Terra Luna Classic Block Size Proposal Officially Passed, LUNC Price Soars 10% USTC 20%
Terra Luna Classic community has successfully approved crucial proposal to decrease block size, LUNC price soars 10% and USTC by 20%.
Terra Luna community has unanimously passed a crucial block size proposal to mitigate some risks of peer-to-peer storm attacks on the Terra Classic chain. Notable developers have pointed out possible risks to Cosmos, Solana, and Polkadot ecosystems and suggested initial measures to reduce the impact of such attacks.
Terra Luna Classic Approves MaxBlockSize Proposal 12094 “Proposal to decrease MaxBlockSize” has surpassed the pass threshold, officially approved by the Terra Luna community. The developer team Genuine Labs submitted a proposal to decrease MaxBlockSize from 5mb to 2mb as an initial security measure to counter peer-to-peer spam.
The proposal has received 99.87% “Yes” votes, indicating the importance of increasing the max block size limit to prevent attacks on the chain. Among 56 validators who participated, 55 validators including Allnodes, Interstellar Lounge, Interstake One, Jesus Is Lord, Stalely, and others have voted in favor of the proposal.
As CoinGape earlier reported, validators believe this is likely the best option currently until Genuine Labs finds a permanent solution. Notional Labs CEO Jacob Gadikian said the community should also reduce block size to between 850kb and 1mb.
A proposal of increasing gas fees by 10x is also submitted claiming current levels for transactions are extremely low and make attacks feasible and economical.
LUNC price jumped 10% on in the last 24 hours amid a market-wide recovery, with the price currently trading at $0.0001112. The 24-hour high and low are $0.0001003 and $0.0001131, respectively. Moreover, trading volume increased by 102% in the last 24 hours, indicating a rise in interest among traders.
Meanwhile, USTC price also climbed 20% higher, with the price currently trading at $0.0202. The 24-hour low and high are $0.01745 and $0.02207, respectively.