LUNC Proposal 11487 Gets Over 49% Of Voter Nod – What’s The Impact On Price?
May 02 2023 - 01:25AM
NEWSBTC
Terra Classic has made a significant move in the world of
cryptocurrency with the passing of the LUNC Proposal 11487, and
it’s leaving many wondering: what does this mean for the future of
LUNC prices? The proposal’s successful passage signifies a
positive step towards achieving Terra Classic’s vision of a more
decentralized and sustainable blockchain network. It also
highlights the importance of community participation in shaping the
future of the cryptocurrency. With almost half of the voters
showing their support, it’s clear that this decision has the
potential to make a lasting impact on the Terra ecosystem. Source:
ATOMScan Related Reading: Terra Classic Recent Efforts Could
Benefit LUNC’s Growth Potential LUNC Proposal To Gauge Interest In
USTC Repeg Strategy The proposal aims to ascertain whether the LUNC
community was in favor of moving forward with the USTC Repeg
proposal and the accompanying Agora discussion strategy. This
proposal is critical in helping the Terra ecosystem recover its
former glory, which was damaged by the USTC crash last year. $LUNC
& $USTC outperforming the markets today! Looking good! Perhaps
it’s hype for the #USTC re-peg proposal? pic.twitter.com/pfx0vE4AsG
— Classy 🔮 (@ClassyCrypto_) April 29, 2023 To stabilize the value
of USTC, the proposed divergence mechanism will impose fees on
trades that deviate from the targeted peg. According to the
proposal, the fee will vary from 0% when the peg is reached to 100%
at a 50% deviation from the peg. Now that the proposal has been
approved, the L1 team will establish an actual timetable and
implement the mechanism in four stages. LUNC Price Reaction
According to data by crypto market tracker CoinMarketCap, LUNC’s
price registered a decline of 3.44% in the last 24 hours, trading
at $0.0001048 at the time of writing. The crypto is down nearly 5%
in the last seven days. Source: CoinMarketCap Despite the positive
sentiment of the crypto community towards the Terra ecosystem
during the voting process of the proposal, the growth of LUNC and
USTC was short-lived. The charts of both cryptocurrencies
turned green on April 28, but the situation went south over the
following days. The Terra ecosystem is currently struggling to
maintain its positive momentum, and the decline in LUNC’s price is
indicative of this struggle. LUNC market cap at $659 billion on the
daily chart at TradingView.com Related Reading: AVAX Smart
Contracts Hit 6-Month High – What This Means For Its Price LUNC
Outlook Post-Approval Of Proposal 11487 With the approval of
Proposal 11487, the LUNC community has demonstrated its commitment
to the stability and growth of the Terra ecosystem. The new
divergence mechanism proposed is expected to stabilize the value of
USTC and help the Terra ecosystem regain its former glory. While
the recent decline in LUNC’s price is a cause for concern for some
investors, the implementation of the new mechanism is likely to
restore investor confidence in the Terra ecosystem. As the L1 team
works towards implementing the mechanism in four phases, investors
can look forward to a more stable and robust Terra ecosystem.
-Featured image from Unsplash
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