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HomeNewsLUNC Price Surges 5% as Terra Luna Classic Mulls 10X Gas Fee...

LUNC Price Surges 5% as Terra Luna Classic Mulls 10X Gas Fee Raise

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  • LUNC price rose 5% with a 26% increase in trading volume, indicating growing investor interest and confidence.
  • Community passed Proposal 12094, reducing MaxBlockSize from 5mb to 2mb to protect against peer-to-peer storm attacks.

The Terra Luna Classic community is currently evaluating a proposal aimed at increasing the network’s resilience against spam attacks. Recognized as Proposal 12095, or “10x Gas Fees,” it seeks to raise the gas fees required for transactions by tenfold. 

The current rate, at 3.74 LUNC per transaction, is viewed as too low, making it economically viable for attackers to flood the network with spam. This proposed increase is designed to make such attacks less appealing by raising the operational cost for attackers.

The implications of increased gas fees extend beyond just enhanced security. Half of these fees would contribute to the community pool, with the remainder bolstering staking rewards. However, the community is divided on this issue. 

Related: Elevate Your Portfolio with NuggetRush: A Call to FLOKI and LUNC Traders Seeking Exceptional Returns

Critics argue that while the intent is to safeguard the network, higher fees might deter the development and operation of decentralized applications (dapps), which are vital for the network’s growth and utility.

The current voting results show substantial support, with 76.56% in favor. Out of 30 validators, 17 have backed the proposal, indicating a strong consensus within the community regarding its benefits.

Market Response and Additional Security Measures

In conjunction with these internal security discussions, Terra Luna Classic has witnessed notable market activity. The price of LUNC saw a 5% increase amid a broader market recovery, with trading volumes surging by 26%. This positive movement suggests growing trader confidence and interest in the cryptocurrency’s future.

Further boosting this sentiment, the community has also passed Proposal 12094, aimed at reducing the MaxBlockSize from 5mb to 2mb. This measure is intended to counter peer-to-peer storm attacks, which could potentially disrupt network operations. 

The overwhelming approval rate of 99.87% demonstrates the community’s priority for robust security measures. This decision not only aims to protect the Terra Luna Classic network but also seeks to preempt potential risks to other major blockchain ecosystems like Cosmos, Solana, and Polkadot.

These steps by the Terra Luna Classic community underscore an approach to blockchain management and security. By adjusting the gas fees and block sizes, the community aims to create a more secure and reliable environment for both users and developers.

Read more: LUNC Update: Terra Luna Classic Community Sticks to KYC Policy; 105 Billion Tokens Obliterated

As these changes take effect, the community remains optimistic about LUNC’s price potential, with some members speculating that it could reach as high as $1 in the upcoming bull run.

Source → Coinmarketcap

Meanwhile, USTC, also enjoyed an uptick, increasing by 20% and trading at $0.0202, reflecting a renewed interest and confidence in the network’s stability and governance.

These developments represent a critical period for Terra Luna Classic as it continues to adapt and reinforce its infrastructure to meet both current and future challenges.

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Isai Alexei
Isai Alexei
As a content creator, Isai Alexei holds a degree in Marketing, providing a solid foundation for the exploration of technology and finance. Isai's journey into the crypto space began during academic years, where the transformative potential of blockchain technology was initially grasped. Intrigued, Isai delved deeper, ultimately making the inaugural cryptocurrency investment in Bitcoin. Witnessing the evolution of the crypto landscape has been both exciting and educational. Ethereum, with its smart contract capabilities, stands out as Isai's favorite, reflecting a genuine enthusiasm for cutting-edge web3 technologies. Business Email: info@ethnews.com Phone: +49 160 92211628
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