The Terra Luna Classic (LUNC) community is taking a crucial step to combat spam attacks plaguing the blockchain. A proposal submitted by Genuine Labs, a core developer group, seeks to reduce the block size from 5MB to 2MB as an initial security measure.
This move comes amid growing concerns about peer-to-peer (p2p) storm attacks impacting not just Terra Classic, but also other major ecosystems like Cosmos, Solana, and Polkadot.
The proposal has received overwhelming support from the community, with a staggering 99.92% voting in favor. All 17 participating validators also cast their vote for “Yes,” highlighting the urgency of addressing this potential threat. This decisive action reflects the community’s commitment to protecting the Terra Classic chain.
“We wholeheartedly recommend a ‘Yes’ vote on this proposal,” stated Jacob Gadikian, CEO of Notional Labs. He further proposed a second reduction to a range between 850KB and 1MB, aiming for even greater protection against spam.
While the block size reduction offers a temporary shield, Genuine Labs is actively seeking a permanent solution. This focus on long-term security is crucial for building trust within the Terra Classic ecosystem.
Market Reaction Mixed Signals
The news of the proposal has had a mixed impact on the market. Despite the positive development, the total value locked (TVL) on Terra Luna Classic continues to decline alongside the broader market downturn, according to DeFiLlama data. Development activity has also dipped significantly, suggesting a potential slowdown in innovation.
On the price front, LUNC experienced a slight rebound after a 7% drop the previous day. It currently trades around $0.0000997, with a trading volume decrease of 55% in the last 24 hours, indicating a potential waning interest among traders.
Meanwhile, USTC, the algorithmic stablecoin within the Terra Classic ecosystem, saw a modest 3% increase. Its current price sits at $0.0168, with the market seemingly entering a consolidation phase as predicted by experts leading up to the next Bitcoin halving event.
Looking Ahead
The Terra Luna Classic community’s swift response to the p2p spam threat demonstrates its resilience. While the block size reduction offers a temporary solution, the focus on long-term security measures is paramount. Whether this will be enough to reignite investor interest and development activity within the ecosystem remains to be seen. The coming weeks and months will be crucial for Terra Luna Classic as it navigates these challenges.
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