- Most validators on the network agreed to pass the 12094 and 12095 proposals
- LUNC’s price increased, but it was not part of the top tokens on traders’ radar.
With only a few days left to vote, the Terra Classic [LUNC] community could be set to pass two new proposals.
According to AMBCrypto’s findings, the first proposal involved the decrease of the Maximum Block Size.
A block size is the amount of space required to process transactions and store data. At press time, the maximum block size on the Terra network was 5 MB.
So, the proposal was to decrease the size to 2 MB to avoid peer-to-peer spam.
Is unity in Terra’s land?
From the voting data, 99.87% of the populace agreed to the plan. But a minute 0.13% rejected the scheme. As it stands, the proposal might hit the implementation stage as early as the 23rd of April.
Source: Validator Info
Another proposal that the community seemed to agree on was the one to 10x gas fees. For Terra Luna Classic, the low gas fees open the network to an increased threat of spam attacks.
But if it is increased from the current 3.74 LUNC, the network would have enough resources to fight attacks. As of this writing, 70.36% of the validators clicked yes to gas increase.
On the other hand, 29.64% do not want the proposal implemented.
Going by the data provided, both the block reduction and gas increase might get a pass unless something unexpected happens.
Source: Validator Info
Following the development, the price of LUNC increased. At press time, the token changed hands at $0.00010, representing an 8.97% increase in the last 24 hours.
All is not well with LUNC
This price rise could be a sign that the community was optimistic about the impact of the implementation on the project. However, on-chain data showed that development activity on the network was down.
As of the 26th of March, the metric was 7.12, suggesting that Terra Classic shipped out more features for its users.
But at press time, development activity was down to 2.21, indicating that public GitHub repositories were lower.
Moving on, this metric could improve as the proposal neared the potential deployment phase. Apart from the development activity, social volume was another metric that dropped.
According to AMBCrypto’s analysis, LUNC’s Social Volume was down to a reading of 18. This metric tracks the rate at which the market is searching for a token.
Source: Santiment
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If the metric jumps, then the arbitrary text search is increasing. But here, the decline implies that market participants were looking at other cryptocurrencies, and LUNC did not get as much attention.
However, the low social volume might be a good thing for traders watching LUNC. If history were to repeat itself, the price might climb higher as the dwindling attention suggested that the token was not near its top.