Terra Classic (LUNC) Genuine Labs' Proposal Rejected After Facing Major Roadblock

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Terra Classic Community Turning Down Highly Debated Proposal – Crypto News

Published

2 years ago

April 23, 2024

Dripp

Terra Classic community steps back from raising gas fees by 10x on the Terra Classic chain, potentially turning down the proposal to raise gas fees to prevent spam attacks on the chain. A proposal was submitted to increase gas fees by 10x on the rationale that current levels for transactions are extremely low and causing attacks feasible and economical.

Allnodes, a validator with the highest voting power, has voted “No” in the proposal, stating “It will negatively affect the cost of the “restake” operations and such change should not be enforced after just one spam attack.”

Terra Classic 10x Gas Proposal Faced Roadblock

Proposal 12095 “10x Gas Fees” is currently under voting on the Station wallet and gained a significant amount of votes in favor as the Terra Luna Classic community considers it crucial. However, the community voting to reject the proposal considering a raise in gas fees not required at present.

The proposal claims gas fees on-chain are extremely low, requiring only 3.74 LUNC for a transaction. Transaction spam attacks against our network are seen as feasible and economical to perform because of this situation. To prevent this, the proposal suggests raising gas fees by 10x.

The gas fees from transactions are split 50% to the community pool and 50% to staking rewards. Thus, the proposal asserts it would increase the costs of transaction attacks against the network. However, the proposal could have a notable impact on dapps and chain partners due to high fees.

The proposal has received 52% votes in favor and 48% “No” and “No with veto” votes. Current voting status by validators indicates 29 “Yes” votes, 10 voted “No” and 17 voted “No with veto”, along with 4 Abstain votes.

Terra Classic core developer Genuine Labs also submitted a proposal to counter peer-to-peer storm attacks on the Terra Classic chain by decreasing MaxBlockSize from 5mb to 2mb, the community passed the proposal.

LUNC and USTC Prices Remain Near Support

LUNC price jumped 1% in the last 24 hours and 15% in a week, with the price currently trading at $0.000112. The 24-hour high and low are $0.0001063 and $0.0001121, respectively. Moreover, trading volume increased by 100% in the last 24 hours, indicating a rise in interest among traders.

Meanwhile, USTC price trading sideways at $0.02009 also after it climbed 20% higher last week. The 24-hour low and high are $0.01949 and $0.02046, respectively.

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