Terra Luna Classic’s Proposal To 10X Gas Fees – LUNC Price To $1?

Key Points

• Terra Luna Classic community deliberates on a proposal to raise gas fees tenfold.
• Proposal 12095 “10x Gas Fees”aims to enhance network protection against spam attack vulnerabilities.
• Significant validator support of 76.56% votes in favor currently so far supporting the proposal reflects confidence in the proposed gas fee increase.
• The impact of raised gas fees may affect DApps on Terra Luna Classic’s ecosystem.
• An uptick in LUNC price and trading activity post-proposal suggests optimistic market sentiment.

The Terra Luna Classic community is currently voting on  major proposal. A new proposal to raise gas fees tenfold is being watched closely. Named Proposal 12095 or “10x Gas Fees,” this bold step aims to protect the network from spam attacks. It might also push the LUNC price higher.

Now, the plan is to raise transaction costs from 3.74 LUNC by ten times. With support from leading validators, the proposal highlights better security. It also suggests more money for the community through higher staking rewards. Yet, concerns arise from DApps about the higher fees. After the proposal, the LUNC price went up by 5%. Its sister coin USTC also saw a 6% increase. Are these the first steps towards the $1 price goal?

Understanding Terra Luna Classic’s Move to Raise Gas Fees

The Terra Luna Classic community is at a pivotal moment with proposal 12095. It plans to boost the blockchain’s network security by changing its transaction fees. They want to make spam attacks too expensive by raising gas fees significantly.

This change has two main goals. It aims to keep the network safe from low-cost spam attacks. At the same time, it will use the extra fee money to support the community pool and reward validators. This could energize the Terra Luna Classic environment and encourage more engagement.

Some community members, including TerraCVita, worry about how it might affect the use and growth of dApps. Yet, a convincing 76.56% of the community voted in favor. This, along with many validators’ support, shows a wide agreement on enhancing security.

Community and Validator Response to the New Gas Fee Proposal

The recent gas fee proposal in the Terra Luna Classic ecosystem has sparked a big community response. It’s brought together users and Terra Luna Classic validators for a meaningful conversation. They’re all focusing on making the system stronger against unwanted spam transactions. This kind of unity is special and shows how everyone is working together.

Validators, who keep the blockchain stable and quick, have really taken to this proposal. Out of 30, 17 have shown they’re on board. They’re not just thinking about now but also about the future of Terra Luna Classic.

But not everyone just agrees. Some are suggesting different ideas, like Genuine Labs. They think changing MaxBlockSize could help fight peer-to-peer attacks. These conversations show the community is really engaged and looking for the best solutions.

They’re not just saying yes to the gas fee proposal support, they’re taking part in shaping the future. It’s about working together, which is what blockchain is all about.

Market Reaction to the Proposal and Its Impact on LUNC’s Price

The Terra Luna Classic community is facing important choices. The market shows its support through a rise in LUNC’s price. After the gas fee proposal was announced, LUNC’s value went up by 5%. This increase is part of a larger trend in the market that hints at recovery.

The trading volume for LUNC went up 26%, indicating strong interest. This spike isn’t just in direct purchases but also in futures trading. On platforms like Binance and Bybit, more people are betting on LUNC’s future success.

USTC also saw a price jump of 6%, showing how one proposal can affect related currencies. This reaction highlights how connected digital currencies are. As Terra Luna Classic makes its moves, the market watches closely. Investors are always ready to adjust their plans in this fast-changing financial world.

Perhaps these are the little steps needed that could see LUNC reach the the ultimate goal of $1?

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