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