Terra Luna Classic Community Votes To Revise LUNC Gas Fees and Staking Undelegation Period
The Terra Luna Classic community currently votes on two key governance proposals — raise gas fees by 2x and reduce the staking undelegation period to 14 days. The proposals have received initial support from the Terra Luna Classic (LUNC) community members as efforts to revive LUNC to $1 and repeg USTC are gaining momentum.
Terra Luna Classic Votes On Two Governance Proposals
JESUSisLORD, validator and one of the popular community members, on July 14 said two Terra Luna Classic (LUNC) proposals by him are up for voting now on the Station.
Proposal 11639 “Reduce Staking Undelegation Period to 14 Days” aims to reduce the LUNC staking undelegation period from 21 days to 14 days. It will give more flexibility to users regarding their staked LUNC and encourage more users to staking, which reduces the LUNC circulating supply.
He believes that a 14-day undelegation period is sufficient for network stability and preventing volatility. Also, it avoids the complexity and penalties associated with fast undelegation proposals on Terra Luna Classic. Cosmos project Osmosis (OSMO) has a 14-day undelegation period.
Proposal 11370 “Raise Gas Fees by 2x” aims to raise all current gas fees on-chain by 2x. It will boost the community pool funding and staking rewards as “gas fees are split 50/50 between the two.” The last gas fee adjustment was 6 months ago.
He argues the gas fees on-chain are currently very cheap, almost 8 LUNC to send ($0.00067) and 67 LUNC to withdraw staking rewards ($0.0056). The adjustment would put gas fees in the range of 0.13 cents to 1.1 cents per transaction, as per the current LUNC prices. Also, it will help prevent the continuous decline in APY.
While both proposals received initial support in the voting, but members rejected the need to revise these changes during discussions in the Commonwealth forum.
LUNC Price Jumps
The broader recovery in the crypto market after Ripple’s win against US SEC helped bring some upside move in Terra Luna Classic price. LUNC price needs to hold above the $0.00009 support level to bring further upside move.
LUNC price jumped over 7% in the last 24 hours, with the price currently trading at $0.000089. The 24-hour low and high are $0.0000840 and $0.0000898, respectively. Trading volume also rises by 170% in the past 24hrs.