The Terra Classic community is brimming with hope after recently passing a pivotal proposal that could determine the future of the Terra ecosystem and its native tokens, USTC and LUNC. The two token tokens of the ecosystem have surged on the back in this development, with many speculating how high they could rise.
What The Proposal Is About
The proposal was seeking the community’s approval in order to deploy the terrad client v2.3.1 on-chain. The text proposal stated that the update would fix a critical issue of dyncomm ante decorator related to account sequence. Following the passing of the proposal, the L1 Task Force (L1TF) now has the green light to implement this update.
Interestingly, voting is meant to end on December 3, but the proposal has already been passed due to the fact that the ‘pass threshold’ has been reached. So far, there have been over 554 billion votes out of the 1.02 trillion votes that are expected. Out of the over 554 billion votes, 99.91% have voted in favor of the proposal, which has helped meet the threshold.
The proposal came about when L1TF lead Vinh Nguyen drew the community’s attention to a “critical issue” related to the sequence mismatch. He mentioned how this was affecting some validators during commission edits. He noted that they had identified the root cause of the issue and that it lay in the incorrect ordering of the ante decorator in the code.
Now that the proposal has been passed, the developers will move to reposition the dyncomm rate decorator to its correct place within the code. The fix v2.3.1 will be executed in two phases to ensure a seamless implementation. The first will be to implement the code fix, and the second will be to remediate the validators who were affected by the issue in the first place.
USTC and LUNC Reacts
USTC and LUNC, the tokens in the Terra Classic ecosystem, have reacted positively to this development. Both tokens are notably part of the biggest gainers in the last seven days. USTC and LUNC are up over 223% and 29% during this period. However, USTC is still a long way from reclaiming its dollar peg and LUNC is also a long way from its all-time high of $119.
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The L1TF is, however, not giving up on restoring Terra to its past glory. Specifically, the team seems to be very focused on ensuring that the USTC stablecoin reclaims its dollar peg. Recently, one of the developers on the team released a proposal to “Safely re-enable the market module and incrementally re-peg USTC to $1.”
LUNC struggles at $0.000094 | Source: LUNCUSDT on Tradingview.com
Featured image from CoinMarketCap, chart from Tradingview.com