• 30 May, 2024
News

Terra Luna Classic Votes on 10x Gas Fee Increase: Report

The Terra Luna Classic (LUNC) community is considering a significant increase in gas fees to combat spam attacks on the blockchain network. Proposal 12095, submitted on April 17, 2024, is currently under voting on the Station wallet, and suggests raising gas fees by 10 times their current level.

According to the proposal, low gas fees, currently at 3.74 LUNC for a transaction (roughly $0.00038), are making the network vulnerable to spam attacks. Proponents argue that increasing gas fees would make these attacks more expensive and deter malicious actors.

The proposal claims that raising gas fees will make it more expensive to launch spam attacks, deterring bad actors. The additional revenue generated from the fee increase would be split 50/50 between the community pool and staking rewards, potentially boosting the network’s resources. However, concerns exist regarding the impact on decentralized applications (dApps) and chain partners who may find the higher fees disruptive.

As of press time, the voting shows a strong preference for the proposal, with 75.62% in favor. However, some community members, like TerraCVita, argue that raising fees is an ineffective solution and could create additional problems for dApps, hindering their growth. An alternative proposal from Genuine Labs suggests reducing the MaxBlockSize from 5 MB to 2 MB to specifically target peer-to-peer spam attacks.

The vote on Proposal 12095 is happening without the usual seven-day discussion period due to the perceived urgency of addressing the spam attack threat. The outcome of the vote will determine the future course of gas fees on the Terra Luna Classic network.

Terra Luna Classic (LUNC) surged 5% on April 19 alongside a broader market upswing. LUNC is currently trading at $0.0001022, with trading volume up 26% in the last day signaling increased investor interest.

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