• Advertise
  • Submit a Press Release
  • About Us
NewsBTC
Bitcoin & cryptocurrency news
Crypto.com Logo
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • Play GamesTry
  • Play Casino GamesTry
  • Play FinanceTry
  • Claim 7 BTCTry
No Result
View All Result
Breaking News: Bitfinex And Crypto Bank OrionX Forged Partnership To Broaden Presence In Latin America
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • Play GamesTry
  • Play Casino GamesTry
  • Play FinanceTry
  • Claim 7 BTCTry
No Result
View All Result
Bitcoin News
No Result
View All Result
Breaking News: Bitfinex And Crypto Bank OrionX Forged Partnership To Broaden Presence In Latin America
LUNC

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

Christian Encila by Christian Encila
4 weeks ago
in Cryptocurrency Market News
Reading Time: 3 mins read

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
Related Reading: Terra Classic Recent Efforts Could Benefit LUNC’s Growth Potential

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
Related Reading: AVAX Smart Contracts Hit 6-Month High – What This Means For Its Price

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

Tags: LUNALUNC pricePrice actionTerra Classic
Tweet123Share196ShareSend
Christian Encila

Christian Encila

Christian is a former journalist and editor, as well as a layout design consultant, who previously held leadership positions at Sun.Star News Philippines and Ang Peryodiko News, a local daily in Manitoba, Canada. Alongside his passion for writing, he is an avid fan of cryptocurrency and works tirelessly throughout the week. When he's not on his computer, you can find him tinkering with his old motorbike as a grease monkey, or lounging on the patio hammock while pondering about artificial intelligence and whether he'll ever understand his cat's thoughts and calmness.

Related Posts

EOS

Bearish Sentiment Hits EOS As Bulls Lose Control, What Lies Ahead?

7 hours ago
RUGME

Get Rich Or Get Rugged? RUGME’s Unique Liquidity Mechanism Sparks Controversy

9 hours ago
Injective

Bullish Run for Injective (INJ): Will the Momentum Continue?

10 hours ago
Bitcoin (BTC)

No All-Time High For Bitcoin In 2023, Former BitMEX Head Arthur Hayes Predicts

11 hours ago
Bitcoin casino – Top Bitcoin casino bonuses

Bitcoin casino – Top Bitcoin casino bonuses

13 hours ago
Bitcoin

Bitcoin Shows Recovery: Did This Historical Line Act As Support Again?

14 hours ago

Premium Partners

Play Finance

Top Casinos

BitStarz

BitStarz

Review · Visit
Punt Casino

Punt Casino

Review · Visit
Trust Dice

Trust Dice

Review · Visit
mBit

mBit

Review · Visit

Sportsbooks

1xBit

1xBit

Review · Visit

Press Releases

  • Bware Labs Launches $INFRA Token, making high API...

    9 hours ago
  • Is InQubeta the Best Utility Crypto of 2023? Huge Growth...

    12 hours ago
  • Coinbase launches campaign to educate public on blockchain...

    13 hours ago
  • Utility Coins like Avorak AI will always outperform memes...

    13 hours ago
  • Expect Tremendous Returns for DigiToads (TOADS), Near...

    13 hours ago

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

Company

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

© 2022 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • Play Games
  • Play Casino Games
  • Play Finance
  • Claim 7 BTC

© 2022 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.