- More than 41% of voters supported the proposal, while 9% opposed it at the time of going to press.
- LUNC and LUNA were slow to respond to the news.
Terra Classics [LUNC] The long-awaited voting period of proposal 11487 ends on April 30. The result of the vote could prove to be a game changer for the Terra ecosystem and result in a revival.
Read Terra Classics [LUNC] Price prediction 2023-24
A resurgence of the Terra ecosystem imminent?
The proposal been 11487 aiming to re-pin Terra’s stablecoin, Terra ClassicUSD [USTC], which crashed last year. The crash caused the entire crypto market to plummet back then and its fallout still haunts the crypto space.
The proposal talks about introducing a new mechanism to re-link USTC.
The new divergence mechanism will levy fees on trades that deviate from the intended peg to stabilize the value of USTC. The compensation can vary from 0% with the link to 100% with a deviation of 50% from the link.
If the community and the majority of CEXs approve this proposal, the L1 team will establish a final schedule and roll out the mechanism in four phases.
At press time, more than 41% of voters supported the proposal, while 9% opposed it.
Source: ATOM scan
LUNC has yet to respond
Terra classic [LUNC] has not yet commented on the development, as the weekly chart was red. CoinMarketCaps facts revealed that LUNC was down more than 4% in the past seven days. At the time of writing, it was trading at $0.0001092, with a market cap of over $644 million.
Negative feelings around LUNC were dominant in the market, as evidenced by the weighted sentiment.
LUNC’s development activity also took a dive after peaking mid-week, which was a red signal. Nevertheless, LUNC managed to remain a topic of discussion in the crypto space as its social volume increased.
Source: Sentiment
LUNA followed the same trend
Terrace [LUNA] on-chain metrics also resembled those of LUNC. LUNA’s weighted sentiments remained on the negative side, indicating low trust among the crypto community in the token.
Social volume remained high, but given the weighted sentiment, it seemed most of the listings were bearish.
Source: Sentiment
How many Worth 1,10,100 LUNAs today
LUNAThe price of s registered marginal movement over the past week as it fell more than 1% over the past seven days. At the time of writing, it was trade for $1.25 with a market cap of over $326 million.
It will be interesting to see what effect the proposal will have on the entire Terra ecosystem.
