The Terra Luna Classic (LUNC coin) community has taken a decisive step towards improving the security of its network by overwhelmingly approving a proposal to reduce the maximum block size. This move comes amid growing concerns about potential peer-to-peer (p2p) storm attacks that could target the Cosmos, Solana and Polkadot ecosystems of which Terra Classic is a part.
New offer passed in the LUNC coin ecosystem
The proposal submitted by the developer team aimed to reduce the maximum block size (MaxBlockSize) from 5 megabytes (MB) to 2 MB. This mitigation serves as an initial security measure to reduce the risks associated with p2p spam attacks. The Terra Luna Classic community overwhelmingly embraced the proposal, with a staggering 99.87% vote rate.
This near-unanimous vote underscores the community’s commitment to prioritizing the security of the Terra Classic chain. It is worth noting that 56 validators participated in the voting and industry leaders such as Allnodes, Interstellar Lounge, Interstake One, Jesus Is Lord and Stalely cast their votes in support.
What does the offer mean?
While the current measure offers a temporary solution, the community recognizes that a more permanent solution is needed. As Kriptokoin.com reported, validators believe this is a necessary step until Genuine Labs develops a long-term security strategy. Additionally, Notional Labs CEO Jacob Gadikian suggested further reducing the block size, suggesting a range between 850 kilobytes (kb) and 1 MB.
Further reinforcing the security focus, a separate proposal advocating a 10x increase in transaction gas fees was also introduced. Proponents of this proposal argue that current gas fees are unrealistically low, making the network susceptible to cheap and economically viable attacks.
How were prices affected?
The security-conscious approach looks set to resonate with the market. Following the approval of the proposal, LUNC prices have increased by 10% in the last 24 hours. At the time of this writing, LUNC is trading at $0.0001111 and its 24-hour trading range is $0.0001003 to $0.0001131. In particular, there was a significant increase of 102% in trading volume in the last day, indicating that traders’ interest has increased again.
Similarly, USTC, the algorithmic stablecoin associated with Terra Luna Classic, also reflected the positive sentiment. USTC prices have increased significantly by 20% and are currently trading at $0.0202. The 24-hour trading range for USTC lies between $0.01745 and $0.02207. The Terra Luna Classic community’s rapid action in addressing potential security threats demonstrates its commitment to building a robust and secure blockchain ecosystem. The positive market response shows that investors are taking notice of these efforts, potentially paving the way for a more stable and secure future for Terra Luna Classic.
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