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The Terra Classic (LUNC) community has voted en masse for a proposal that, when passed, will usher in a more secure and functional ecosystem.
The attempt to push Terra Classic (LUNC) into full-blown recovery mode has continued this year with the introduction of the “12005 Parameter Change Proposal.” This proposal will bring many changes to the Terra Classic ecosystem as it seeks to set the ICA Controller Parameter “ControllerEnabled” from its current state of “undefined” to “false.”
Changing the status of the ICA Controller Parameter is vital to creating a more functional developer ecosystem. With the upgrade, developers’ attempts to create and test upgrades on the protocol will come without many hassles.
Terra Classic Search for Stability
With the de-pegging of TerraClassicUSD (USTC) and the loss of value by Terra Classic, an extra amount of effort is now needed to regain user confidence. Without a more secure and flexible app creation hub, Terra Classic cannot achieve this purpose, and this is what the 12005 Parameter Change Proposal is tailored to sort.
The proposer that was introduced on January 21 has received enormous backing from members of the community, including validators. Per the statistics shared recently by a community member, more than 132,313,325,522 LUNC, worth about 13% of all worth, has been committed to voting for the proposal.
Prop 12005 Voting Opens
投票開始
Proposer：@frag_dude一貫性のある
「ICA コントローラーパラメータ」の設定"undefined" から "false" に設定することで、現在進行中のジェネシスエクスポート問題を修正#TerraClassic #LUNC pic.twitter.com/9DEnTLgD1J
— 弁Ｊ民 🔶 Benjamin gg™ (@bybenjamin81) January 22, 2024
Of this figure, 132,220,025,841 LUNC, or 99.93% of total committed tokens, have voted “Yes” in favor of passing the proposal. Per the data shared, there was no single community member who expressed doubts regarding the proposal or its impact.
Battling Selloffs in Bid for Growth
While the on-chain trends or fundamentals to chart new growth paths remain solidified, the price action of LUNC has continued to cast doubts on the prospects of the coin in the short term. At the time of writing, LUNC had seen its price and market capitalization jump by 2.4% to $0.00009552 and $552,430,233; however, its 7-day loss came in at 15.58%.
The past two months have been filled with a major roller-coaster for LUNC price, whose market cap dropped to its current level from $1.5 billion as of early December 2023. This enormous selloff over the past week is tied to the bankruptcy filing by Terraform Labs, a move that shows the cross-chain token drawdown in the ecosystem might be far from over.
Overall, LUNC might take stock soon to determine how well its on-chain upgrades and activities helped take it closer to its $1 re-peg target compared to the limited Fear, Uncertainty, and Doubts (FUD) in its ecosystem.