Terra Classic: Proposal 11885 Approved as LUNC and USTC Trends Take Center Stage

In a significant stride towards addressing a crucial sequence mismatch issue, the Terra Classic community rallied behind Proposal 11885, submitted by L1 Task Force project manager Vinh on Nov. 26. The proposal, aimed at resolving the problem impacting validators, particularly concerning commission edits, garnered overwhelming support within two days of submission, reaching an impressive 99.91% approval from the community.

The Proposal in Details

Vinh highlighted the root cause of the sequence mismatch problem— an erroneous ordering of the network code’s ante decorator. Acknowledging the issue’s impact, he assured the community that the L1 Team had identified a solution. The proposed fix involves adjusting the position of the network ante decorator within the code, promising a resolution upon implementing the Terra Classic v2.3.1 update.

With voting set to conclude on Dec. 3, the Terra Classic community’s resounding support for Proposal 11885 ensures its passage. The L1 Team plans to implement the Terra Classic v2.3.1 update in two phases. Initially, the team will push the code fix to address the sequence mismatch. Subsequently, the second phase will introduce remediation measures for validators affected by the issue.

Positive Developments Propel LUNC and USTC to the Top

The successful resolution of the sequence mismatch issue marks one of several positive developments within the Terra Classic network, significantly influencing the price movements of associated assets. Notably, LUNC and TerraClassicUSD (USTC) have experienced notable rallies, prompting a surge in social mentions and positioning both assets atop the social trend table.

Rising Trends for LUNC and USTC

Santiment, an analytics platform, reported that USTC surged by an impressive 301%, reaching a new yearly high at $0.0758. Simultaneously, LUNC witnessed a 75% spike, rising from $0.00007365 on Nov. 24 to a high of $0.0001290 on Nov. 25. The analytics platform suggests that these rallies may indicate a resurgence of FOMO within the Terra ecosystem following the downturn in May.

📈 #TerraUSD & #TerraClassic are trending among traders after major price surges. $USTC in particular, originally designated to be a $1-pegged #stablecoin, has reached as high as $0.0758. After their 2021 collapses, #FOMO could be returning here in 2023. https://t.co/OGsEx03MlD pic.twitter.com/3CIIoEaqz6
— Santiment (@santimentfeed) November 27, 2023

Price Movements Post-Rally

Despite the initial positive momentum, both LUNC and USTC experienced significant declines during reporting. LUNC, with a discouraging 18.34% decline over the past 24 hours, now trades at $0.00009724. Similarly, USTC has seen a substantial 43.57% drop, settling at $0.03986. Despite the recent dip, both assets remained above their values on Nov. 24.

This series of events unfolds against the Terra Classic community’s proactive approach to resolving critical issues and the resultant positive impact on associated assets.

Olasunkanmi Abudu

Olasunkanmi Abudu is a Web3 content writer with over five years of experience covering blockchain, decentralized finance, and digital assets. He specializes in producing well-researched and accessible content that explains complex technologies and market trends to both general readers and industry professionals.

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