Terra Classic Community Approves Proposal for Terra Ecosystem Update
The Terra Classic community recently passed a proposal that could shape the future of the Terra ecosystem and its native tokens, USTC and LUNC. This has led to a surge in the value of these tokens, leaving many wondering how high they can rise.
What the Proposal Entails
The proposal aimed to deploy the terrad client v2.3.1 on-chain. It addressed a critical issue related to account sequence and received overwhelming support from the community. The passing of the proposal grants permission to the L1 Task Force (L1TF) to implement the update.
Voting was scheduled to end on December 3, but it concluded early due to reaching the pass threshold. Over 554 billion votes have been cast, with 99.91% in favor of the proposal.
Background of the Proposal
Vinh Nguyen, the lead of L1TF, brought attention to a sequence mismatch issue affecting validators during commission edits. The root cause was identified as an incorrect ordering of the ante decorator in the code.
With the proposal’s passage, developers will fix this issue by repositioning the dyncomm rate decorator in two phases: implementing the code fix and remedying affected validators.
Positive Reactions from USTC and LUNC
The USTC and LUNC tokens within the Terra Classic ecosystem have responded positively to this development. They are among the biggest gainers in recent days, with USTC up over 223% and LUNC up 29%. However, USTC still has a way to go before reclaiming its dollar peg, and LUNC is far from its all-time high.
Restoring USTC’s Dollar Peg
The L1TF remains determined to restore Terra’s former glory, particularly regarding the USTC stablecoin’s dollar peg. A recent proposal aims to safely re-enable the market module and incrementally re-peg USTC to $1.
Hot Take: Terra Classic Community Approves Proposal, Leading to Positive Market Reactions
The Terra Classic community has given its approval for a proposal that paves the way for updates within the Terra ecosystem. This decision has caused a surge in the value of USTC and LUNC tokens. The proposal addresses critical issues related to account sequence, and its passing allows developers to implement necessary fixes. Both USTC and LUNC have experienced significant gains in recent days, although they still have milestones to achieve. The team is committed to restoring USTC’s dollar peg, with proposals aimed at incrementally re-pegging it to $1. Overall, this development showcases the community’s hope and optimism for the future of the Terra ecosystem.
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