Terra Classic Resets LUNC Commission Fee in Expedition Offer

Terra chain to secure a soft fork boost as $LUNC lingers above crucial support levels.

LUNC is crashing into the chart with a spaceman.
Created by Kornelija Poderskytė from DailyCoin
  • LUNC hovers above key support at $0.00006 despite facing market correction.
  • The V 2.2.2 soft fork proposal to re-introduce minimum validator commission.
  • The Terra Classic community recently voted to stop $USTC minting and re-minting.

Terra Classic community members are getting prepared to vote for proposal #11817, which includes a couple of ground-breaking upgrades for the embattled blockchain. The recently put up soft fork tech proposal seeks to implement a mandatory upgrade on the network to restore the commission fees for Terra chain validators to 5%.

Per the description, the V 2.2.2 soft fork proposal seeks to restore the one accidentally erased minimum validator commission fee to 5% to stabilize the network. According to several Terra chain validators, there will also be Idle Air Volume Learn (IAVL) improvements via the soft fork implementation. 

LUNC Community Unites in Revitalization Efforts

Originally, this idea came up in August 2023 in a proposal titled Terra Classic Expedition: A United Vision.” At that time, the governance proposal received applause from many voting members. However, Layer-1 Joint Task Force (L1JTF) developer Till Ziegler suggested a soft work on the blockchain instead of a basic governance proposal.

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This idea was finalized by Vinh Nguyen, the leading member of the Layer-1 Joint Task Force (L1JTF), who penned the updated V 2.2.2 soft fork technical upgrade proposal. The proposal went live on The Commonwealth forum today, insisting on a deadline for Terrad v2.2.2 at block 14890000 (Oct 09, 2023, 16:26:21 UTC). 

All Terra chain validators must upgrade to maintain the delegation and staking service. This comes just two weeks after the Terra Classic community voted to hike the $LUNC minimum deposit to $5M. The strategy proved efficient in warding off rising scams on the blockchain.

On the Flipside

  • Some large Terra Luna Classic validators are against the soft work. To illustrate, JESUSisLORD argues that “it’s only been 13 days since the last major chain upgrade (v2.2.1),” making Terra Classic blockchain go offline for four hours and perhaps destabilizing associated dApps and wallets.

Why This Matters

The blockchain enables users to make democratic decisions via voting for proposals, displaying the advantages and disadvantages of self-governance.

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Author
Tadas Klimasevskis

Tadas Klimaševskis is a Lithuanian journalist at DailyCoin, specializing in covering the lighter side of the crypto industry such as memecoins and pop culture in the metaverse. He has experience as a music artist, English language teacher, and freelance writer, and uses his creative writing skills to summarize valuable information in his work. He is also a strong believer in the potential of blockchain and spends his free time listening to music, traveling, and watching basketball games.