- Proposal #12094 by Genuine Labs aims to slow down spam on Terra Classic.
- Terra Classic community celebrates 111B LUNC tokens taken out of circulation.
- Terra Luna Classic plummeted in developer activity since exiting the TOP 100.
The Terra Luna Classic blockchain is set to receive several improvements related to the chain’s security after the LUNC community unanimously passed proposal #12094 “To decrease MaxBlockSize”. Simply put, a block size is the maximum space needed for transactions to clear and store data on-chain.
This proposal was submitted by Genuine Labs, the new developer team responsible for technical upgrades on the Layer-1 network. Arguing that Cosmos chains, Solana, and Polkadot had recently faced an epidemic of Peer-to-Peer (P2P) scams, the developers suggested reducing Terra Classic’s block size from 5 Megabytes (MB) to 2 MB.
While this is believed to be a temporary band-aid, most Terra Classic chain validators like All Nodes, Interstellar Lounge, and JESUS is LORD believe that a long-term solution will be introduced by Genuine Labs in the next quarter. Meanwhile, some members believe that the maximum block size could be lowered further to 1 MB in the future.
Quality Over Quantity For LUNC?
Despite the collective effort to combat rising phishing attacks and Peer-to-peer (P2P) spam, Terra Classic’s developer activity has significantly plunged since March 29, 2024. Pointing to 2.95 in Santiment’s development activity index, the calm period accompanies a 32.7% price drop in LUNC value over the past 30 days.
Apart from this setback, Terra Classic’s social metrics have also been overshadowed by competing altcoins and meme coins, as LUNC is now positioned in a historically low position, ranking at #140 in terms of global market cap. With a $644M market capitalization, LUNC is far from the $1 billion mark, last claimed in mid-March 2024.
Nevertheless, Terra Classic holders are optimistic about the coin’s future due to the rapidly spiking Terra Luna Classic (LUNC) burn rate. As overall Terra Luna Classic burns are quickly approaching the 111 billion mark, this metric exposes a gradual growth in LUNC burns since the beginning of 2024.
As of press time, Terra Luna Classic (LUNC) trades at $0.0001117, gaining 5% over the latest 7-day period. While the recent upward momentum provides some relief, Terra Classic (LUNC) succumbed to a heavy crypto market correction on a monthly time frame, coming to grips with the 32.7% deficit and completely wiping out the meme coin-inspired Spring rally to $0.00022880 on March 5, 2024.
On the Flipside
- In a parallel proposal, the Terra Classic community is casting their vote on whether the gas fees on Terra Classic should be increased tenfold.
- This is said to halt phishing attacks and Peer-to-peer (P2P) spam on the chain, as fraudulent behavior would be less feasible with higher gas fees.
Why This Matters
After the 2022 Terra Luna crisis, the LUNC community took it upon themselves to solve major issues related to the once-thriving chain.
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