- Terra Classic community unanimously passes proposal #11885.
- Terra Classic tokens suddenly witness a triple-digit daily run.
- USTC emerges as the day’s top gainer with a 303% upswing.
Terra Classic‘s community voted on incorporating a dynamic validator commission module, which aims to tackle the sequence mismatch issue on the chain. Approved by the community just a day after posting, the proposal “Sequence Mismatch Issue Resolution” focuses on integrating a calculation system with minimum on-chain validator commissions based on the validator’s voting power.
The proposal received over 99% of approving votes, but Layer-1 Joint Task Force Team (L1JTF) lead Vinh Nguyen reported a “critical issue pertaining to sequence mismatch,” not letting some validators operate within the chain. Multiple top validators voted to deploy the Terrad client v2.3.1 to resolve the contract issue, enabling the dynamic validator commission.
LUNC, USTC on Fire Amid Terra’s Revival Crusade
After the community confirmed the proposal, the deployment of liquidity tackled a momentous triple-digit bull run for the malfunctioning stablecoin Terra Classic USD and Terra Classic’s native $LUNC.
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The malfunctioning stablecoin soared from $0.0133 on November 25, 2023, to $0.07 today, a yearly high for Terra Classic’s native stablecoin. The strong bullish breakout is confirmed by the duplex God green candles printed on the daily charts.
USTC spiked to $0.04 at 6 PM EST on November 26, 2023, surpassing the 7-cent mark at 9 AM today. Currently, USTC is facing a market correction to $0.065, while the 455% monthly run persists: popular crypto traders are pointing to a strong foundation for another leg.
Terra Luna Classic also picked up on the bullish proposal approval with 40% gains in the last 24 hours. Blazing back into the TOP 100 by global cryptocurrency market capitalization, $LUNC is now equipped with a new half-year high at $0.0001241.
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However, some crypto analysts spot a fundamental strength for a run towards the $0.00018 price range. Pro trader Javon Marks spotted a falling wedge pattern, signaling an uptrend for Terra Luna Classic with the potential of restoring early February 2023 levels.
On the Flipside
- Stablecoins are not supposed to fluctuate in price – Terra Classic USD (USTC) is yet to be re-pegged to $1.
- The peg was lost during the Terra crash in May 2022, crumbling LUNC to pieces from a $118 all-time high.
Why This Matters
Governing blockchain via community proposals gives the ability to make effective decisions democratically by holders, stakers, and chain validators.
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