Terra Luna Classic Community Empowers Change: Votes to Revise LUNC Gas Fees and Staking Undelegation Period

  • The community at Terra Luna Classic is making two major governance proposals, designed to restructure the network. 
  • Both proposals are created to help increase the price of Terra Luna (LUNC), and potentially revive it to the $1 price level. 

The Terra LUNA Classic community is working towards enacting some changes in the network. The community is looking to increase gas fees by twice the current amount while reducing the staking undelegation period.

At the core of the proposals, which have since gained a lot of traction, and received significant support from community members, LUNC validators are hoping to aid the token’s recovery. In the long-term, these network changes could bring the asset to $1, and help repeg the USTC stablecoin.

Popular network validator JESUSisLORD has taken to Twitter to reveal that he is behind the two LUNC governance proposals up for voting. The first proposal Proposal #11639, seeks to reduce staking undeligation to 14 Days. The proposal is also meant to reduce LUNC staking undelegation period from 21 days (3 weeks) to 14 days (2 weeks).

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It will introduce more flexibility to users’ staking on the network, and help to incentivize more users to stake. This will help to reduce LUNC’s circulating supply.

According to the network validator, the second proposal, Proposal #11640 will double gas fees

Within the 14-day undelegation period, volatility can be countered. The complexities and penalties associated with fast undelegated proposals can be avoided. The validator remains convinced that the reduction in the undelegated period can change the LUNC token.

The second proposal, Proposal #11640, is designed to help raise gas fees by two times the current amount, which will also double all on-chain gas fees at the next chain upgrade, which will increase the funding for the community pool, and staking rewards as gas fees are split 50/50 between the two.

The validator explained the reasoning behind his move, saying ;

“Gas fees on-chain are currently very cheap, approximately 8 LUNC to send ($0.00067 USD) and 67 LUNC to withdraw staking rewards ($0.0056 USD), being half a cent at the upper end. With a doubling of gas fees, it would be around 16 LUNC for a send transaction ($0.0013 USD) and 134 LUNC to withdraw staking rewards ($0.011 USD). This adjustment would put our gas fees in the range of 0.13 cents to 1.1 cent per transaction, based on recent LUNC prices.”

These small adjustments can improve funding for the community pool, improve staking and help counter
the continuous decline in staking APY. Gas fees will remain affordable after the proposal is approved.

Meanwhile, at press time, LUNC’s price value is declining. The altcoin has declined by 1.58% over the last 24 hours, taking it from a high of $0.00008919 to a low of $0.00008363. According to our data, during the time of this report,  LUNC is trading at $$0.00008621.

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