The Terra Luna Classic (LUNC) community is considering two significant governance proposals that could alter the course of the cryptocurrency. These include a potential 2x increase in gas fees and a reduction of the staking undelegation period to 14 days.
These changes have initially garnered support among the LUNC community members, who collectively strive to revive LUNC to $1 and reestablish Terra Classic (USTC). These plans came as part of efforts to stabilize the LUNC cryptocurrency and its trading environment.
Prominent community member and validator JESUSisLORD announced on July 14 on Twitter that two of his proposals are now open for voting:
Proposal 11639, “Reduce Staking Undelegation Period to 14 Days”, seeks to decrease the LUNC staking undelegation period from 21 days to 14 days. This move would offer LUNC, stakeholders more flexibility and incentivize additional users to stake, reducing the LUNC circulating supply. JESUSisLORD maintains that a 14-day nondelegation period is adequate for network stability and volatility prevention.
Proposal 11370, “Raise Gas Fees by 2x”, aims to double the current on-chain gas fees. This adjustment could potentially increase community pool funding and staking rewards, with the present gas fee split evenly between the two. The last gas fee adjustment occurred six months ago.
JESUSisLORD argued that current on-chain gas fees are remarkably cheap, at roughly 8 LUNC to send and 67 LUNC to withdraw staking rewards. The proposed revision would put gas fees within the range of 0.13 cents to 1.1 cents per transaction, according to current LUNC prices.
Meanwhile, the broader recovery in the crypto market, spurred by Ripple’s victory against the US SEC, has stimulated a positive shift in Terra Luna Classic’s price. The LUNC price jumped over 6% in the last 24 hours, currently trading at $0.000087. The trading volume has also risen by 165% in the past 24 hours, indicating increased interest and activity in the crypto.
