The Terra Classic community attempts to revive LUNC and USTC prices to $1 through numerous means. Currently, the congregation voted on a signaling proposal that claims to revive the LUNC price to $1.
Proposal 11549, “Final Vision Plan for LUNC to $1+”, by validator JESUSisLORD, seeks to increase the LUNC on-chain tax to 1.5%, in addition to a 1.2% burn tax and 0.3% community pool tax.
The earlier proposals to enhance staking rewards and exempt decentralized applications from the on-chain tax will continue to be implemented.
The proposal requests the assistance of the community to persuade cryptocurrency exchanges to support the 1.2% burn tax.
The proposal has received only 20% support and 77% “No with veto” ballots. Top validators, including TCB, MAX, LunaClassic.com, LUNC Development Fund, and Lunanauts, voted “No with veto” on the proposal, with other top validators yet to vote.
Due to the high burn tax, some Terra Classic community members are urging others to vote NO or NO with a veto on the proposal, as it could affect LUNC trading volumes on crypto exchanges and deter whales.
In the meantime, Terra Classic will endure a significant v2.1.0 upgrade on June 14, bringing it to parity with other blockchains such as Terra 2.0 and Cosmos.
The community believes that the CosmWasm v2.1.0 parity enhancement can revive LUNC to $1 by restoring the chain’s utility.
In addition, core developer Edward Kim‘s “Block Entropy” AI app chain will shortly be integrated into Terra Classic. Block Entropy’s developers have revealed several Block Entropy features.
LUNC Price Sees Increase
The price of LUNC increased by 1% in the past twenty-four hours, and it is currently trading at $0.000085. The 24-hour low is $0.0000842, and the 24-hour high is $0.0000857.
However, trading volume continues to decline, indicating traders’ absence of interest.
The price rebounded from $0.000083 due to Binance LUNC burn and a rise in sentiment due to several upcoming significant changes to the blockchain.
