In a decisive move to breathe new life into Terra Classic (LUNC) and its stablecoin USTC, the community has rallied behind and unanimously approved a pivotal proposal. The proposal, named “Sequence Mismatch Issue Resolution” or Proposal 11885, focuses on deploying terrad client v2.3.1 on-chain, specifically addressing critical concerns related to the dyncomm ante decorator and account sequence.
The update aims to resolve a significant problem with the dyncomm ante decorator, honing in on issues associated with account sequence. Despite the ongoing voting process, the proposal successfully passed within an impressive 24-hour window, showcasing the determination and unity of the Terra Classic community.
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Earlier, the community had greenlit v2.3.0, introducing the dyncomm module to incorporate protocol logic for determining minimum validator commissions based on voting power. However, a sequence mismatch issue identified by Vinh Nguyen, the lead developer of L1TF, impacted some validators during commission edits, resulting in restrictions for certain accounts interacting with the chain.
The overwhelming support for Proposal 11885 was clear, with an astonishing 99.91% approval from the community, backed by major validators such as Allnodes, Orion, Interstellar Lounge, JESUSisLORD, TerraCVita, and others. This collective approval not only highlights the strength of community governance but also signals a shared commitment to addressing and resolving critical issues within the Terra Classic ecosystem.
The immediate aftermath of the proposal approval was a substantial surge in the prices of both LUNC and USTC, reflecting a renewed positive sentiment within the community. At the time of writing, LUNC is trading at $0.0001193, experiencing an impressive 50.29% surge in the last 24 hours. The trading volume has soared by a remarkable 1113.38% to $666.75 million.
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Meanwhile, USTC witnessed an even more substantial surge, recording a staggering 269.12% increase in 24 hours. The stablecoin is currently trading at $0.06261, with a trading volume of $1.25 billion, marking an astounding 2167.66% surge in the same period.
The swift and resounding approval of Proposal 11885 has injected a renewed sense of confidence in the Terra Classic project, leading to significant price surges for both LUNC and USTC. ChatGPT’s recent advice to LUNC holders to brace for massive gains seems to be playing out, with the potential for USTC to regain its $1 peg looming on the horizon.
As the Terra ecosystem undergoes these positive transformations, the question of whether this momentum can be sustained in the long run becomes paramount. The community’s proactive approach and strong governance provide a solid foundation, leaving stakeholders optimistic about the future trajectory of Terra Classic and its associated tokens. The continued evolution of the Terra ecosystem will undoubtedly be closely monitored as the project navigates this crucial phase.