenses, and reduced competitiveness within the evolving crypto market.
- As previously reported by *CoinGape*, the implementation plan involves two phases. The first phase focuses on updating the consensus engine and the Cosmos SDK to enhance security and align with the latest innovations. The second phase will upgrade the Wasmd contract system to ensure smooth compatibility with existing smart contracts during the migration. If final approval is granted, the two phases will take place over eight and ten weeks, respectively.
LUNC and USTC Price Movement:
The price of LUNC has risen by 3% in the past 24 hours, currently trading at $0.00009199, with a daily low of $0.00008911 and a high of $0.00009238. Trading volume for Terra Luna Classic has also surged by 15% over the past day, indicating growing interest among traders.
- Next week, Terraform Labs plans to burn billions of LUNC and USTC tokens as mandated by a bankruptcy court order, which has further fueled speculation that LUNC could reach $1.
- Meanwhile, USTC has seen a price increase of over 2% in the past 24 hours and 4% over the week, currently trading at $0.0223. However, the trading volume for USTC declined by 15% in the last 24 hours.
