- Terra Luna Classic (LUNC) is performing exceptionally well, inviting long-term investors to reaccumulate while short-term investors cash in.
- The rise coincides with a governance vote to introduce a minimum validator commission and implement technical improvements.
Terra Luna Classic (LUNC) is one of the best-performing altcoins in the last 7 days. CNF market data shows that LUNC has recorded gains of nearly 11 percent in the last 7 days around 5 percent of this, coming in the last 24 hours. At the time of press, LUNC is exchanging for $0.00006425 with a market cap of $373,562,922 which places the digital asset as the 91st-ranked cryptocurrency by market cap.
Following the recent gains, some short-term investors are looking to cash in and take some gains after a couple of months of sideways movement. However, some proponents and long-term traders expect more gains in the coming months and continue to aggressively accumulate.
The latest price movement comes amidst a governance vote to introduce a minimum validator commission and implement technical enhancements. Viewed as a soft fork, it comes after a proposal to increase the minimum deposit to 5 million LUNC to deter spam. This is a major security enhancement on the blockchain that could drive greater adoption. Notably, the need for the proposal was triggered by a validator commission mistakenly set to 0 percent during an upgrade.
Governance Proposal to Boost LUNC Prices
Voting is set to end on October 3 2023 with many in the ecosystem expecting the soft fork to be approved by the community which strives to build and innovate the project. In August, the community presented its vision for revitalizing and enhancing blockchain governance under the banner “Terra Classic Expedition: A united vision.”
If the proposal is approved, validators will need to promptly update their terrad to version v2.2.2. The deadline for adopting Terrad v2.2.2 is set at block 14890000, which could be on October 9, 2023.
LUNC marked its all-time high of $119.18 nearly a year ago but has since lost 100 percent of its value. In part, this is due to its close association with the original Terra LUNA coin that exploded after the UST/Luna collapse and the establishment of a new Terra chain. The original founder of the project Do Kwon is currently out on bail after being arrested in Montenegro.
In an interesting development, the founder through his lawyers is calling on a federal court to reject the United States Securities and Exchange Commission’s (SEC’s) extradition request so that it can question him in the U.S. over the collapse of the Terra ecosystem.
Terra Luna Classic innovatively uses fiat-pegged uses fiat-pegged stablecoins to power price-stable global payments systems. The development team and community hope to reach mass adoption and catapult prices to a new all-time high in the next bull market.
