The LUNC community has approved the Terra Luna Classic v2.3.0 upgrade proposal through governance voting. This proposal, which has updated the Terrad client to v2.3.0., now includes a dynamic validator commission system. The community accepted the proposal favorably, and it has much to offer to the LUNC ecosystem.
The v2.3.0. introduces the dyncomm module. This module determines the minimum commission paid to validators using protocol logic based on their voting power. According to StakeBin, the proposal implementation is set for block 15493370, which is approximately 11:18:44 UTC on November 20.
Read Also: Here’s Why Terra Classic (LUNC) Soared 45%
With a 93% “Yes” vote and a 7% “Abstain” vote, the proposal has arguably gained unanimous support from the community. Out of the 60 participating validators, 58, including prominent validators like Allnodes, Interstellar Lounge, HappyCattyCrypto, Interstake One, and TerraCVita voted for the proposal.
What’s Next for Terra Classic (LUNC)
LUNC is currently trading at $0.000077, up 0.34% in 24 hours but down 8.47% in the past week. LUNC experienced a 45% surge a few days ago, thanks to a new measure from the community to control USTC minting.
This measure is another one in a long list of proposals aimed at restoring USTC, the stablecoin of the Terra Classic ecosystem, to its $1 peg and restoring LUNC to its status as a major player in the crypto market.
With this proposal, the community has halted the minting of new USTC tokens, and the surge that accompanied this proposal almost erased a zero from LUNC’s price. Despite the seven-day decline, LUNC is up by almost 40% in the past month.
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Another notable measure taken to achieve this goal is the move to burn 50% of USTC trading fees on Binance, the world’s largest crypto Exchange. The hope is that other exchanges will follow Binance’s lead and burn USTC trading fees. However, it may take a little longer before we start seeing the effects of these proposals on LUNC’s price.
With all eyes on LUNC and the series of new proposals, many in the community are wondering if these measures will help LUNC surpass its all-time high. A notable machine learning algorithm from Coincodex recently weighed in on this issue.
CoinCodex is a widely recognized platform tracking over 28,000 cryptocurrencies across 420+ exchanges, and its AI prediction tool does not expect LUNC to reach its all-time high soon. However, it provides some bullish predictions for the cryptocurrency over the next few years.