LUNC News: Terra Luna Classic Community Brings Crucial Proposal in Focus

LUNC News: Terra Luna Classic community currently voting on a crucial proposal to mitigate some risks of peer-to-peer storm attacks on the Terra Classic chain. Notable developers have pointed out possible risks on Cosmos, Solana, and Polkadot ecosystems and suggested initial measures to reduce the impact of such attacks on the chain.

Terra Luna Classic MaxBlockSize Proposal

Genuine Labs, a core developer group, has submitted a highly critical proposal on the Station wallet to reduce block size from the current 5mb. The developer team proposes to decrease MaxBlockSize from 5mb to 2mb as an initial security measure to counter peer-to-peer spams.

Notional Labs CEO Jacob Gadikian said, “Heartily recommend a vote of YES on this proposal, and recommend a second proposal to reduce block size to between 850kb and 1MB.” This will further protect the chain from these network spam attacks.

The proposal has received 99.92% votes in favor from the community members and validators. Among 17 validators who participated in the voting, all voted “Yes”. Validators believe this is likely the best option currently until Genuine Labs finds a permanent solution.

Also Read: Terra Luna Classic Community Pool Hits 5 Billion LUNC, Big Reason to Worry?

LUNC and USTC Prices Under Selling Pressure

While total value locked (TVL) on Terra Luna Classic is falling amid the market-wide selloff, development activity has also dropped significantly, as per DeFiLlama data.

LUNC price slightly bounced today after a 7% drop on Tuesday, with the price currently trading at $0.0000990. The 24-hour high and low are $0.0000963 and $0.0001030, respectively. Moreover, trading volume dropped by 55% in the last 24 hours, indicating a decline in interest among traders.

Meanwhile, USTC price also trading 1% higher, with the price currently trading at $0.0168. The 24-hour low and high are $0.0162 and $0.0174, respectively.

The prices are mostly trading sideways as experts predicted consolidation in the market until Bitcoin halving.

Also Read:

• SingularityNET Partners Cardano DEX Minswap, AGIX and ADA Price Recovery Ahead?
• VC Concerns Rising Over Sustainability of High Valuation in Crypto Industry: Bloomberg
• Upbit To Suspend Deposit and Withdrawal of Crypto Exceeding 1 Million Won

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