In a move to revitalize Terra Classic (LUNC) and the ecosystem’s stablecoin USTC, the determined community has unanimously approved a pivotal proposal.
The proposal focuses on the deployment of terrad client v2.3.1 on-chain, addressing a crucial issue related to the dyncomm ante decorator and account sequence. Following this approval, LUNC and USTC saw massive price surges and trading volume, representing a favorable sentiment within the community.
Massive Community Support for Proposal 11885
The community has endorsed Proposal 11885, “Sequence Mismatch Issue Resolution,” aimed at deploying terrad client v2.3.1 on-chain. This update resolves a significant problem with the dyncomm ante decorator, particularly addressing issues related to account sequence. Despite the ongoing voting process, the proposal successfully passed within 24 hours.
Notably, the Terra Classic community approved v2.3.0 recently, introducing the dyncomm module to integrate protocol logic for determining minimum validator commissions based on voting power.
However, L1TF lead developer Vinh Nguyen highlighted a sequence mismatch affecting some validators during commission edits, and this problem resulted in restrictions from interacting with the chain for some accounts.
The overwhelming support for the proposal is evident with a 99.91% approval from the community, backed by major validators. Allnodes, Orion, Interstellar Lounge, JESUSisLORD, TerraCVita, and others make up the 33 validators who voted for the proposal.
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LUNC and USTC Price Explosion
Following the successful proposal, there has been a substantial surge in the prices of LUNC and USTC. At the time of writing, LUNC is trading at $0.0001193, with a remarkable 50.29% surge in the last 24 hours. The trading volume has also seen an impressive 1113.38% to $666.75 million.
USTC saw a much larger surge of 269.12% in 24 hours. The stablecoin is trading at $0.06261, with a trading volume of $1.25 billion, representing an astounding 2167.66% surge in 24 hours.
The Terra Classic community’s prompt action in approving Proposal 11885 has instilled renewed confidence in the project, leading to a significant surge for LUNC and USTC.
Meanwhile, ChatGPT recently told LUNC holders to prepare for massive gains, and as LUNC explodes, USTC could be on its way to regaining its $1 peg.
As the Terra ecosystem continues to evolve, the question on everyone’s mind is if the ecosystem can sustain this momentum in the long run.