{"id":388035,"date":"2023-04-24T16:00:02","date_gmt":"2023-04-24T16:00:02","guid":{"rendered":"https:\/\/insidebitcoins.com\/?p=388035"},"modified":"2023-04-24T09:04:01","modified_gmt":"2023-04-24T09:04:01","slug":"terra-luna-classic-price-lunc-community-should-stay-calm-and-take-advantage-of-the-dip-for-a-better-future","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/terra-luna-classic-price-lunc-community-should-stay-calm-and-take-advantage-of-the-dip-for-a-better-future","title":{"rendered":"Terra Luna Classic Price: LUNC Community Should Stay Calm And Take Advantage Of The Dip For A Better Future"},"content":{"rendered":"

Terra Luna Classic price (LUNC<\/a>) has recorded massive declines since September 2022, losing almost 80% to date. The steady decline is attributed to investors losing faith in the project, as the case concerning Terra Labs co-founder Do Kwon<\/a> dragged. Besides Terra Luna Classic price, the entire crypto industry also suffered as the implosion kick-started the 2022 bear market, whose consequences continued to stain the market almost a year after.<\/p>\n

After the collapse of the Terra ecosystem in May 2022, market players developed trust issues against the network, and the aftermath of the lost trust continues to affect LUNC. During the incident, the network’s UST algorithmic stablecoin<\/a> token depegged from its 1:1 value to the US dollar. The move sparked hyperinflation in the LUNC token, which had served as collateral for it.<\/p>\n

Notably, Terra Luna Classic once traded with triple digits but has since reduced to three zeros before the decimal point. Indeed, the LUNC\/USDT pair is now trading around the $0.000108 area, with individual tokens virtually worthless compared to its pre-May 2022 crash highs around the $120 area.<\/p>\n

Efforts To Boost Terra Luna Classic Price<\/h2>\n

In a recent development, the Terra Luna Classic community voted on an integral parameter change proposal. The objective was (still is) to expand the Terra project on Terra Classic. Notably, the Terra Luna Classic beckons projects that will restore utility and boost LUNC burns. Accordingly, the expansion project requires an increase in MaxContractSize to ramp its contract on the chain properly.<\/p>\n

Proposal 11477 ‘Increase MaxContractSize to upload code’ submitted by TerraPoker aims to increase of key on Cosmos Wasm MaxContractSize to 819200 from 614400. This will allow the protocol to upload its contract on the chain.<\/em><\/p><\/blockquote>\n

In readiness, the LUNC community is considering whether changing the proposal could affect the stability of the chain. The core project developers, Edward Kim, and Tobias Anderson believe it would and have exited the Joint L1 Task Force developer group. This adds the overhead pressure weighing down on Terra Luna Classic price. The project needs community support to go live on the Terra Classic chain.<\/p>\n

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We need votes from #LUNC<\/a> community<\/p>\n

In order to launch Terra Poker in Terra Classic, this proposal must pass. We are proposing an increase of key MaxContractSize to 819200 from 614400.
Delegate your $LUNC<\/a> and to vote now!
\ud83d\udc47\ud83d\udc47https:\/\/t.co\/RtgVyPdM3e<\/a> pic.twitter.com\/g71yxiRCKf<\/a><\/p>\n

— Poker Kings | Sei (@PKS_PokerKings) April 17, 2023<\/a><\/p><\/blockquote>\n