The Terra Luna Classic community welcomed another project to the network by approving a major parameter change proposal. The proposal will not only take this new project abroad, but also enable other projects to build on the Terra Luna Classic blockchain.

Proposal 11477 “Increase MaxContractSize to Upload Code” submitted by TerraPoker to increase the key on Cosmos Wasm MaxContractSize from 614400 to 819200 has been accepted. This allows the protocol to upload its contract in the chain and contribute to the LUNC combustion campaign.

TerraPoker in one tweet on April 24, the community appreciated for supporting the project to launch on the Terra Classic chain. The project will provide the poker game LUNC coming soon and promises to burn 10% of rake fees collected.

The contract size adjustment will not only welcome Terra Poker into the Terra Classic ecosystem, but also allow other protocols to join and help developers build better solutions.

The proposal received 60% of the vote, with 31% voting “No” and 8% voting “Abstain”. Current sentiment in the LUNC community suggests that the proposal will increase utility in the chain and boost LUNC burn. For example, major validators including Allnodes, LUNC DAO, TerraCVita, Interstake, and JESUSisLORD supported the project.

Meanwhile, validator Allnodes has backed the controversial proposal 11479 from the Terra Rebels developers group and approved the proposal to fund $37,593 worth of LUNC tokens to run Rebel Station Infrastructure for 3 months.

Another project on Terra Classic burned 11.79 million LUNC

While TerraPoker aims to burn millions of LUNC tokens, some projects, such as Cremation Coin, are already contributing to large LUNC burns, with a total net LUNC burn of over 344 million.

However, another project called GenesisX50 burned 11,799,000 LUNC in a single transaction. The project has now burned a total of 13 million LUNC as part of the original GSX50 token burns.

In addition, LUNC DAO burned 1.44 LUNC tokens as part of its weekly burn plan. The validator burned over 457 million LUNC in total.

Also Read: Binance Adds Bitcoin, Shiba Inu, Dogecoin, Stablecoins to Liquid Swap

LUNC price remains under pressure

The South Korean court rejected the prosecutor’s claims that Terra LUNA or Terra Classic LUNC are securities. In addition, the court also rejected the state’s appeal to seize Daniel Shin, co-founder of Terraform Labs.

However, the LUNC price remains under pressure as the Terra Luna Classic community faces a minor crisis as core developers Ed Kim and Tobias “Zaradar” Andersen have left the Joint L1 Task Force developer team.

The price of LUNC is down 1% in the last 24 hours with the price currently trading at USD 0.00011. The 24-hour low and high are $0.000108 and $0.000111, respectively.

Also Read: Bone ShibaSwap (BONE), ArbDoge AI (AIDOGE) Pump 10% on OKX List

Bitcoin Price Prediction for 2024 from Top Bank Is Fueling the Market, But Can It Really Happen? Binance.US sparks optimism as it mentions Floki (FLOKI), is meme season in the works? LUNC News: Terra Classic Projects To Burn Millions Of LUNC, Major Proposals Passed Crypto Whales Buy XRP Dip; Stake 180 Million XRP Do Kwon’s Latest Move Against US SEC Could Change The Game, But Is It Enough? Just-In: Bone ShibaSwap (BONE), ArbDoge AI (AIDOGE) Pump 10% on OKX List Binance Adds Bitcoin, Shiba Inu, Dogecoin, Stablecoins to Liquid Swap Satoshi Nakamoto’s Latest Post Pops Up Online, Here’s What It Reads Rich Dad Poor Dad Author’s Gold Price Bet; Bitcoin Rally Soon? Just-In: LUNA is not a security, declares S.Korean Court; Will US SEC follow suit?

Varinder is a technical writer and editor, technology enthusiast and analytical thinker. Fascinated by disruptive technologies, he has shared his knowledge about Blockchain, Cryptocurrencies, Artificial Intelligence and the Internet of Things. He has been associated with the blockchain and cryptocurrency industry for quite some time and is currently covering all the latest updates and developments in the crypto industry.

The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication is not responsible for your personal financial loss.





This post Terra Classic Projects To Burn Millions Of LUNC Major Proposals Passed

was published first on https://coingape.com/lunc-news-terra-classic-projects-to-burn-millions-of-lunc-key-proposals-passed/

Author

Write A Comment