Terra Luna Classic Proposes 10X Gas Fees On Transactions, LUNC Price To $1?
Highlights
- Terra Luna Classic proposal aims to increase gas fees to prevent spam attacks on the chain.
- The proposal suggests raising gas fees by 10x.
- Some validators and community members have expressed support to the proposal.
- LUNC price jumps 5% and USTC price climbs 6% in the last 24 hours.
Terra Luna Classic community is taking steps to prevent spam attacks on the chain and proposing several measures such as increasing gas fees. A proposal of increasing gas fees by 10x is submitted claiming current levels for transactions are extremely low and causing attacks feasible and economical.
Terra Luna Classic 10X Gas Fees Proposal
Proposal 12095 “10x Gas Fees” is currently under voting on the Station wallet and getting significant amount of votes in favor as the Terra Luna Classic community considers it crucial.
The proposal claims gas fees on-chain are extremely low, requiring only 3.74 LUNC for a transaction. Transaction spam attacks against our network are seen as feasible and economical to perform because of this situation. To prevent this, the proposal suggests raising gas fees by 10x.
The gas fees from transactions are split 50% to the community pool and 50% to staking rewards. Thus, the proposal asserts it would increase the costs of transaction attacks against the network. However, the proposal could have a notable impact on dapps and chain partners due to high fees.
“Raising gas fees offers no real benefit in reducing impacts of chain attacks and creates additional problems for applications which we should be encouraging,” said TerraCVita.
The current voting status indicates 76.56% votes in favor, with 17 out of 30 validators supporting the proposal.
Genuine Labs also submitted a proposal to counter peer-to-peer storm attacks on the Terra Classic chain by decreasing MaxBlockSize from 5mb to 2mb.
Read More: LUNC News: Terra Luna Classic Community Brings Crucial Proposal in Focus
LUNC Price Rises 5%
LUNC price jumped 5% on Friday amid a market-wide recovery, with the price currently trading at $0.0001019. The 24-hour high and low are $0.0000923 and $0.0001026, respectively. Moreover, trading volume increased by 26% in the last 24 hours, indicating a rise in interest among traders.
Futures traders are going long on LUNC as funding rates are negative. 1000LUNC futures OI on Binance and Bybit jumped over 6% in a few hours. Moreover, total LUNC futures OI on other exchanges climbed more than 3% in last 4 hours, indicating massive buying. The community believes LUNC price can hit $1 this bull run.
Meanwhile, USTC price also trading 6% higher, with the price currently trading at $0.01761. The 24-hour low and high are $0.01605 and $0.01772, respectively.
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