While the crypto market reel under regulatory action from US financial regulators, TerraClassicUSD (USTC) and Terra Classic (LUNC) prices show strength as blockchain upgrade v1.0.5 is almost here. It will make transaction fees (gas and burn tax) estimation and future chain upgrade a lot easier and smoother. Also, It brings back the most needed Binance LUNC burn mechanism.
Terra Classic Community Passes Key Proposals
Moreover, the Terra Classic community passed Proposal 11322 “Raise Validator Minimum Commission Fee to 5%”. The proposal aims to increase the minimum commission fee from 0% to 5% for Terra Classic validators. It received 49.07% votes in support, 17.56% “abstain” and 23.70% “No” votes.
While the proposal faced opposition earlier, it was later supported by the community considering the costs associated with running as a validator. Reasons for supporting the proposal include reducing large validators such as Allnodes’ influence in the community, preventing centralization risks, and supporting new and small validators facing financial constraints.
Generally, users opt for no-commission validators (0%). So by forcing the entire active setup to a 5% minimum fee hopes to spur re-delegations to equalize voting power across the entire validator spectrum.
Terra Classic influencer ClassyCrypto plans to use commissions on his Classy’s Sphere validator to fund utility on the chain and keep an emergency fund to pay off the validator.
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LUNC and USTC Prices Soar
USTC price jumps over 15% in the last 24 hours amid rising confidence on repeg as part of Proposal 11324 “Ziggy: Re-Peg UST (Signal)”. It is now trading at $0.03048.
Meanwhile, LUNC price trades at $0.0001711, up 4% in the last 24 hours. The 24-hour low and high are $0.0001593 and $0.000173. The trading volume has increased by nearly 200% in the last 24 hours, indicating an increase in interest from traders.
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