- Most validators on the network agreed to pass the 12094 and 12095 proposals
LUNC’s price increased, but it was not part of the top tokens on traders’ radar.
As the deadline to cast votes approaches for the Terra Classic [LUNC] community, there are indications that two fresh proposals may receive approval.
Based on AMBCrypto’s report, the initial suggestion aimed to reduce the maximum size of a block.
In simpler terms, a block size refers to the quantity of data capacity needed to handle transactions and save information on the Terra network. Currently, the largest block size allowed is 5 megabytes.
So, the proposal was to decrease the size to 2 MB to avoid peer-to-peer spam.
Is unity in Terra’s land?
Almost all, 99.87%, of the people supported the plan based on the voting data. However, a small fraction of 0.13% opposed it. The plan could potentially begin implementation by the 23rd of April.
An alternative idea that gained consensus within the community was increasing gas fees by ten times for Terra Luna Classic. Low gas fees on this network make it more vulnerable to spam attacks.
If the LUNC token price rises above the present 3.74 level, the network would be better equipped to defend against attacks. At the moment, 70.36% of validators have approved a gas increase.
On the other hand, 29.64% do not want the proposal implemented.
Based on the given information, it’s possible that block reduction and gas increase may be approved, assuming no unexpected events occur.
After undergoing growth, the value of LUNC coin rose. Currently, it is being traded for $0.00010, marking a 8.97% price hike over the past day.
All is not well with LUNC
The increase in price might indicate that the community was hopeful about the project’s improvement following the implementation. Yet, data from the blockchain revealed a decrease in development activity on the network.
Starting on the 26th of March, the metric reading was 7.12, implying an increase in the number of new features Terra Classic delivered to its customers.
At the point when this article was published, development work had decreased to a level of 2.21, suggesting that contributions to public GitHub repositories had also diminished.
As we progress, this metric has the potential to get better as the proposal approaches the implementation stage. In addition to development efforts, social engagement also decreased in terms of another key indicator.
Based on AMBCrypto’s assessment, the Social Volume of LUNC dropped to 18. This indicator reflects the number of times the token is being mentioned or discussed in social media and other online platforms.
If the metric experiences an uptick, it indicates a rise in arbitrary text searches. However, a decrease suggests that investors were focusing on other cryptocurrencies instead, resulting in less interest for LUNC.
Alternatively, for traders monitoring LUNC, the low social media activity could be beneficial. If past trends hold true, the price may surge as the decreasing interest indicates the token has not yet reached its peak.
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2024-04-22 01:11