Here is a rewritten version of the article tailored for CryptocurrencyNews.com:

Terra Luna Classic Community Approves Major Governance Proposal

The Terra Luna Classic (LUNC) community has given the green light to a significant proposal aimed at enhancing the blockchain’s governance framework. This development has sparked discussions about potential impacts on LUNC’s price and overall ecosystem health.

Proposal Aims to Stabilize Governance Process

Spearheaded by BLV Labs, a team with extensive experience in the Cosmos ecosystem, the approved proposal addresses key challenges in the current governance module. A primary issue has been the static 5 million LUNC deposit required for proposal submission, which doesn’t account for price volatility.

To solve this, the proposal introduces an Oracle module to dynamically adjust the deposit amount based on LUNC’s current price, targeting a stable $500 value. This mechanism is designed to maintain proposal integrity and prevent network spam during price fluctuations.

Community Backing and Market Implications

With over 85% of votes cast in favor, the proposal’s approval signals strong community support. Many LUNC holders and analysts speculate that these governance improvements could positively influence the token’s price by creating a more robust and efficient ecosystem.

LUNC Price Movement and Related Tokens

At press time, LUNC was trading at $0.00008641, up 1.03% in the last 24 hours. Trading volume remained steady at $15.02 million, though futures open interest saw a 3.5% decline.

The governance update, coupled with Binance’s ongoing LUNC burn mechanism, appears to be bolstering overall market sentiment for the Terra ecosystem. USTC, the ecosystem’s stablecoin, rose 3% to $0.01828, while LUNA traded up nearly 1% at $0.3884.

As always, investors should conduct thorough research and consider market conditions before making any investment decisions in the volatile cryptocurrency space.



Source link