The Terra Luna Classic community is currently voting on two major governance proposals: increase gas rates by 2x and shorten the staking period to 14 days. The proposals have received initial support from members of the Terra Luna Classic (LUNC) community as efforts to revive LUNC to $1 and re-link USTC gain momentum.
Terra Luna Classic votes on two board proposals
JESUSisLORD, validator and one of the popular members of the community, on July 14 said two Terra Luna Classic (LUNC) proposals from him can now be voted on at the station.
Proposal 11639 “Reduce Staking Undelegation Period to 14 Days” aims to reduce the LUNC staking undelegation period from 21 days to 14 days. It gives users more flexibility with their staked LUNC and encourages more users to stake, decreasing the circulating LUNC supply.
He believes that a 14-day undelegation period is sufficient for network stability and avoidance of volatility. It also avoids the complexity and penalties associated with quick non-delegation proposals on Terra Luna Classic. Cosmos project Osmosis (OSMO) has a 14 day undelegation period.
Also Read: Terra Luna Classic Validator to Burn Billions of LUNC Tokens, Prize to Collect?
Proposal 11370 “Increase gas rates by 2x” aims to increase all current gas rates in the chain by 2x. It will boost community pool funding and stake rewards as “gas costs are split 50/50 between the two”. The last gas fee adjustment was 6 months ago.
He argues that on-chain gas costs are currently very cheap, almost 8 LUNC to ship ($0.00067) and 67 LUNC to withdraw stake rewards ($0.0056). The adjustment would put gas fees in the range of 0.13 cents to 1.1 cents per transaction, according to current LUNC prices. It will also help prevent the continued decline of APY.
While both proposals received initial support in the vote, members rejected the need to review these changes during discussions in the Commonwealth forum.
Also Read: BinanceUS, Crypto.com Join Coinbase And Others To Relist XRP, Price Rise 87%
LUNC Price jumps
The broader recovery in the crypto market following Ripple’s victory against the US SEC caused an upward movement in the price of Terra Luna Classic. The LUNC price must remain above the $0.00009 support level to establish further upward movement.
The price of LUNC is up more than 7% in the last 24 hours and the price is currently trading at USD 0.000089. The 24-hour low and high are $0.0000840 and $0.0000898, respectively. Trading volume is also up 170% in the last 24 hours.
Also Read: BinanceUS Stops Trading For 9 Cryptocurrencies Including BTC, ADA, MATIC, SOL, LTC
Varinder has 10 years of experience in the Fintech sector, with more than 5 years dedicated to blockchain, crypto and Web3 developments. A technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in more than 5,000 news stories, articles and newspapers. With CoinGape Media, Varinder believes in the enormous potential of these innovative future technologies. He 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 Luna Classic Community votes to review gas fees and stakeout period for non-delegation
was published first on https://coingape.com/terra-luna-classic-community-votes-to-revise-lunc-gas-fees-and-staking-undelegation-period/