- Terra Classic was awaiting its next core network upgrade on 12 September
- LUNC and LUNA were both down by 2% and 3% in the last 24 hours, respectively
Terra Classic [LUNC] has been observing a rise in the number of spam proposals over the past months. To tackle that, the Terra Classic ecosystem has submitted a new proposal aimed at changing a few fundamentals, which can help reduce spam proposals. This happened just a few days before the blockchain’s upcoming network upgrade.
How much are 1,10,100 LUNCs worth today
Terra Classic’s new proposal is under voting
The blockchain has seen an increase in “SPAM” proposals going up. Since the price of LUNC has dropped, 1 million LUNC is no longer effective in combating these types of proposals. Therefore, a new proposal has been submitted as an initiative to combat spam proposals by increasing the minimum deposit amount to 5 million LUNC.
Initiative to combat spam proposals by increasing minimum deposit amount to 5M LUNC
We currently have seen an increase in “SPAM” proposals going up, since the price of LUNC has dropped, 1M LUNC is no longer effective in combatting these types of proposals, this proposal will…
— Hexxagon (@hexxagon_io) September 8, 2023
At press time, more than 90% of the votes were in favor of the new proposal. Only 8.8% were against it, suggesting that it was likely for the proposal to pass. The voting period will end on 16 September 2023.
A new network upgrade is around the corner
The new proposal was submitted at a time when the blockchain was expecting its new core upgrade, named v2.2.1. As per the schedule, the update will roll out on 12 September 2023.
As a part of the update, the chain will be halted at block height 14,514,000, and the protocol will require validators to replace the old binary with the proposed one. Thanks to this, development activity around Terra Classic remained high last week, as evident from Santiment’s data.
However, LUNC’s response to these developments was not on par, as its price dropped substantially, which can be attributed to the market condition. As per CoinMarketCap, LUNC was down by 2% in the last 24 hours. At the time of writing, Terra Classic was trading at $0.00005992 with a market capitalization of over $348 million.
The bad news was that the price drop was accompanied by a double-digit rise in its trading volume. Nonetheless, LUNC’s open interest fell along with its price, which could result in a trend reversal in the coming days.
Realistic or not, here’s LUNC market cap in BTC‘s terms
LUNA’s fate is similar
LUNC’s sister token, Terra [LUNA], also acted similarly in terms of its price action. CoinMarketCap’s data revealed that LUNA was down by more than 3% in the last 24 hours.
But unlike LUNC, LUNA’s trading volume did not rise. Nonetheless, negative sentiment around LUNA remained high, which was bearish.