LUNC Proposal 11487 Gets Over 49% Of Voter Nod – What’s The Impact On Price?

Christian Encila

Last Updated: May 2, 2023 5:40 am

3 mins read

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Terra Classic has made a significant move in the world of cryptocurrency with the passing of the LUNC Proposal 11487, and it’s leaving many wondering: what does this mean for the future of LUNC prices?

The proposal’s successful passage signifies a positive step towards achieving Terra Classic’s vision of a more decentralized and sustainable blockchain network. It also highlights the importance of community participation in shaping the future of the cryptocurrency.

With almost half of the voters showing their support, it’s clear that this decision has the potential to make a lasting impact on the Terra ecosystem.

Source: ATOMScan

LUNC Proposal To Gauge Interest In USTC Repeg Strategy

The proposal aims to ascertain whether the LUNC community was in favor of moving forward with the USTC Repeg proposal and the accompanying Agora discussion strategy. This proposal is critical in helping the Terra ecosystem recover its former glory, which was damaged by the USTC crash last year.

$LUNC & $USTC outperforming the markets today! Looking good!

Perhaps it’s hype for the #USTC re-peg proposal? pic.twitter.com/pfx0vE4AsG

— Classy 🔮 (@ClassyCrypto_) April 29, 2023

To stabilize the value of USTC, the proposed divergence mechanism will impose fees on trades that deviate from the targeted peg. According to the proposal, the fee will vary from 0% when the peg is reached to 100% at a 50% deviation from the peg.

Now that the proposal has been approved, the L1 team will establish an actual timetable and implement the mechanism in four stages.

LUNC Price Reaction

According to data by crypto market tracker CoinMarketCap, LUNC’s price registered a decline of 3.44% in the last 24 hours, trading at $0.0001048 at the time of writing. The crypto is down nearly 5% in the last seven days.

Source: CoinMarketCap

Despite the positive sentiment of the crypto community towards the Terra ecosystem during the voting process of the proposal, the growth of LUNC and USTC was short-lived.

The charts of both cryptocurrencies turned green on April 28, but the situation went south over the following days. The Terra ecosystem is currently struggling to maintain its positive momentum, and the decline in LUNC’s price is indicative of this struggle.

LUNC market cap at $659 billion on the daily chart at TradingView.com

LUNC Outlook Post-Approval Of Proposal 11487

With the approval of Proposal 11487, the LUNC community has demonstrated its commitment to the stability and growth of the Terra ecosystem. The new divergence mechanism proposed is expected to stabilize the value of USTC and help the Terra ecosystem regain its former glory.

While the recent decline in LUNC’s price is a cause for concern for some investors, the implementation of the new mechanism is likely to restore investor confidence in the Terra ecosystem.

As the L1 team works towards implementing the mechanism in four phases, investors can look forward to a more stable and robust Terra ecosystem.

-Featured image from Unsplash

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

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