The Terra Luna Classic (LUNC) community is taking a stand against spam attacks on their network. Proposal 12095, currently under community voting on the Station wallet, suggests a significant increase in transaction fees – a tenfold jump.
Proponents of the proposal argue that current gas fees, sitting at a mere 3.74 LUNC per transaction, make the network vulnerable to spam attacks. By raising the fees, they believe, the cost of launching such attacks becomes prohibitive. Additionally, the proposal splits the increased gas fees equally between the community pool and staking rewards, offering a potential financial incentive.
However, the proposal isn’t without its critics. Some, like TerraCVita, argue that raising fees offers minimal protection against attacks while posing a significant challenge for applications built on the Terra Classic chain. Higher fees could discourage developers and users from engaging with the network.
Voting Leans Towards Increase, But LUNC Price Rally May Not Be Fueled by Gas Fees
As of now, the proposal enjoys a significant lead in the community vote, with 76.56% in favor. This suggests the community prioritizes security over potential drawbacks.
Interestingly, the recent price increase for LUNC (up 5% on Friday) seems unrelated to the gas fee proposal. The broader market recovery likely played a larger role. The current trading price of $0.0001019 with rising trading volume and futures positions suggests increased investor interest in LUNC. Notably, some community members believe LUNC can reach $1 during this bull run, but this prediction remains speculative.
Also Read: Terra Luna Classic Fights Back Against Spam with Block Size Reduction Proposal
USTC Price Upward Trend Mirrors LUNC
Terra Classic USD (USTC) also experienced a price increase of 6%, currently trading at $0.01765. This price movement seems to mirror LUNC’s trend, suggesting broader market forces at play.
The Road Ahead: Balancing Security and Adoption
The Terra Luna Classic community faces a crucial decision. While the proposed gas fee increase aims to bolster network security, it could hinder the adoption and growth of the ecosystem. Finding the right balance is key for Terra Luna Classic’s future success.
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